Principles For Building Wealth

by Dual Income No Kids on February 6, 2009 · 0 comments

Hi All,

We’ve been posting a lot recently about politics, bailouts and the machinations of big bankers. This posting is a little different.  Instead of complaining, here are some principles for creating wealth. They are taken from Tom Butler-Bowdon’s 50 prosperity classics – a very nice book summarizing a number of core works on wealth since the 17th century.

The book lays out a number of principles for building wealth. Among these are:

1) Definiteness of Purpose. Clear purposes allow you to see setbacks as temporary and manage expectations, fear and doubt.

2) Thinking big. According to Butler-Bowdon, thinking big is the basis of all great enterprises and fortunes. If you are thinking about wealth, you might as well think big.

3) Tolerance for uncertainty. According to the law of averages, people who risk more are likelier to achieve more. If one handles disappointments well, you’re more likely to achieve your goal.

4) Desire isn’t enough. You have to commit to becoming wealthy.

5) Make something people value.  The surest way to wealth is to create a product to service that people value, or that increase their utility somehow.

6) Wealth follows ownership. Own something or at least own a part of something.

7) Mastery. A core seed of entrepreneurship is desire to be in charge of your own destiny.

Click here for Toms webpage

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