Wealth creation
It means anything which could be owned and controlled, have monitory value or have the potential to create the monitory value. Real wealth creation is achieved by owning revenue streams that are under your control.
Research shows that families that have sustained wealth over more than three generations often have a different view and definition of wealth.
Rules of wealth creation
- Take responsibility. It is never somebody else who can change your situation. It is never anybody else’s fault. If we are honest with ourselves, many of us have gotten into the trap of blaming somebody else. Whoever you blame, you have delegated responsibility to. Take control back.
- Do not Borrow to Consume. Do not borrow to acquire flossets. That’s what we call bad debt and it will take you steps backwards. Good debt i.e. debt that will led to increased Assets will take you forward.
- Keep the right company. Keep the kind of company that provides an environment conducive to wealth creation. The people that complain about being broke all the time are not that company.
- It’s a process not a deal. A huge amount of money will not fall on your lap one day and sort all your problems out. You will not get a deal. The process of wealth creation is choice not chance.
- Multiply your resources. Use your time wisely and multiply your knowledge, skills, networks and this will ultimately lead to multiplication of your financial resources. You can have no money in your bank account but still decide to start multiplying these other resources.
Principles of wealth creation
True wealth is about a lot more than just growing your net worth. it’s true that financial independence is all about money, but living a wealthy life isn’t.
Below are the key ten principles that will help you achieve true wealth both financially and personally.
- Build supportive environments:The path of least resistance to wealth is paved by supportive environments that literally pull you toward the goal.
- Treat your wealth Like a business: As a wealth builder, you’re in the personal financial management business and must manage your net worth just like an executive manages a successful business.
- Steward your wealth: Money is little more than a tool that comes with the responsibility to use it wisely. It’s not something you possess, but something that passes through you and must be given back.
- Be disciplined:Life will conspire to distract you from achieving your goal. Only the disciplined will stay the course with consistent enough action to get results.
- Be courageous:Wealth results from doing what others won’t so you can have what others never will.
If you’re looking to increase your wealth and improve your health, you are don’t need to look further. At Synergy Financial Advisory, we have a professional team that will advise you on how you can and maintain your wealth creation.
We are located at Surveyors Court, Woodvale Groove, Westlands.You can give us a call on 0711712 000/0721947 604 for any inquiries. Visit our website and see other services that we offer.