Is wealth creation an art or a science? Are there specific steps you can take to build wealth? Do you need special skills or knowledge to grow your wealth?
In the book, The Richest Man in Babylon lies all the information you need to build your wealth. There are no secrets to wealth creation. No special skills required. The book summarized the art of wealth creation as follows:
- Save at least 10% of your earnings.
- Invest your savings in profitable ventures and businesses.
That’s it.
Tips on How to Save More
- Keep track of your spending: Keeping track of your daily spending will help you recognize where you can cut costs and save more.
- Improve your lifestyle: This means eating healthy, exercising and spending below what you earn. Medical bills can eat deep into your account, so try to live healthily.
- Adopt the 3-day rule: Impulsive buying can be detrimental to your finances. Adopt a 3-day rule. This rule states that if by the 3rd day, you don’t need or remember to buy an item, then don’t buy it.
- Stick to a monthly budget: Set a budget at the beginning of the month and try to stick to it. Yes, there may be unforeseen expenses that may come up, so set a budget for that as well. And if everything goes as planned, you can save the unforeseen expenses budget as well.
- Avoid debts: Debts put you at the mercy of your debtor. So try to avoid debts as much as you can.
To learn of new investment opportunities and strategies to build your wealth, register to attend #TheWealthForum.
Date: April 27, 2017 Venue: The Civic Center, Victoria Island, Lagos.
Phyllis Okeke is the Managing Director of Zela Ventures Int’l Limited, and also the convener of the Wealth Forum.
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