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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Trevor Gay, who spent 35 years working in healthcare management shared some great insights on his blog Simplicity. He wrote the following:
Feeling in a reflective mood, I thought I would list the most outstanding qualities of the most effective leaders I’ve ever worked with or for.
These were the 5 words that came into my head after not very long thinking about the question:
Strange how words like Hard, Decisive, Ruthless, and Disciplinarian did not come into my head. That probably says more about me than anything else.
I agree with Trevor. During my 17 years of management experience I have come to the same conclusions
I would add:
Example-Lead by what we do, not what we only say.
I have seen leadership as a stewardship and huge responsibility. I perhaps see my role to “encourage the heart. and empower and celebrate learning and the growth of others”
What are others thoughts?
Resources That Are Helpful:
Servant Leadership, Stewardship and Winnie the Pooh
Wayne Stewart, February 2005,PDF/Adobe Acrobat
The Top 100 Management and Leadership Blogs That All Managers Should Bookmark” By HR World Editors on June 10, 2008
Ethan Willis in the News! E-strengths assessment helps others – posted on Modern Kung fu July 24, 2008 found by Devin Willis
Totally Consumed HR – Jeff Treder– he also , correctly pointed out I , ” missing some of the heaviest-hitters,” including: All Things Workplace , Managing Leadership , Flowing Motion , Ripple Effect :Human Markets Ask a Manager and Totally Consumed HR .:
I read a great article ” Sales through service: The start of social business
” By Jennifer Kirkby. We have been doing this at Prosper for about a year and our students that were sold through service are very happy! Please read and let me know your thoughts? She wrote the following:
‘Sales through service’ is a simple concept, and one that is becoming increasingly popular as organisations look to drive their contact centres into profit centres. But sales through service requires a lot of hard work to get it right. Jennifer Kirkby explains what it is, why it’s important – and how it can be implemented successfully. Jennifer Kirkby,shares examples of sales through service:
- Key account managers, whose role is to understand client’s needs and find solutions from his company. The best do this through personal conversation, like the IBM client manager for an airline who spends most of his time talking in the airline’s staff canteen.
- The Dyson field service team who, whilst carrying out servicing in the customer’s home, find out through conversation what issues and needs the customer has. They are well versed in all the products and connected to operations to put right any issues. Customers have been highly delighted with this ‘time saving’ service.
- John Lewis thought that leaving customers to browse was what they wanted, but customers thought staff were being aloof and unfriendly. After a five year sales through service programme, staff now acknowledge the customer, open up conversations and close sales by matching product to need as closely as possible – even if it means selling a lower priced product than the customer had intended to buy.
- Amazon, which was founded on a sales through service philosophy.
- O2, which supplies service contact centre staff with information on the customer’s risk of attrition, and the three best offers (sales or service) to make to that customer based on propensity modelling and the content of the call. Around 6% of its 50 million annual calls now generate revenue, and customer satisfaction is reported to have risen.
All the examples emphasise that sales through service is not just about revenue generating sales, it is about exchanging value. That may be free upgrades, helpful advice or customer care, in exchange for customer engagement, recommendations, valuable data – and yes, at some point sales
I agree, after being involved in Prosper customer/Student care for many years. We have found that Jennifer Kirkby is 100% right on point!
Resource– Sales through service: The start of social business” By Jennifer Kirkby-28-Aug-2008-MyCustomer.com
Explore Related Resources:
Prosper Learning’ Student Care Vision-Steve Gross-
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
. There are many resources online and I wanted to to share this valuble information. It is from Adnan who, is still in high school and I believe we he be doing great things soon!
As longtime entrepreneurs Ethan Willis and Randy Garn have run Prosper Inc. with one simple objective: to celebrate its success of others!
Let me share some of Adnan’s list for you:
Communications / VoIP
The internet brings great opportunities to do business all with people from all around the world, and fortunately there are also a number of resources to help with the communication that is necessary. The resources here will allow you to communicate inexpensively with others:
1. Skype – Free calls over the internet to other people on Skype for as long as you like.
2. Vonage – Leading provider of VoIP internet broadband telephone services.
3. Gizmo – Low cost international calling and free calls to users on Yahoo Messenger, Google Talk, Windows Live users and SIP networks.
4. Vonics Digital – Plans start at $12.99 per month.
5. VoipBuster – Free program that uses the latest technology to bring free and high-quality voice communications to people all over the world.
6. SunISP – VoIP Plans
Many entrepreneurs will need some type of funding for their ventures. If this is the case for you, these resources may be helpful. Locating potential funding sources can be a bit easier be taking advantage of the resources that are available:
1. GoBigNetwork – Angel investor network/venture capital.
2. Fundability – Puts your company in front of qualified and interested investors.
3. Find That Money – Formidable presence in consumer finance.
4. Venture Deal – Venture capital database.
5. American Capital Advance – Fast Business Loans.
6. Financing: Where to Find It
For the full list click here
Gaebler VenturesResources for Entrepreneurs–assembled some great resources for entrepreneurs and are constantly updating our entrepreneurial resources so check back frequently.(http://www.gaebler.com/)
“…Number one is getting good people to manage the employees. Number two is hiring good people from the beginning…” and “…A lot of companies become bureaucratic because they are trying to set up systems and processes to manage the wrong people. If you can have the right people who believe in what you’re trying to do and who have the right philosophy, the culture of the business will often manage itself. Then it’s all about fostering that culture…” see Ethan Willis from Prosper, Inc.-MeetInnovators CEO Club
The above interview gives insight to how Prosper inc. can help people, so effectively. And in my humble opinion is the reason is the best in the educational industry! When you “talk to Prosper CEO Ethan Willis,” you come a way better when you leave him!
Eric Bryant shared “Attributes of Successful Entrepreneurs” in his wonderful blog — July 30, 2008…-Past posts on this blog”My Travel’s on the Roads in how to Prosper and Learning”
One of my Favorite Blogs, The Entrepreneurial Mind Will Join Several Others-July 28, 2008..-Past posts on this blog”My Travel’s on the Roads in how to Prosper and Learning”
“Prosper Learning’s” Information Sheet-
Blogs about: “Ethan Willis”
Ethan Willis–Latest post was updated: made by Anonymous
Ethan Willis and E-strengths assessment helps Martial Artists -July 18, 2008- James ” Martial Arts blog’