The book “The Richest Man in Babylon” by George S. Clason, written in the 192Os, is an excellent source of sound wealth building tips. If you follow the steps in Chapter 3, “7 Cures for a Lean Purse”, you’ll have learnt the first important steps in any wealth building strategy. Here is a modern interpretation of these fundamental ‘wealth building’ principles.

Building Wealth Step 1: Start Saving Now
Spend only 9 out of each 10 dollars earned. By saving one-tenth, your bank balance will start to increase, your debts will reduce and you will build a capital base for worthwhile investments in the future. Make sure you automatically save 10% of your earnings each month. You can do this by standing order with your bank. This is like paying yourself first before you even pay all your expenses. I’ve heard it said many times that “getting rich is not about making money, it’s about keeping money”. This is a crucial first step on your journey to building wealth.

Building Wealth Step 2: Control Your Expenditures
Budget your expenses. No matter how much money you earn each month, make sure you have enough money to pay for your necessities – food, shelter, clothing etc. Even already rich people have a problem obeying this principle and can sometimes end up broke as a result. So, only gratify your non-essential desires if you can do so without spending more than nine-tenths of your earnings. Wealth building requires discipline and self-control. You must continue to save one-tenth of what you bring in no matter what. This is the key to building some capital which you can then use to invest.

Building Wealth Step 3: Make Your Saved Money Multiply
As you start to build up your savings, invest that money so that it makes more money for you. Put each dollar to work. Don’t leave your savings sitting dormant in a bank account (unless it’s a very high interest rate savings account!). Worse still, don’t leave it under your mattress depreciating in value! To build wealth it is not enough just to save money. You must put your saved money to work. Seek out investments opportunities that give you a higher return on your money than at least the rate of inflation. Now money is beginning to work for you rather than you working for money.

Building Wealth Step 4: Guard Your Money from Loss
Guard your money from potential loss by investing only in things where the principal is safe and where you can get at least a fair return. Seek the advice of those experienced in the profitable handling of money and be wary of following friends and relatives into so-called investment opportunities. Educate yourself and research your investments thoroughly before parting with your hard-earned money. The first rule of making money is never to lose it!

Building Wealth Step 5: Own Your Own Home
You should own your own home rather than renting and handing over money to a landlord. This makes sense so long as the repayments to the bank more or less match the rental you would have given the landlord. In addition, owning your own home is good for your sense of pride and potentially raising a family. So owning your own home can enrich your life on many levels.

Building Wealth Step 6: Ensure a Future Income
One day your current earned income will stop! Therefore, you must create wealth for your future. You should, when you are young and have the ability to earn, make preparation for a suitable income when you are older and possibly retired so that you can provide for your own needs whilst growing older and that of your family upon your passing. Contributing to a pension (or 401(k) plan) and investing in property are great long-term wealth creation strategies.

Building Wealth Step 7: Increase Your Ability to Earn
You can increase your ability to earn by taking more interest in your work, having more concentration upon a task and more persistence in your effort. Paying debts down fast and taking care of family and friends is also essential and will increase your ability to earn money. Essentially, the wiser we become, the more we may earn. Becoming wiser and more skilful engenders a keen sense of self-respect which will ultimately cultivate greater wealth.

Implementing simple wealth building tips like these can really show you how to build wealth fast and put you on the road to real wealth creation.

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Business owners, especially successful ones, have many qualities in common that makes it possible for them to maintain their leverage in their industry. And mind you, these traits common to successful business owners are not just by coincidence. They are successful in what they do precisely because of the traits they have imbibed from their endeavors. These characteristics are the foundation for many if not all business owners because they were able to recognize and seize the opportunity presented them that would help them grow their own business.

This article hopes to provide you with the characteristics that make for a successful entrepreneur. We hope you can then apply these strategies to how you run your business so you too can be successful in it.

Successful entrepreneurs trust their guts.
The most essential characteristic that business owners have is that they know when to trust their instinct and when not to. Intuition is something inherent to many entrepreneurs. It is the base for knowledge. What makes it so possible is that it is a skill that you can actually develop and reinforce so you can apply it to situations that need critical and high pressure decisions in a snap. During such times, intuition is what mostly dominates over rational analysis.

Trusting your guts gives you the confidence to carry out new and untested ideas that other people would otherwise be wary of. Just knowing that you can make something happen out of nothing, gives you the impetus to go for a concept even when you don’t have the financial backing and your reputation is at stake. You just trust that your gut is right about it.

Successful entrepreneurs ignore convention.
It won’t work! It’s never been done that way! Those are some crushing words that if you listen to them, you might not have attained anything with any of your projects, be it marketing collaterals such as brochure and folder printing or presentation folders. Many successful entrepreneurs succeeded largely because they veered away from traditional and established ways of thinking. They are instead innovators. But I’m not saying that following the regular rules is wrong. But blindly accepting what is the norm can keep you from ever growing your business to what it was supposed to reach. Rather, be critical with following the conventional, and look for fresh new ways to present an idea that can open doors for you to get a competitive advantage over your competitors. You will then be able to stand out and make a mark in your industry.

Successful entrepreneurs never let failure and adversity win.
Don’t be limited with what you can do, especially if the limits were placed on you by other people. Don’t stop believing and hold on to the feeling – this is what the band The Journey tells in one of their popular songs. Refuse to believe that you can’t make it just because the others tell you so. Remember all the clichés and the antidote to letdowns – persistence and resiliency will pull you through.

