Understanding principles of wealth creation
Before going into the principles of wealth creation, it is very important to fully understand what the term ‘wealth’ entails. Wealth can be viewed as a state of spiritual, psychological, mental, intellectual, emotional, physical, relational, social and environmental wellbeing and wellness. True wealth includes the ability to make money. One of the principles of wealth creation is the capacity to be motivated. At the same time, an individual’s motivation should not be centered on money.
The state of wealth starts with one’s internal goals and this has to do with what the individual visualizes and imagines. It goes down to the person’s perception most especially concerning wealth. The next stage is the belief system of the individual, which involves background and the environment the person grew up in, the kind of lessons, examples and role models he or she saw. All these help shape the person’s consistent expectations.
When an individual is motivated by money, he or she will eventually make money, but won’t be able to sustain it because they will never get enough of it. This can also lead the person to having a poverty state of mind because he or she believes they will never have enough. An individual should never be motivated by their needs but always by values. There are different motivational factors, such as: Freedom, the sense of independence, Charity, Adding value to people’s life, finding and giving expression to one’s talents and gifts, discovering problems and solving those problems. The key to understanding the principles of wealth is knowing that money is never the end but a means to an end. Below are six key dimensions of wealth every individual should take seriously.
SIX DIMENSIONS OF WEALTH:
1. KNOWLEDGE: “Knowledge is the greatest gift of life, it should never stop”. When it comes to wealth creation, knowledge is key and ignorance is an enemy of wealth. Ignorance can be seen as laziness of the mind. With the technological advancement in the word, individuals should be able to dig deep and acquire knowledge because knowledge is wealth.
2. MONEY: How can a person attract and sustain money? How do we transfer money from one generation to the next? The cheat is to be able to teach your children financial literacy, let them understand the value of money. A lot of parents are gradually raising a generation that does not understand the worth of money and that in order to make money a person must be willing to work hard. A child should be taught the process and value of money making.
3. SAVING & INVESTING: The society has turned into a social media world, where lots of people try to portray what they are not. It is necessary for individual’s to live within their means.
• You need to earn more than you spend, that is the first principle for cash flow.
• You must audit your cash flow, know how much is coming in and going out. It is important to discipline yourself and separate your wants from needs.
• If you eat everything you earn, you can never be wealthy. It is very necessary for people to develop the culture of saving and investing their income into legit means that can earn the individual more money.
A good exercise one can carry out is: Write down everything you spent your money on, no matter how little. Do this for a week or more and you will find out where a good percentage of your money goes to and learn how to curb out certain unnecessary expenses.
4. RELATIONSHIPS: This dimension is divided into two segments: Relationship with God and An individual’s social relationship.
• How is your relationship with God, the giver of the wealth we seek? Without life there is no wealth. Without breath, nothing exists, at the same time the air that we inhale is free. Why don’t you as an individual believe that wealth is available for you? Especially when it comes from the same source. Without a relationship with God, it is difficult to understand the whole construct of wealth.
• Social Relationships: Check your network of friends. Your network determines your net worth. Know the type of people you keep as close circle friends, it will determine how far you will go as a person. Always surround yourself with people who share the same vision, dreams, and goals as yourself and not individuals who will pull you down.
5. THE POLITICS OF POWER: Another dimension of wealth is power. It is very important to understand the essence of power, be it spiritual, emotional, political or social power, this is because power can sustain wealth. A lot of people acquire wealth and move higher to acquire power, they sustain this wealth and are able to transfer them to the next generation.
6. TIME: As an individual, do you understand that time and timeliness is key? Do you also know that time is useless without timeliness? Are you familiar with the fact that all you have to exchange for wealth, riches and value is TIME? Do you understand the construct of God’s appointed time? Time rewards the consistent and smart worker. A lot of people in today’s world are busy but not productive. Hard work is important but most importantly is the ability to be productive.
“You are not wealthy until you have something money cannot buy”- Garth Brooks.To gain more insight, Sign up for our Life Coaching and NLP Combo running from 14th – 21st of May 2018. For more information, call us on 08077077000 or send an email to email@example.com.