MILLIONAIRES COMMANDMENTS

Tips For Creating Wealth-1

Before now, I have wondered why people are poor, why many could not afford three square meal in my neighborhood? My finding reveals that many people buy what they don’t really need just because they want to satisfy other people despite their poor living condition.

 A lot of people will live out their lives never having experienced even just a month of financial freedom. The reason for that is simple; a lot of people in the world don't want to be wealthy. There is no other explanation for it. The process of creating wealth is not a secret. Hundreds of books have been written on the topic, but still, people choose to ignore all the information available.

Take for instance, one of my neighbours attended party four times a month through out last year. For each party she bought an Ankara(Party Wear) for #3,000. In all she spent #144,000 for the 48days she attended different parties in year 2011 at expense of her business, yet cries for a start-up capital. What a waste!

The truth is that it doesn't take a genius to be wealthy. It doesn't take a degree in accounting to be financially literate. In fact, there are ways to make wealth a side-effect of your lifestyle.

Wealth is defined as the number of months you can survive, without physically working and still maintain your(dream) standard of living. Wealth is not measured in terms of amount of Naira,Dollars or Pounds in your hands or at bank(s). The true measure of wealth is time.

I am happy to shared some of the tips my teacher taught me on stepwise actions to building wealth. I tagged it Millionaires Commandments;

1. Believe in Your Ability; You have unlimited potential and abilities inside you that you have not taken advantage of. Discover yourself, Identify those potentials & monetize them.

2. Act Now, No procrastination; You need to take a well evaluated but decisive action to stop procrastination, and start pushing your dreams. The best time to procrastinate is yesterday, the future is purchased with the present.

3. Pay Yourself First; Most people have budgets. Unfortunately, budgets don't work for wealth building. You simply end up spending more than you want to, with only a few bucks for savings. A good strategy for financial independence is to put money in your savings account FIRST, and manage with whatever is left. It's much easier to cope while holding a small amount of resources than it is to keep yourself from spending while holding a large sum. Don’t spend more than 80% of your income on a monthly basis.

4. Don't Live the Nightlife; It's going to be hard for you to gain financial independence if you are in the habit of living the nightlife. Most of the items sold at night hotspots are overpriced. The emotionally charged environment, fueled with alcohol and loud music, is designed to promote indulgence. As we all know, indulgence is expensive.

5. Have Multiple Source of Income; Engaging yourself in money-making activities that are legal would help you build wealth. Beware fraudulent investment opportunities but spread your investment all over.

6. Get a Good Job; It’s good to have a good job. It does not only promote your self esteem but increase your saving ability. Don't sell yourself short. Some people choose to keep horrible jobs simply because they're afraid of the unknown. They're afraid to take risks. They settle for a measly paycheck that lasts only until the next one. If you want financial independence, you can't settle for crummy jobs. You really have to look for the best opportunities available for your skill set. Look for something that demands less time, rather than something that provides more money. If you're in the process of wealth building, your time is better spent looking for opportunities than sitting on a desk or in the factory and getting paid by the hour. 

To me, Time is life.

STARTING YOUR OWN BUSINESS WITH EASE

Starting a small business is like planting fresh seeds which takes time to germinate. No doubt not all seeds planted grows, this however depends on numerous factors.  Like a newly growing plant, your new business needs extra attention and the perfect atmosphere to thrive.

Many small business today are not productive due to an error at conception of  business idea or at the beginning of such business. To give your business a smooth and healthy start you need to follow some essential hints.

A Good Research

Your new business must aim at achieving certain goal. This goal which must be achievable should first be within the community you start. Through your business research, you have to know what the people in the area are in need of i.e service or goods. How demanded is the service you intend to offer. A thorough research in the area and what the people want will help you take a positive decision on what to do and what not to do.

Promote Your Business

A new business needs some coordinated advertisement to attract peoples attention and customers. Advertise through different means for people to know what you offer. Your new business can flourish through a million ways and word of mouth is surely one of them but it will not make a huge difference alone. You need to have an effective and thorough marketing plan. Have you ever thought of taking your service or goods to religious circle? Start from where you worship today.

Identify Your Targets

Define your target audience, strive to change any negative perception, offer promotions and first time discounts and come up with more of such ideas that would attract traffic to your new business such as after sales supports. This makes you closer to your clients.

Master What You Do

There is no new thing in the World. What you consider as a new product is a repackage of an existing idea in a more attractive way with some additional values. A good mastery of your business gives your business live and the consistency that is very essential before thinking of expansion.

Logical Comparison

An approach used by someone in a similar business may not necessarily work for you. While researching the market is essential, you should also interpret what you find carefully. There would be strategies that some businessmen used and succeeded and still thy may not apply to your case. It is possible that a particular act was supported by other of its kind and without those, you cannot implement it. So before you jump to conclusions, make sure you are comparing your business to a business that it is actually comparable to. Otherwise the comparisons would be meaningless and practically harmful if you acted on what you thought they meant. 

In conclusion, you need these three P’s; persistence, patience and perseverance to make your freshly started business grow to become a giant one. Do not give up as the profits will start to show after a couple of years. Cultivate habit of saving and re invest the better part of the profit back into the business. It helps for expansion.