Secrets to Wealth Creation

I attended a seminar recently on secrets to wealth creation and it was a joy to be with a select group of highly successful people. The seminar talked about the twenty-five (25) secrets to wealth creation and the key principles behind creating wealth. It was very informative and the success stories of some featured individuals who live by those principles have been very inspiring. I have profited so much from it, so I thought it would be great to share some of the secrets to creating wealth with you. These secrets have been mastered by the rich people. They are very practical and you might benefit from it as well. Here are some of the secrets to wealth creation presented during the seminar in no particular order:

A Definite Purpose or Goal. Having a definite purpose, aim or goal is an important principle to wealth creation. It is not only important for business but also for your personal life. You need to clearly define your financial dreams, and this includes determining exactly how much money you want to earn, what you intend to give in return for money you desire, when do you want to achieve it and the means by which to achieve it. It is always easy to make decisions and focus your energies once you know what your definite purpose is.

Burning Desire. To create wealth, you must have a burning desire or an obsession and you must act on it. Having a definite goal and a desire won't make you rich, unless you act on it. A desire is not enough; it must be a burning desire that it becomes an obsession on your part. This is the Law of Success so powerfully explained in the classic personal development book Think and Grow Rich by Napoleon Hill. You must have a state of mind that is success conscious and not failure conscious. A mind that does not succumb to temporary failures. If you know what you want in quantifiable terms and have a burning desire for it, you can easily create wealth and achieve financial success. To know more about the Law of Success, I encourage you to read Think and Grow Rich book.

Habit of Savings. You know the value of savings, right? One piece of advice you normally hear from other people is to live within your means. Well, this is false. If you live within your means, chances are you will have very little money to save, or worst, you have nothing to save. The right principle is to live below your means. Pay yourself first. It was recommended by the speaker to save at least 10% of your income on a regular basis. But you should aim to set aside more than 20% of your income consistently. Adam Khoo, a Singaporean self-made millionaire at the age of 26, admitted he saved 60-80% of his income. He is a guy who was at the bottom of his class, kicked out of school and yet somehow he made his first one million at just age 26! Amazing, right? Adam Khoo shared his story and success formula in his e-book, Secrets of Self-Made Millionaire. You've got to read his story for yourself, and be inspired!!! If you have not been saving regularly, it is not too late to start again. Financially successful people do save, and they do it consistently.

Get Out of Debt. Another key secret to wealth creation is to get out of debt. Debt has many serious consequences like bankruptcies, foreclosures, etc. Debt can even have an ill effect on your health and can rob you of  the joys of everyday living. There is good and bad debt. A good debt is an investment that creates value and lets you to make more money, while a bad debt takes money out of your pocket. Debt per se is not necessarily a bad thing. But you should not let it take control of you and your life.

Increase Your Income. Very important to wealth creation is to increase your income. One fastest way to increase your income is to reduce your spending especially on unnecessary expense items. You can find ways to reduce your tax payments (ooops without violating the law), reduce your debt and interest payments. You can also tap into different sources of income so you can have multiple sources of income. Some specific ways to increase your income include:

• working online as a virtual assistant. I personally do this, and I earn extra income as a virtual assistant and I enjoy it too!
• selling on e-bay, etc. You can sell anything in the Internet
• trading in stocks. This is the buying and selling of stocks to make quick money gains. 
• investing in equities. Gains here can take months or years
• investing in real estate, and
• participating in multilevel network marketing (MLM) business

Other People's Money (OPM).  Other People's Money is the principle of leverage. OPM is very important when it comes to money, business and wealth creation. OPM is using other people's money and making it work for us to accelerate our financial goals. It's not easy to create wealth on our own. If we rely solely on our own capability to save money, it will take us years before we can invest and accumulate wealth. We can take advantage of the power of OPM principle to create wealth. When you apply this effectively, you can earn more with little effort and get ahead financially in life.

Good Priority Management. Good (self) management skills is important to wealth creation. You need to develop essential skills to help improve your performance and in your ability to create wealth. You need to learn how to control your time and get your priorities right.

Always Improve Yourself by Education. Self development is a life-long process. To maximize the power of leverage to work for us, it's important that we learn to invest in ourselves to help us perform at our best. We can read good books, attend seminars, listen to informational CD/audio, network with like-minded people and associate ourselves with winners.We need to constantly expand our knowledge and develop our skills. According to Benjamin Franklin, "An investment in knowledge always pays the best interest."