Want To Build Wealth: Some Guiding Principles

Want To Build Wealth: Some Guiding Principles

Making money is something we should all do to achieve our goals, help others in need, and to have choices in life. Making money is for the betterment of our own experience in life.

No one really knows what the future holds for them. Hence, it is better to start planning for the future from now. Starting investments early will help create wealth in the long term and the process always starts with setting financial goals.

Having clear financial goals is critical to keeping you motivated and committed to your long-term plan for financial freedom.

However, for you to stay motivated to remain on course to build wealth, it is critical you go beyond vague goals like “I want to be a millionaire”. Your goals must touch on that life aspiration or human emotion that can motivate you, over the course of your life, to go into overdrive in pursuit of your dreams.

Here are some principles that will help you achieve true wealth, both financially and personally.

1. DISCIPLINE IS KEY

Many of us are creatures of mindfulness and habit who inherently create rituals in our day-to-day lives. Your daily habits have a major role to play in whether you become successful or not. Saving, investing, reinvesting, and growing your financial and business intelligence are all essential wealth building habits that require persistent and consistent efforts.

In other words, wealth building requires discipline. Without discipline, procrastination– the number one wealth killer, sets in. It takes discipline to overcome procrastination by starting today and persevering tomorrow.

Another obstacle to discipline is the false belief that a financial breakthrough will magically appear out of thin air without a specific plan or action causing it. This is called “magical thinking”. Wealth happens because you do what it takes to make it happen. And it takes discipline to do just that.

2. FIND YOUR INTRINSIC MOTIVATION

When it comes to building wealth, money is a shallow motivator; too shallow to drive you deep enough to achieve success. The problem is financial wealth is an external goal with benefits limited to the world outside of you. Money buys things, but money doesn’t buy happiness. It can however be a quick fix every now and then. The fancy houses, cars, and big bank accounts limits how motivated you will be when pursuing them. They are just external trappings of wealth.

To succeed in building wealth, one needs to be driven by internal goals deeper than just the external trappings of wealth. You need a cause that will bring transformation to your life and drive you deep enough to overcome all the obstacles that stand between you and financial freedom. Some internally-driven goals that might focus your attention long enough to succeed based on research include the following:

> Freedom
Breaking loose from the shackles of having to work every day, so that you have more time to grow, create, and live to your fullest potential.

> Charity
The more you have, the more you can give. Charitable foundations created by wealthy families often provide the financial muscle to empower great social and environmental causes.

> Leadership
Grow your own wealth ethically and joyfully so that you can lead by example for friends and family to follow in your footsteps.
You may encounter many problems that must be overcome along your journey to financial freedom.
To stay the course long enough to succeed, you must be motivated by a commitment that runs deeper than just the lifestyle that money can buy.

3. GIVE MORE THAN YOU TAKE; IT’S IN THE GIVING WE RECEIVE

There are a few universal truths that, if you will accept, embrace, and employ them, your life will be easier. This is one of them: When you give, you receive!

Another way to build true wealth is to add value to the world by giving more than you receive. This means you improve others’ lives by improving your own. A lot of people amass wealth by exploiting others or the environment, but taking value can never lead to happiness or fulfillment. Exploitation may bring riches, but giving value brings happiness and fulfillment as well as riches.

By giving more value than you receive, success becomes a measure of how much you've given. The wealthier you become, the more you are giving to others. As the popular saying goes, true measure of success lies in the impact we have on others. It's simply a rewarding way to live.

4. WEALTH BUILDING TAKES COURAGE

Wealth doesn't come from following the crowd. It results from doing what others won't so you can have what others never will. It takes a lot of courage to be a self-starter and be self-responsible. It also takes courage to walk new paths and develop new skills. It takes courage to stand out from the crowd and it also takes courage to put out the extra effort when others don't. It takes courage to start a business. It takes courage to remain flexible. It takes courage to pivot.

In short, it takes courage to build wealth.

5. DON’T BE A SPENDTHRIFT

Wealth can be described as a form of delayed gratification. Wealth builders usually live modestly by spending less than they can afford, so they can invest the difference for greater value in the future. They understand happiness doesn't result from the material trappings of wealth, because that would only keep them from fulfilling their dreams.

Spending money recklessly can ruin your financial health and also land you in a debt trap. Every day, you make a choice between consumption today or wealth for tomorrow. Making wealth becomes unattainable if you don’t avoid spending extravagantly.

6. BUILD HEALTHY ECOSYSTEMS

Very few people succeed in their pursuit of financial freedom, even though anyone can put together a reasonable plan to become wealthy. Life, especially in today’s digital age, provides an endless stream of distractions to sidetrack your plans for wealth. However, creating a support system can keep you focused, on track, and draw you towards wealth.
Your family environment, relationships, work environment, financial habits, must be proactively designed to literally pull you toward wealth by supporting and reinforcing your plans. This also means aligning people who share similar in your vision and goals.

7. BUILD A LEGACY WITH YOUR WEALTH

Money is a tool that comes with a responsibility to use it wisely. Through your legacy of wealth, you have the opportunity to bless yourself and your family's life now and in the future. You can also go beyond– that’s to bless the lives of others outside your family.

As a successful wealth builder, you'll be in the unique position to organize charities that can do great social good. It is important to understand that wealth isn't something you possess. It is a flow which has found a temporary parking place under your stewardship.

Eventually, this stewardship will move to others as all things must pass including you. Your solemn responsibility as a wealth builder is to use your time to create maximum benefit for all those who are touched by what you created in your lifetime.

Simply put, wealth is not something you possess, but something that passes through you and must be given back.

In a nutshell, wealth creation is simple and easy when done right. True wealth is about a lot more than just growing your net worth. The impact you make on others is how you’ll be remembered. It's true that financial independence is all about money, but living a wealthy life isn't. This distinction is critical. Discipline and commitment to investing is the key to create wealth. Also, a commitment is required to achieve all your goals.

Whatever financial freedom would inspire you to do – be it pursue advanced education, volunteer, travel the world, philanthropy, leave a financial legacy for your kids, can be the driver for your success.

The performance of Tanzania’s economy in the past five years (2012-2016) has remained buoyant with real GDP growing at an annual average rate of 6.7%.

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