How to build wealth

Tuesday February 19 2019

A woman hands over bundles of money. You have a

A woman hands over bundles of money. You have a responsibility to choose to make money come to you if you want to become wealthy. PHOTO BY RACHEL MABALA 

By Emmanuel Dei-Tumi

Many years ago, I wrote a book titled “Why the Rich Get richer and the Poor poorer”. The findings of my research brought many factors to the fore which showed that there are many money mistakes that are committed and a number of wrong views held by the poor when it comes to money and the principles of wealth creation. No matter how you look at it, poverty, just like wealth creation or any form of success, is by choice. That is intentional decisions backed by clearly defined and articulated strategy. It will take a combination of different factors for you to be get out of the poverty cycle and seize opportunities that will help you build your way to wealth.

Hardwork
In order for you to tackle poverty, you will need to work, put in the time into your ideas, nurture them and help them blossom. The truth is wealthy people didn’t arrive there by luck because wealth isn’t by luck but by choice. In the same way, when we choose not to embrace the principles of hard work and wealth creation, we inadvertently chose to be poor because poverty is by choice.

Success and wealth don’t just happen; you have to make them happen. Money will not come to you; you have to go for it. The only magnets in real life that attract money are dreams, ideas, hard work, diligence, planning, savings and investment amongst others. Wealth is not given to you; you have to take it yourself. Wealth is not donated on a silver platter, you have to take it and at times through struggles and strivings. When you sit down, do nothing and wait for wealth, what you get is disappointment, misery, lack and want. You have a responsibility to choose to make money come to you if you want to become wealthy.

Cause and effect
One of the natural laws of life is the law of cause and effect. This refers to the fact that, for every effect, there’s a cause. Everything that happens in life is triggered by something else. Every cause creates an effect. Likewise wealth, just like poverty, is an effect, it is an outcome, a result or consequence. As an effect, it has causes. This means there are some actions, inactions, choices or things that we either consciously or unconsciously opt to do in our everyday life that invariably result in either the creation of wealth or perpetual poverty.

Have a financial plan
Emergencies affect you the most and cripple you when you don’t have a financial plan. Will you have some savings to rely on for the next three months when you may get another job? How long you’ve been working doesn’t matter here, rather how well you have been planning is what matters. When you start raising a family, financial planning becomes even more critical because it is not only your personal finances you’ve to take care of and manage but that of a spouse and child (children).

No one has a monopoly to wealth, so expect to be wealthy. It will not come to you but you must be prepared to develop yourself to the level where you can attract wealth. Part of the process is getting the right attitude towards wealth creation.

Wealth creation, like any form of success, in life is a journey not an event. The choice of the right navigational tools is bound to reduce the length of time and the number of painful experiences one will encounter on the way to creating wealth.

wealth by chance
If you chance into wealth, there is a very great probability that you will, most definitely chance out of it. No wonder the winners of jackpots don’t live with the millions they win all their lives. Anything you receive without creating it yourself tends to leave you as quick as it came to you.

SUCCESS AND WEALTH
Success and wealth doesn’t just happen; you have to make them happen. Money will not come to you; you have to go for it. The only magnets in real life that attract money are dreams, ideas, hard work, diligence, planning, savings and investment amongst others. Wealth is not given to you; you have to take it yourself. Wealth is not donated on a silver platter, you have to take it and at times through struggles and strivings. When you sit down, do nothing and wait for wealth, what you get is disappointment, misery, lack and want. You have a responsibility to choose to make money come to you if you want to become wealthy.

The writer is the chief executive officer of Human Capital International.

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