Great and precious things in life are not always attained by everyone. They are only available to a small percentage of the population. This gives them the characteristics of scarcity which is a reason why everyone longs to gain them and the value it holds in their mind. Wealth and riches are one of the leading aims of every man still above the surface of the earth. Nonetheless, a question boggles the mind; why do the few parts of the population succeed while the remaining majority are still struggling?
The difference between the wealthy, middle class and the poor can be summed up as knowledge. The rich know some rules that the poor and middle class don’t know. The special access to this knowledge is what gave them the upper hand over others. We can liken wealth to a box in a locked room with codes that you need to input before you have access to the box. Those who don’t know these codes will find it difficult to enter, while others who know the code will access the box as much as they want. In today’s post, we want to expose the basic rules anyone who wants to become rich needs to know and implement to make their dream of wealth become a reality.
Trading your time for money won’t make you rich
This is the number principle the rich understand to the core. They know that the saying that time equals money might not be correct when it comes to really making it to riches. This is because time is limited and can never be recovered when lost, while money is in abundance, and you can earn as much of it as you want. When you trade your time for money, your earnings will have a ceiling of 24 hours which will restrict your chance of getting rich. The right way to spend your time is to use it to master how to offer value that solves a particular problem to the market and gets paid for it. That way, you will be paid for the solution you provide and not the hours you spend. This rule is what you see in the life of the wealthiest people in the world.
Pay yourself first
Paying yourself first is a term used in the financial world to describe a situation where you save up a percentage of what you earn to invest and reinvest till your money multiplies and builds an empire of wealth for you. It is the rule that allows you to leverage your money to work for you and earn more money.
Focus is the key
Opportunities are everywhere. But you don’t need to take on all opportunities to succeed. You just need one that resonates with you to focus on and become wealthy with it. There are limitations to what we can do as humans. So if you want to get the best result that will get you the wealth you want, you need to focus on one opportunity and take full advantage of it. This is what you see of those who made it to absolute wealth.
Less is more
Many people think that being productive is about doing a lot of things. Well, in reality, that may not be the case. When you engage in too many things, the result you will be getting can be less compared to when you focus on the few things that matter. This is well demonstrated in the 20-80 rule; twenty percent of what you do determines eighty percent of your result. So focus more on those things that bring the result.
Innovative work is better than hard work
Have you ever heard a phrase like this? We believe it’s truer when it comes to making a ton of money to your name. Being hardworking is essential, but you need to be smart and direct your energy to those things that really matter to make it to riches.
When you know yourself, you have the key to wealth
Every human is blessed with different talents and abilities, and we find joy and fulfillment in different things. You need to assess and understand yourself to know your personality. If you don’t, you will be living your life based on the validity of others and keep jumping from one thing to the other. This is not a good place to be if you want to be wealthy.
You must understand before you commit your money
One of the greatest mysteries that has prevented many people from getting rich is losing their hard-earned money to things they don’t understand. These people only invest because everyone does it without knowing where they want to commit their money. We all know this leads to nothing but tears, and until you follow the rule of understanding an investment before you commit your money, you’ll struggle with your financial life.
Don’t compare yourself with anyone
Comparison is the door to sadness and depression that can hinder your way to success. It affects your energy and activeness and prevents you from focusing on what you need to do to become wealthy. In life, you will always have people who are more affluent and poorer than you. You should understand that the road is not the same for everyone. If you have to compare, then it should be between your achievements in the past and present, not someone else on another road.
Tracking your finances will make you richer
This is true for any good thing in life, and as for money, you get more of it when you can track it. The rules suggest that until you have the ability to manage the little wealth you have, the world will not put more into your portion. Rich people are those who can earn money and manage it the most. You need this skill if you want to be one of them.
Love and passion is the secret to wealth
You probably have heard that doing things you love and are passionate about will make you successful. Maybe you believe it or not; it’s the truth. Although there are situations where you will need to do what you don’t love to get what you want, it is general that when you do something you love, you will be able to put in your energy to deliver the best value to the market and get paid in tons for it. This is the basis for building wealth. If you are yet to figure out your passion, keep looking out for it.
Wealth, like any other great thing, has rules that anyone that will achieve it must follow. Knowing these rules is vital to your financial success. However, what is more important is the application of these rules to make your wealth dream become a reality.
Check out our previous article on Positive Mindset to Transform Your Life. Please signup to our newsletter, like and share so we can bring you healthy tips like this. Thanks.
Recommended books for further reading:
- Start With Why: How Great Leaders Inspire Everyone To Take Action
- Happy: Finding joy in every day and letting go of perfect
- You Are a Badass: How to Stop Doubting Your Greatness and Start Living an Awesome Life
- Atomic Habits: The life-changing
- Measure What Matters: OKRs: The Simple Idea that Drives 10x Growth