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! ..”
Principles of Wealth Building By Adam Mortimer–
Setting S.M.A.R.T. Goals by Adam Mortimer—
The Richest Man in Babylon by George S. Clason
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Dr. Wasson and Hefner, who are married, co-authored Keep Your Marriage: What to Do When Your Spouse Says “I don’t love you anymore!” and Wasson provides marriage coaching. The couple market their products on-line, and publish a web-based newsletter using the education and coaching support Prosper provided.
“Over the past several years, our newsletter has grown from nothing to having over 18,000 subscribers world-wide today. The great thing about our success is that we know we’re helping couples have better marriages,” said Hefner.
I have been reflecting on the last twenty years with my best friend and wife Julie , and I know and continue to learn that showing my love through my actions and remembering say the words “I love you; I need you; I think you’re beautiful; I appreciate you; thank you” and you help me so much; you are such a great mom; you’re one of the most intelligent people I know.” I look forward to an eternity with Julie and my hope is all of my readers happiness in their relationships!
Alabama Couple Reaches Wider Audience Thanks to Prosper-Provo, UT, June 26, 2008 —Jason Russell-Prosper Inc . Press Releases
We have the best people in the world! I am proud to work and learn with/from all of the them.That is why when I was reading Alltop’s top sales blogs site it remined me of some of the great guys I work with at Prosper Learning and realized as I read the list with notable sales experts such as KarlGoldfield, Paul McCord, Ian Brodie, Colin Wilson, and Jill Konrath,some of our team leaders are in good comany! In fact in my humble opinion all our company is the best because, we keep doing our best to Find, Keep, Groom our people and students;0)
I loved James post :
Entrepreneur.com wrote “…A martial arts school can be an expensive new business venture to set in motion. However, the average cost now paid by a student per year for martial arts training is in excess of $600. Providing the business could train 200 students per year, this would result in revenues exceeding $120,000, based on an average of $600 per year per student. Needless to say, this type of specialized instruction can be very financially lucrative. In addition to group training, one-on-one martial arts training is also becoming popular for the serious student who is prepared to pay $40 per hour or more for an intensive training session..” see Business Idea Center: Martial Arts
Ethan Willis and Randy Garn knew firsthand the need of many young owners for personalized guidance in starting and growing a business. This is the spark that led them to found Prosper Learning (Prosper Inc.), whose motto is, “Your life is your business . . . Making it Prosper is ours.”(see CNET Networks, Inc ref Provo company works to make clients Prosper Deseret News (Salt Lake City), Jun 26, 2005)”
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‘One Minute Entrepreneur’ has bite-size words of wisdom-By Kerry Hannon, Special for USA TODAY