Principles of Wealth Creation

Wealth is a power. With wealth many things are possible.

“One may ornament the home with the richest of furnishings.”

“One may sail the distant seas.”

“One may feast on the delicacies of far lands.”

“One may buy the ornaments of the gold worker and the stone polishes.”

“One may even built mighty temples for the Gods.

“One may do all these things and many others in which there is delight for the senses and gratification for the soul.”

One must realize the power of wealth and decide to claim his share of the good things of life. One should not stand afar off, enviously watching others enjoy. One should not be content to clothe himself in the cheapest dress that looked respectable, one should not be satisfied with the lot of a poor man. On the contrary, one should make himself a guest at this banquet of good things.

Two key elements essential to achieve what one desires is:

a     1. Time;  and

       2.  Study

As for time, all men have it in abundance, only thing is how one utilizes the available time.

As for study, we all have seen our wise teacher teach us that learnings are of two kinds:

i)                    The one kind being the things we learned and knew;

ii)                   The other being the training that taught us how to find out what we did not know;

Road to Wealth:

One finds the road to wealth when one decides that a part of all he earns was him to keep. Every penny you save is a slave to work for you, i.e. the return you get on the penny saved is its child that also can earn for you. If you want to become wealthy then what you save must earn and its children must earn and all may help to give to you the abundance you crave.

Principles:

1.       First principle, keep yourself minimum of one-tenth of all you earn no matter how little you earn. It can be as much more as you can afford. Pay yourself first and then decide on your other commitments. You can co-relate this to the announcement made when you board a flight, “in case of emergency first put oxygen mask on yourself and then help others”.

    Wealth, like a tree grows from a tiny seed. The first penny you save is the seed from which your tree   of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow and the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its share.

2.    Second principle, advice is one thing that is freely given away, but watch that you take only what is worth having He who takes advice about his savings from one who is inexperienced in such matters, shall pay with his savings for proving the falsity of their opinion. It is like, would you go to the bread-maker to inquire about the stars, never, you should rather go to the astrologer, if you had power to think. So invest the penny saved wisely taking advice from experts who are into this field.

3.     Third principle, what should you do with the return you get from the penny saved and invested, never ever eat the children of your savings. If you do so, then how do you expect them to work for you and how can they have children that will also work for you. First get yourself an army of golden slaves and then many a rich banquet you can enjoy without regrets.

It is generally said that one indeed has to be fortunate to earn wealth. This saying may not be right, fortune helps only to create a desire to prosper. It is the definiteness of purpose that helps in creating wealth. Would you call a fisherman lucky who for years so studied the habits of the fish that with each changing wind he could cast his nets about them? Opportunity is a haughty goddess who wastes no time with those who are unprepared.

Sometime it is said that you need strong willpower to keep on after you have lost. Do you think willpower gives a man the strength to life a burden the camel cannot carry or to draw a load the oxen cannot budge? Willpower is but the unflinching purpose to carry a task you set for yourself to fulfillment. If one set a task for himself, be it ever so trifling, one shall see it through. This will give enormous confidence in oneself to do important things.

A simple story narrated next gives the importance of task setting:  I have taken a task on myself:  “For a hundred days as I walk across the bridge into the city, I will pick from the road a pebble and cast it into the stream”. I would do it. If on the seventh day I passed by without remembering, I would not say to myself, “tomorrow I will cast two pebbles which will do as well.” Instead, I would retrace my steps and cast the pebble. Nor on the twentieth day would I say to myself, “this is useless, what does it avail you to cast a pebble every day? Throw in a handful and be done with it.” No I would not say that nor do it. When I set a task for myself, I complete it. Therefore, one should be careful not to start difficult and impractical tasks.

Most of us think, the years have passed and we are no longer young and we have nothing put by.  It is never too late, like the Chinese proverbs, if you have not planted a tree, do it now. You should visualize and say to yourself “A part of all I earn is mine to keep”, say it in the morning when you first arise, Say it at noon, Say it at night. Say it each hour of every day. Say it to yourself until the words stand out like letters of fire across the sky.

“Impress yourself with the idea. Fill yourself with the thought then take whatever portion seems wise. Let it not be less than one-tenth and lay it by. Arrange your expenditures to do this if necessary. But lay by that portion first. Soon you will realize what a rich feeling it is to own a treasure upon which you alone have claim. As it grows it will stimulate you. A new joy of life will thrill you. Greater efforts will come to you to earn more. For of your increased earning, will not the same percentage be also yours to keep?

“Then learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you."

“Insure an income for your future." Look yourself at the aged and forget not that in the days to come you also will be numbered among them. Therefore invest your treasure with greatest caution that if be not lost. Do not ever allow greed to overpower yourself, too high a rate of return are deceitful sirens, be cognizant to the fact that a small return and a safe one is far more desirable than risk.

Also “Enjoy life while you are here. Do not over strain or try to save too much. If one-tenth of all you earn is as much as you can comfortably keep, be content to keep this portion. Live otherwise according to your income and let not yourself get niggardly and afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy.

Reference & Source:  The beautiful book on Financial Wisdom by George S. Clason :  “The Richest Man of Babylon”