The Keys To Wealth

The keys to wealth are a collection of principles which must be applied, attitudes which must be developed, and guidelines which must be followed to successfully unlock the doors of wealth and riches; these keys cannot be used independently of the other, but must be used alongside one another so as to successfully unlock these doors and walk into the wealth and riches they hold.
From my studies and research, I have been able to draw up a list of the keys to wealth I think are very important, however if I have left out any from this list that you know of, please feel free to make a comment on it.
The Keys to wealth and riches as I know them are as follows.

• Key #1: Overcome frustration
Frustration is a dream killer, it can change a positive wealth-oriented mind set to a negative, defeated, failure-prone mind set. Successful people handle frustration very well, by using the frustrating event as a learning experience to do better next time.

• Key #2: Overcome rejection.
Everyone of us has been faced with rejection in one way or another, but how we handle it determines how far we go in the pursuit of our goals. Successful people handle rejection very well, they see it as a learning point to be better at what they do.

• Key #3: Do not bow to financial pressure.
Having a financial budget and sticking to it helps to fight off financial pressure. Successful people train themselves to be financially disciplined, they know how to earn and save.

• Key #4: Do not become complacent
Complacency is a feeling of being satisfied with how things are and not wanting to try to make them better.
Being complacent is the beginning of stagnation. Successful people do not give room to complacency, they always review their goals regularly, set new goals for themselves, and stay focused on achieving their goals all the time.

• Key #5 Become an asset owner
Owning assets such as owning a business is far much better than being an employee in a business. This key is a very important principle in generating wealth. Asset owners have better tax advantages over employees.
Asset owners get more from dividends income and company profits, than employees.

• Key #6 Use other people's money
People generally see running debts as a bad thing, but there is an advantage to debts, that really helps in wealth building. Other people's money when responsibly used and properly managed, can significantly increase your investments and rates of returns on investments such as dividend incomes from stocks. This helps to build up wealth more rapidly, than if investing on your own.

• Key #7 Two are better than one
A wealth-oriented couple will achieve better results faster than a single wealth builder. A couple with common goals can easily pool their resources together to build up wealth faster than just one person doing it alone.

• Key #8 Do not become obsessed with wealth
Wealth obsession is dangerous, because it can make you focus on the wrong things, and worry about things you normally should not be bothered about. Achieving goals takes time, planning, dedication and persistence. There will be periods things may not be looking good, and worrying over short term market fluctuations may do more harm to your investments than it should if you become too obsessed with your present wealth status. It may lead you to make wrong decisions that will affect your investments negatively.
It is better to stay focused on accumulating assets, carefully using leverage and considering high growth investments, rather than be obsessed about the effects of the markets on your investments.

• Key #9 Have patience
In building wealth, patience is a must. it is the most important trait to acquiring wealth over a lifetime. It takes time to make money work for you to the point where you become financially independent, so having patience as a wealth builder is very important.

• Key #10 Perseverance is key
Perseverance also is very important. The Markets always fluctuate, the key
is managing how you react to the fluctuations. When the markets drop is a good time to look out for opportunities that abound with public companies on sale. It is a time to persevere in looking for good investments, and not despair as others do about the market fluctuations, and investment losses they are making. It is interesting to see customers line up to shop huge sales at retail stores. But when those same sales happen in the stock market, many investors are afraid to buy. You need to have perseverance in tough times to stick to your long-term investment strategy even when it doesn't look fantastic.

• Key #11 Be Frugal
It is important to exercise a healthy level of frugality in your finances.
How much money we spend out of our income affects our ability to build wealth as well as we should. We must exercise moderation in our spending. Spending money is so much easier to do than making money, hence our spending habits must be closely monitored if we are to put aside enough for saving to build up wealth.

"Wealth is not acquired through addition. It is acquired through multiplication."

You cannot build up wealth by adding up paychecks and doing overtime at jobs. You can only build up wealth by consistently saving, investing and allocating more funds to higher return investments over the years. To build wealth and be financially secure in life doesn't require so much income, it only requires you to start saving on time, and investing too, and then consistently adding to your investments.

I hope you have found this article to be helpful to you. Till you hear from me again. Let wealth and riches be in your homes.

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