5 Golden Rules For Wealth Creation

By BankBazaar | December 30, 2017

If you want to succeed at wealth creation and be financially secure here are 5 golden rules you must follow.

5 Golden Rules For Wealth Creation

Every parent hopes to prepare their children to handle their own finances well. Teaching children about efficient money management is as important as teaching them about kindness and polite manners.

Few parents, however, are successful in teaching their children about money management. It is never too late though. We can give you a few golden rules to follow if you want to succeed at wealth creation and be financially secure.

There is surely more to it than bagging a good job, saving a little regularly and probably buying a car at some point in your life.

Here are 5 golden rules you must follow if you’re looking to succeed at wealth creation and be financially secure.

  • Rule 1: Financial compatibility

Financial success begins at home. It certainly helps a great deal if your partner is financially compatible with you  If you both can manage your finances together to achieve common goals, and if both of you complement each other as far as money matters are concerned, you are on the right track to financial (and marital) harmony.

It is also true that good financial management keeps a home together. Work together to achieve your dreams by making the right financial decisions and invest wisely to meet your goals.

Additional Reading: All You Need To Know About Investing At Different Life Stages

  • Rule 2: Destroy the debt devil

Try to break out of your debt trap if you are stuck in one. Understand that you must steer clear of debt habits in order to achieve financial success.

If mismanaged, any loans and Credit Card debts are the biggest culprits of debt. Use credit facilities wisely and avoid getting stuck in the proverbial quicksand.

Additional Reading: How To Manage Money When Drowning In Debt

  • Rule 3: Break out of the mould

Break out of the mould and blaze your own trail rather than blindly follow what your friends and family do with their finances. By researching on your own, you could figure out your own path to financial success and security by making the right investments that suit your needs.

  • Rule 4: Starting a career? Aim for the stars

One important factor to consider when you start your career or get a new job at any point in your life is to aim to grow and earn as much as possible. Try and identify how far you can aim to grow within the organisation in terms of earning potential as well as experience and work your way towards it.

  • Rule 5: Follow your passion and get paid for it

So you got a college degree. Now get a good job and begin your career. This will provide you with a steady income. If it is at all possible, make the effort to make time to follow any of your passions. Make an attempt to make it big, doing what you love. Get additional income in the bargain by monetising your hobby.

For instance, if you enjoy playing a musical instrument, get a gig (a few more than one won’t hurt either) at a local event venue and get your jam on!

Alternatively, if you enjoy teaching, take weekend classes in the subject of your choice. Heard the popular saying, “Pick a profession you really enjoy and you will never have to work a day in your life”? Plain and simple, if you completely enjoy what you do with your life, it definitely will not ‘feel’ like tedious work at all.

Additional Reading: Top 3 Short Term Investment Options

Prepared to become financially independent and money-wise?

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