8 Wealth Creation Principles
There is a formula for creating wealth successfully and safely. Mastering these 9 principles will get you on the path to financial security and freedom faster. To maximize your wealth creation success it is strongly recommended that you start with Step 1 and work your way through the principles.
#1. Know your mind and set your goal.
Twenty years of research found this critical to successful wealth creators, yet 98% of people don’t set goals and then wonder why they fail. Most people don’t plan to fail, they just fail to plan for retirement!
#2. Pay yourself first.
If you let wealth creation be your last priority you are guaranteed to fail. Paying yourself first gives you a sense of pride and security. Invest in your own future.
#3. Automate success.
Success is easier the simpler you make it. Have money for investments and saving plans come directly out of your paycheck and/or checking account whenever possible.
#4. Get the power of time and compounding to create wealth for you.
When you understand the power of compounding you make different decisions and start saving and investing straight away.
#5. Understand risk and select appropriate assets.
One of the most common mistakes made by investors is they mismatch their investment time frames, risk profile and investment strategies.
#6. Spread your wealth to lower your risk and increase your returns.
Your financial future is too important to put in the hands of one property, one company or one managed fund investment team. Diversify, diversify, and diversify!
#7. Is now the right time to start investing?
Don't be paralyzed by fear. Begin saving and investing for retirement now in order to help reduce the fear of not having enough income during retirement
#8. Stay on track.
Review your investment strategy on a regular basis to ensure you are maximizing your wealth opportunities.