Life is controlled by principles.There are several principles that control several aspects of life’s endeavours. For example, on planet Earth, whatever is thrown up must fall down. All objects, when thrown up must obey the principle or law of gravity.
Just as it applies to other areas of life, it also applies to wealth creation and career success in the same way. You tend to attract wealth if you obey wealth creation principles. Also, if you fail to apply wealth creation principles appropriately, you repel wealth.
In this post, I will be sharing with you wealth creation and career success principles that are universally applicable to everyone, regardless of race or gender. You can use the principles to your advantage to better your life financially. If you ignore them, you might remain poor. I know you don’t want to be poor. Therefore, I do hope you will use these principles to enhance your financial life and achieve career success.
1. The Principle of Networking – The people you associate with will determine whether you get wealthy or not. Networking is better than hardworking. Many of us are held down at the same level of life for many years without making meaningful progress, because we don’t relate with the right kind of people.
2. The principle of frugality – Frugality basically has to do with saving money. It involves saving a part of your income for the purpose of investing it. Anyone who is not frugal will hardly become wealthy. The life of wastage and excessive spending will keep you poor. Wealthy people are good savers while poor people are most times excessive spenders. If money earned is not saved and invested appropriately so as to yield more money, wealth creation will be impeded.
3. The principle of investing – Money earned but not invested is bound to diminish in value by the forces of inflation. You are on the pathway of creating wealth when your money is working for you and if whether you work or don’t work, your monies invested are generating extra funds.
4. The principle of compounding – Compounding is the process of re-investing the earnings from your investments, either in form of interest or growth of the investment or asset so as to earn even greater returns. It is one of the greatest ways of growing your money with time. Anybody can become wealthy over time using the principle of compounding. Treasury bills, mutual funds, and other paper assets are examples of investment vehicles you can use to grow your wealth over time using the principle of compounding.
5. The principle of focus – There are many distractions on the journey of wealth creation. When you are saving or investing to improve your financial state in the nearest future, and then you see your friends and colleagues buying luxuries, you can easily be discouraged or distracted. However, if you are focused, you won’t be deterred because, you know that you are sacrificing momentary pleasures for future gains.
6. The principle of hard work – There is no substitute to hard work to achieving success in any thing you do in life. Wealth creation is no exception. There are no quick fixes or short cuts to wealth creation. You have to pay your dues and work your socks off and get your hands sandy and muddy. You’ve got to sweat it out.
Hard work pays and will continue to pay. Every successful and wealthy person is hardworking. Most times the success you see in the mornings are produced by long hours of sleepless nights of hard work.
7.The principle of optimism – There are many hurdles and set backs on the path of entrepreneurial success. These hurdles will bring discouragements unless you have the right attitude. Optimism is believing and hoping for the best even if the situation around you doesn’t give you reasons to be hopeful.
Optimism helps you to see failures as temporal and success as a process. Optimism helps you to see failure as part of success and not the opposite of success. Pessimists see problems in every opportunity while optimists see opportunities in every problem.
8. The principle of patience – Patience is a virtue in life and it is needed to create wealth.
Compounding, investing and even the world of business requires patience to reap the expected results.
Many people, especially the youth are not patient. They want to become wealthy very fast and this is the reason they are often swindled and defrauded by propagators of many get – rich – quick schemes.
9. The principle of foresight – It takes foresight to see into future opportunities and begin to prepare yourself for them.
It takes foresight to buy a property like a land in less developed areas of town, with the expectation that in some years down the line, those areas would become developed and become choice areas for real estate investors and then your properties would have greatly appreciated in value.
10. The principle of creativity – Money is shy. It doesn’t come to you without any effort. It has to be attracted and wooed before it comes to you. To attract and grow wealth, you need to apply creativity and you need to improvise. You have to put money earned into creative use. You need to put money into the right investments and business ventures so as to grow your wealth. Many times you need to introduce new ideas and strategies into existing businesses in order to be outstanding. It takes creativity to do this.
11. The principle of flexibility – You need to be open-minded to get wealthy and stay wealthy. You need to be willing to try out new schemes and ventures. If you are rigid and always in doubt about new possibilities, you will hardly make meaningful progress in the world of business and wealth creation.
12. The principle of insatiability – One unique characteristics of wealthy people is that there is hardly a time that they stop attempting new things. They always believe that they can achieve more and accomplish more. They believe that they can achieve more things, make more money and grow their wealth. Therefore, they always seek out new ways to grow their wealth.
13. The principle of teachability – The wealthy are among the humblest people I have ever known. They are teachable. They don’t ever believe that they know everything and so they are always seeking for knowledge. Knowledge creates wealth and it takes humility to deliberately seek and gain knowledge.
14. The principle of persistence – Successful people don’t give up until they succeed. They don’t quit when they fail. They see failure as a learning process and as a stepping stone for progress.
Persistence helps you to hang on and stay put even if your start-up business isn’t progressing as your expected and it enables you to keep working on your vision until it succeed.
15. The principle of team work – Team work is the acceleration of hard work. There is a limit to what you can achieve with hard work. The super wealthy didn’t become super rich by only hard work, but by team work and leverage.
I have studied the lives of many wealth people and great business founders and owners. One unique characteristics common to all of them is that they are not super human. They are just super team builders. They know how to achieve great things by forming a team of like-minded and skillful people, sharing their vision with the team, motivating the team and organising the team to achieve the vision.
16. Principle of diversification – Wealthy people don’t put all their eggs in one basket. They have many money – making schemes working for them. Someone once said that the average millionaire has at least 7 sources of income. You can hardly become wealthy by having only one source of income. If you want to become wealthy and stay wealthy, you need to deliberately and continuously look for new ways of increasing your wealth.
17. The principle of selflessness and benevolence – One thing I have discovered in life and in the world of wealth creation is that those who seek out wealth mainly for selfish reasons will hardly get wealthy. However, those who seek to solve the needs of others will get wealthy in the process. Problem solvers are often rewarded by wealth.
In addition, givers never lack. They do not only lack, but they get wealthy. Develop the right mindset about wealth creation. No matter how much you eventually make or amass, you won’t know true fulfilment if you do not give out to the needy, less privileged and the poor. Always think about how you can impact your community, your country and the world positively in your own way with the resources that you are privileged to acquire – be it mentally, materially or financially.
Now that you have known these principles, seek to use them to better your life.
However, one of the most important of the principles above is the principle of networking and association. Re-evaluate your relationships and find out people in your life who are dragging you down by negative influence like addictions, borrowing , excessive spending etc. Also find out those people who encourage you to attain your greatest potentials and to aspire towards greatness. Do not get too close to the first set of people. Deal with them according to wisdom. Surround yourself more with the second group of persons.
NOTE : Subsequently, I shall be expanding and throwing more light on each of the principles above. Keep checking for updates to this post.
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