Successful entrepreneurs go find a niche.
And not just any ordinary niche; but one that is “undeserved” that everyone seems to have failed to find and target. It is true that even Fortune 500 enterprises won’t be able to offer everything to everyone. By looking for the niche where you can shine and stand out, especially those that giant corporations consider too small for them, you can grow your business in unparallel ways you can never imagine.
Finally, just start and never ever stop reinventing what you have.
If you truly believe in your idea, just go ahead, take the risk, and start your business. Listen to your gut. If it tells you that this idea is a surefire win, then take action right now. Don’t wait anymore because there’s no ideal time to begin than right now.

And never stop reinventing yourself. Don’t be complacent with what you have. The only way you will be able to grow is if you’re not afraid to take chances when it comes to expanding your business. Always remember to move forward and not be afraid to do an overhaul of what you already have, so you can keep pace with the changes in your industry, as well as the changing needs of your target clients.

Rarely will people be interested in creating wealth purely for the sake of having it. Frequently, it’s because they want a cushion of prosperity so they don’t have to worry about making ends meet. Some people want to build up their net worth in order to be assured of a comfortable retirement later in life whilst others simply want to be able to provide for their children’s expensive education! Whatever the reason, this article shows you the 7 things you need to know to be successfully creating wealth in your life.

1. Define What “Wealth Creation” Means To You

When you think about creating wealth in your life, you need to consider what it is that you are trying to achieve. Are you talking about having money or are you talking about acquiring assets and building net worth? If it’s money, how much money do you want and when? Really, wealth creation is focused on building net worth through the leveraging of capital. Assets minus liabilities (debt) equals net worth. Most wealthy people don’t have piles of money sitting around in bank accounts. They are in fact often asset rich, cash poor! They have capital assets such as companies, real estate, stocks etc. working for them, building capital.

2. Don’t Try to Earn Your Way to Wealth

Millions and millions of people dream of being wealthy…but show up for their 9-5 jobs and wonder why they aren’t getting wealthier. Creating wealth doesn’t happen by working harder, longer, faster. Sure, you kinda have to work hard to get to the point where you’re rich enough not to have to work hard. But the truth is, you will never create wealth by holding down a 9-5 job alone. You cannot earn your way to wealth. You will eventually burn out from working too hard. The greatest wealth gets made from a capital base and is not “earned”. Outside of your day job you can focus on building net worth by putting aside money you have earned and use it as capital so that it now works for you!

3. Learn How to Leverage Time, Talent & Money

Creating wealth requires capital and leverage. If you don’t have the money then you need to use your talents to persuade the bank to lend you some. Money becomes capital once it is used for investment purposes. Creating wealth will require entrepreneurial spirit and talent to create something of value in the marketplace. This could be a profitable business or a real estate portfolio. One important wealth creation ingredient is to ensure you are also building opportunity for others along the way. This is the secret ingredient that will help you become enormously successful and create massive wealth.

4. Build a Winning Team around You

No man is an island. You simply cannot create wealth in isolation. Whether you are selling products or proving a service you eventually will need a team of people around you to deliver on your business plan. Only work with people you like, respect and trust. This principle goes for employees, professional advisors and even clients or customers and works both ways. If you don’t like the people around you, you might need to start taking a look at yourself and correct some of your own shortcomings in order attract the right kind of people into your business and personal life.

5. Be Willing to Invest and Take Calculated Risks

Creating wealth requires you to make investments and do so with levels of risk ranging from low to high. Decide on your risk level and only make investments you are in the main comfortable with. For many brand-new entrepreneurs who dream of creating wealth but have never started a business before or invested, stepping outside their normal comfort zone can be difficult. However, creating wealth will require an investment on your part. It’s the idea that you have to invest money in order to make money. Investing carries a certain level of risk and you need to decide upon your risk tolerance depending on your personality type and your stage in life. You can choose to invest in low-risk assets that yield less but at least you can sleep easy at night.

6. Know When to Borrow Money

Only borrow money for things that are 1.Likely to increase in value and above inflation over the medium term and; 2.Cover the cost of the debt funding while the debt is in place. So if you are buying an investment property make sure the rental income covers the cost of the mortgage as well as maintenance, costs and other fees. Borrowing money to buy a brand new car is a really bad idea.the interest rates are high and the car loses about 15% in value the moment you drive it off the forecourt!

7. Play Your Own Game

Whilst it can be useful to listen to peoples views, when it comes to investment it can often be wise to find out what everyone else is doing and do the exact opposite. Most successful people are contrarian in their thinking. If everyone, including the local postman or cab driver is buying property in a certain location and prices have risen to an all-time high. it may be a good time to consider selling. During a recession most businesses reduce their advertising and marketing spend. However, this is the time when you can negotiate the best deals and make the most impact in the marketplace. When investing, do your own independent research, learn to take what you hear and read with a pinch of salt and always crunch the numbers before handing over your hard-earned money!

Strategies like these can really make you a lot of money and put you on the road to real wealth creation. If you’re interested in learning more about the secrets of wealth creation then go to www.MillionaireMindsetSecrets.com right now and sign up for our FREE insider success tips.