Saturday, July 13, 2024

It’s one thing to build wealth and entirely another to maintain wealth or grow it

What is the secret formula to success and wealth? Every successful person has their own success method. So what is this method? It is a combination of things working seemelessly together towards one goal: wealth. Here, let’s explore how you can get these factors to work for you:

What does wealth mean to you: You must fully comprehend what wealth is and how you can fit it in your life.  For example, are you interested in running a large business or a successful business?

Once you define wealth and success, you will stop chasing after the huge numbers only. Do not primarily aim at getting rich but at filling a need. When starting a business, ask yourself what need your product or service will meet and whether you’ll add any value to your customers.

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When you focus on getting rich as the end product, you’ll end up losing the reason why you are in business. Personally, I have found out that the satisfaction of creating a product and bringing it to market to be one of the most fulfilling experiences regardless of its monetary gain.

Don’t follow the crowd: Choose a path that is not common. Your product or service must be different and innovative. This means that you must not go for common enterprises that will easily be aped and replicated round about.

Phil Muhia: My business broke even when I created a team that aligned with my vision

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Travel widely and interact with other entrepreneurs to broaden your perspectives and identify your most unique market niche.

Shortcuts end in doom: There are no shortcuts to wealth. You must either make a choice to save and invest or not. The long road to success and wealth will require you to make choices that will add value to your money, make sacrifices, be disciplined, and get smart in how you play with your money.

Target opportunities that will yield returns by diversifying investments to minimize risks. Also, my age and experience has shown me that wealth is the output of the hard work you put into something you’re passionate about.

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Execution is the do or die: The most critical swing vote in the battle for success in how a wealth creation idea or model is executed.

For example, you may lay the best plans for your business or investment portfolio, but if you don’t execute them well, your money and efforts will leave you in the red.

I have also observed that many women miss the success bull’s eye by playing second fiddle and failing to wrestle for their rightful space.

Wealth needs maintenance: It is one thing to build wealth and it is entirely another to maintain wealth and grow it. One of the best ways to maintain what you acquire and then go on to multiply it is through re-investing. I build my wealth by putting every bit that come my way back into wealth generating ventures.

So long as my business remains stable, I will always be on the look-out for other business opportunities. You must understand that there’s no millionaire who relies on one line of business.

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