Principles of Wealth Building

Adam Mortimer shared the following great tips :

The principles of wealth-building are simple truths that you can follow to achieve financial independence. As you begin your journey towards financial independence, you may start to notice that many of the financial gurus say the same thing. They just say it differently. Some of the most common principles of wealth building are doing things like paying yourself first, reducing your expenses, and learning how to invest.

The book The Richest Man in Babylon by George S. Clason covers some of these basic principles. The wealth-building principles (or “commandments”) are as follows:

· Pay yourself first. Paying yourself is a crucial key to financial freedom. If you are not paying yourself first, you are going to have a hard time reaching financial freedom. Remember the old saying by Benjamin Franklin, “A penny saved is a penny earned.” If you earn $50,000 a year but you are only saving $1,200, how much are you really earning? I will give you a hint: the answer is not $50,000.

· Make of thy dwelling a profitable investment: This means set up a plan to pay off your house as soon as possible. One of the best ways to increase your wealth is to pay off that big mortgage. Imagine all the things you could do if you didn’t have a mortgage payment.

· Control thy expenditures: Controlling your expenses is a very simple, yet crucial, step towards building wealth. I have yet to meet a wealthy man who lives beyond his means, so track your expenses and look for ways to use your money more efficiently. You can do this by not eating out as much, reducing the cable bill, and using coupons, just to name a few.

· Guard thy treasures from loss: Before you invest in anything, make sure you are very familiar with the investment at hand. Never put your hard-earned money into something that you are unfamiliar with. This is a sure way to lose money.

· Increase thy ability to earn: One of the best ways to increase your wealth is to excel at what you do. If you are an employee, be the best employee that you can be. Look for ways to make your company more money or ways to reduce company expenses. Find the people out there that are excelling at what they do and learn from them.

· Insure a Future Income: Make sure that if something should happen to you, your family will be taken care of. This means having the right types and amounts of insurance. Also, a great way to insure a future income is through real estate investing.

· Make thy gold multiply: A sure way to wealth is to learn how to make your money grow. You can do this by using the miracle of compound interest.

I sure love learning  and sharing “.. these basic wealth building principles is a crucial in our quest for financial independence! ..”

Humbly posted,

Devin Willis

Resources:

Principles of Wealth  Building By Adam Mortimer–

Setting S.M.A.R.T. Goals by Adam Mortimer—

Maintaining Your Credit Score by Adam Mortimer

Four Principles of Wealth Building By Natalie Aranda

The Richest Man in Babylon by George S. Clason



Advertisements

5 Comments

Filed under Listening Skills, prosper learning, tips, Uncategorized

5 responses to “Principles of Wealth Building

  1. Pingback: Principles of Wealth Building Via Prosper Learning Coach · Real-Estate.ExplainedOnline.Net

  2. Jane Montez

    They dealt with me fairly

  3. Read below;0)

    The Fundamental Principles of Wealth Building
    By Natalie Aranda Platinum Quality Author
    http://ezinearticles.com/?The-Fundamental-Principles-of-Wealth-Building&id=433072

  4. Pingback: How Good and Smart People Make Big Money Mistakes +And How to Make Things Successful « My Discoveries on the Road to Prosper and Learn

  5. Rick Derfler

    Your biggest obstacle to attaining wealth is YOU. Too often, people live their lives in a manner that is not conducive to creating riches and then get frustrated at “the system” when they only really have themselves to blame. ;

    Most current post from our personal blog
    <.http://www.beautyfashiondigest.com/scalp-sores/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s