Saturday, 13 August 2016

SECRETS TO CREATING WEALTH


>      Once the psychological aspects of
> prosperity are understood, we can turn to the actual
> business of creating wealth. Conventional wisdom suggests
> that there is no substitute for learning as we go. Yet the
> smart wealth creator will want to stand on the shoulders of
> giants, absorbing the rich wisdom stored in business
> biographies.
>      Paul Barnum is often described as
> the world's greatest showman. But in his 1880 success
> manual: The Art of Money making, he advises surprisingly
> simple ingredients for achieving prosperity, good health,
> integrity, the right vocation and the right location to
> practice it in.
>      Conrad Hilton, who built a rundown
> hotelry in a mining town into a global hotel chain, was told
> by his parents that prayer and work were the basic elements
> of success in life. But his own experience added a third
> element: the need to dream and think big. When times are
> tough as they were for Hilton during the Great Depression, a
> powerful vision is the only thing you need to pull you
> along. For Bill Gates, such a big vision was instrumental in
> building the world's largest private fortune. No one really
> anticipated  the personal computing boom. But Gates'
> dream of a computer on everyone's table, running software
> that was easy enough for his mother to use ensured that
> Microsoft was ready to seize any opportunity that came his
> way.
>      And though Gates attributes much of
> his success to being a master deal maker, Donald Trump has
> also risen to the top of real estate investing through his
> ability to think big. Indeed, the books of Richard Branson,
> Felix Dennis, Anita Roddick and Howard Schultz show that
> passion is the basis for building great companies such as
> Virgin, The Body Shop and Starbucks and that an individual's
> wish to stay true to their conscience is often a hugely
> underestimated basis for creating wealth.
>      Though in time. they may become
> part of the establishment, in the beginning it is the
> mavericks and outsiders who create surprising, outstanding
> value. This is underscored by the management legend, Peter
> Drucker,who notes that entrepreneurs provide new value, not
> simply by doing things better, but by doing things
> differently. All businesses begin small, but Michael
> Gerber's book, The E- Myth Revisited is a vital reminder
> that to become a champion you must be far-sighted and avoid
> getting bogged down by day-to-day management. You become an
> entrepreneur not in order to buy yourself a job, but to
> create powerful systems that deliver satisfaction to
> people.
>      No wealth can be created without a
> supportive economic and human rights framework. Which is why
> Adam Smith's The Wealth of Nations amply demonstrates that a
> society in which everyone is free to pursue their own
> economic interests is most likely to deliver prosperity to
> the greatest number. Milton Friedman, Smith's modern heir,
> shows that while government intentions are often good, free
> markets are a better guarantee of personal liberties. In her
> turn Ayn Rand provides a convincing case that Capitalism is
> the only moral system of political economy, because at its
> centre lies an insistence on personal freedom.
>     Wealth on its own may be obtained by rogue
> states or corrupt individuals. But prosperity: understood as
> peace of mind based on material abundance, naturally rests
> on the assumption of freedom of association and movement.
> More recently, Thomas Friedman has provided a compelling
> argument that technology is creating a flat world that
> allows millions more people to compete in the global
> marketplace. Governments cannot stop this shift; they can
> assist it by making sure that their citizens are well
> educated and well connected.
>      It is wonderful to make money; but
> it is even better to be able to keep the money. Which is why
> we are concerned  in this category with strategies of
> personal finance, investing and managing your wealth.
> Whether you have a windfall to invest or are a regular wage
> earner socking away a little each month, this category shows
> you how to make the most of what you have.
>      David Bach reveals how the habit of
> paying yourself first can make a person of modest
> means  into a millionaire; thanks to the power of
> compound interest, while Stanley and Danko's The Millionaire
> Next Door provides a remarkable portrait of the quiet
> wealthy person who gets that way by living within his means
> and investing his savings. What is the best form of
> investment then? Apart from your own  business, the
> best returns come from stocks or reaql estate.
>       Regarding the stockmarket, legendary
> investors Warren Buffett and Benjamin Graham and Peter Lynch
> all stress the difference between long-term investing in
> companies and market speculation for short term gains. The
> small investor is best off investing their money into a fund
> that buys pieces of every listed company in a market.
> Property investment is also an easy road to wealth. Final
> word: it is worthy of note that prosperity has principles.
> Basically, things come into being that did not exist before,
> when you create mental pictures of health wealth and
> happiness, you bring them into being. Whatever you desire
> becomes reality.
>
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