The secret to wealth

How to build your fortune

The secret to wealth has long been perceived as a mystery through the ages. The following article attempts to break through all the 'noise' and present the key to wealth in simple terms:

Preface - The science of wealth

I wrote in a previous article entitled 'The Science of Wealth' that the easiest way to build wealth is via the equation: A>B = wealth creation. A is income. B is expenditure. Hence personal wealth is created when monthly income is greater than monthly outgoings. Simple. However, I did not go into any detail as to how to do this other than to boost your income and control your spending habits.

The secret to wealth explained

I hate to break it to you but there really is no secret to wealth. I wrote in 'The Biggest Secret of the Rich' series that the rich are mainly rich because they work hard! It really is that simple. However, I did not explain what they are doing when they are hard at work.

Having said all that, let's get straight to the heart of this article. The secret to wealth is the following...

Be a producer and not a consumer

Being a producer means that you create things for society. Think about businesses. The create. Successful businesses produce things that people want to consume. If you want to be rich, successful and wealthy then you need to get into the producer mindset. Create something that the market desires. This doesn't have to be anything breakthrough, monumental or new. It only needs to be something that other people are willing to pay for. For most people being a creator to the market means having a job. To a producer, this means giving something more than just your job. It means having a side business outside of your 9-5 job. If you want to become a producer you need to think about the skills that you have and how you can sell into the market. Maybe you can teach a skill. Maybe you can build software. Maybe you know where to source something that others want. Maybe you can give good advice in a particular area. Maybe you've spotted an arbitrage opportunity. Maybe you have time at the weekend or outside of working hours to do another job or work on a project. The point is...create...produce...don't just rely on your job for income.

Avoid being a consumer. A consumer is someone who takes. A consumer is a spender. A consumer cannot hope to build wealth as they are addicted to feasting on the goods/services created by producers. Of course, you have your basic needs to fulfil: basic physiological needs, safety and security. This doesn't mean that you need to go out and get the latest version of the newest games console. It doesn't mean that you have to have those latest designer clothing. It doesn't mean that you need to pay extra for the whipped cream on you vanilla strawberry caramel macchiato latte supreme grande espresso! Are you getting the picture? Fulfill your needs, not your wants.

Key to wealth conclusions

So there you have it. A simple addition to the rules to building wealth. Become a producer and stop being a consumer. The wealth will follow. Simple.


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