Commandments Of Wealth Building
Wealth Building Principle: Get Deeply Motivated
Money is a shallow motivator — too shallow to drive you deep enough to achieve success.
The problem is financial wealth is an external goal with benefits limited to the world outside of you. Money buys things, but money doesn’t buy happiness. It can build you a prettier prison, but it can’t get you out of prison.
Wealth Building Principle: Give More Value Than You Take
Adding value to the world by giving more than you receive makes everyone better off. That’s how you build true wealth. You improve others lives by improving your own.
Sure, history is replete with people who have amassed financial empires by exploiting others or the environment, but taking value can never lead to happiness or fulfillment
Wealth Building Principle: Live With 100% Integrity
Never do or say anything that wouldn’t make your Mother and Father proud.
Don’t cause harm, encroach on others property, violate moral law, or damage the environment. Don’t lie, insult, or cheat in pursuit of financial wealth.
Heck, don’t even stretch the truth. It just isn’t worth it.
The rule is simple: if it doesn’t feel right then it probably isn’t. If you don’t feel comfortable telling your spouse, children, and parents what you are doing, then you probably shouldn’t do it.
Wealth Building Principle: Be Courageous
Humans are social animals which makes us cautious to venture independently. Yet, wealth doesn’t come from following the crowd. It results from doing what others won’t so you can have what others never will.It takes courage to be a self-starter and be self-responsible. It takes courage to walk new paths and develop new skills. It takes courage to stand out from the crowd. It takes courage to put out the extra effort when others don’t.
Wealth Building Principle: Be Disciplined
Wealth is the cumulative result of many little things added together and compounded over a lifetime. That means your daily habits will make or break your success.
Saving, investing, reinvesting, and growing your financial and business intelligence are all essential wealth building habits that require persistent and consistent effort.
In other words, wealth building requires discipline.
Wealth Building Principle: Avoid Conspicuous Consumption
The illusory carrot for building wealth is the attraction of a “more, better, different” lifestyle.
This myth is perpetuated by brokerage ads filled with sailboats, European vacations, and perfectly manicured golf resorts. The problem is consumerism causes your limited resources to be directed toward lifestyle and away from building wealth.
Wealth Building Principle: Apply Leverage To Build Wealth
Leverage is the essential success principle that builds wealth. You won’t get wealthy by trading time for money, and you can’t do it all yourself.
Building wealth requires you to work smarter rather than harder by applying the following principles of leverage:
- Financial Leverage: Other people’s money so that you’re not limited by your own pocketbook.
- Time Leverage: Other people’s time so that you’re not limited to 24 hours in a day.
- Systems and Technology Leverage: Other people’s systems and technology so that you can get more done with less effort.
- Marketing Leverage: Other people’s magazines, newsletters, radio shows, and databases so that you can communicate to millions with no more effort than is required to communicate one-on-one.
- Network Leverage: Other people’s resources and connections so that you can expand beyond your own.
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