7 Golden rules to riches

           

     Every body wants to be rich but very few people actually become rich in their life times.It is not a crime to be born poor but it certainly is a crime to die poor not utilizing your full potential.Being rich is not all about the money or the material wealth.It is about the person you become while you become a millionaire.It was in year 2010 when  I got my first insight into what it takes to become rich.I visited one of my uncle's house in Chennai.He asked me a simple question "Do you know how to make money and make it grow?.I didn't have an answer to his question.Then he asked me another question "Do you know the formula for simple interest"? I answered in the affirmative.Then he asked me what was the most important term in the formula, was it principle or rate of interest or the number of years the money is invested?.I thought for sometime and didn't have a clear answer.He told me the answer is the number of years you can keep your money invested.Einstein once said "The greatest power in the universe is compound interest".My uncle advised me to read the book Rich dad poor dad for better understanding of finance and wealth.

I immediately brought the book and read it.The insights from the book transformed my understanding of wealth and richness.Then I studied some of books like richest man in Babylon, Think and grow rich,Secrets of self made millionaires and studied lives of some of richest people like Bill Gates ,Warren Buffet and Tata's. The fundamental difference between rich and poor people are

1.Poor people work for money,rich people make their money work for them:Most people spend their lives working very hard to earn money.But then when they earn some money they end up spending more than what they earn in buying luxuries and unnecessary things.Finally they end taking loans and live their whole life in debt repaying loans.On other hand rich people first work towards building financial assets like land,gold,smart investments,financial knowledge etc.Rich people always buy luxuries out of their assets and not loans.It requires self discipline to avoid temptations and hold on to the cash till you become rich.Warren Buffet says "If you buy things that you do not need soon you will have to sell things that you need".

2.Always give more:The truly rich people always give more to others and good causes.The golden rule of wealth is more you give the more you receive.Wealth will come back to you in multiples of what you give away.For many years Bill Gates has been rated as one of the wealthiest man in the world with personal wealth amounting to 65 $ billion.He has pledged most of his wealth towards charity with a goal of eliminating poverty and improving health care for poor people across the globe.

Bill Gates was inspired by a note given by his mother on occasion of his wedding which read like this "To whom much is given ;much more is expected of them"-Jesus .Andrew Carnegie one of the richest man during earlier part of 20th century had a vision statement which read like this "The first half of my life I will spend making money,second half of my life I will spend in giving it away"

3.Better service and commit to excellence: Napoleon Hill says "If you do more than what you are paid for ,a day will come when you are paid much more than what you do".Always do excellent work,provide better service and surpass customer expectations.These qualities will pay rich dividends for you in long term.

4.Second source of income:Never depend on a single source of income.Always diversify your source of income.Make investments to make a second source.Warren Buffet says "Never test the depth of river with both feet.Do not put all the eggs in the same basket".

5.Gratitude and positive mental attitude:Napoleon Hill once said "whatever the mind can conceive it can achieve".All the wealth is acquired by a firm self belief and by having a positive mental attitude.The people who have a sense of gratitude always do well in acquiring wealth.Always count your blessings ultimately you will realize they tend to infinity.

6.Honesty:It is said if people like you,then they will talk to you.If people trust you then they will do business with you.Warren Buffet says "Honesty is an expensive gift don't expect it from cheap people".The more trust worthy you are more likely people will bank on you and provide you with better opportunities.

7.Take advice from correct people:If you want to be rich look around for the people who are financially successful.The good thing about successful people is that they are always ready to share their experience with people who seek for their advice.If you do what successful people do you are bound to succeed.

               A research shows it takes 22 years for an average person to become a millionaire from the day they decide to become one.There are always a few exemptions to this rule.Recently a research showed 50% of all the wealth in the world is accumulated with as few as eighty people.Goddess of wealth does come to all at some stage in their lives.But she stays with only those people who can seize the opportunity and are capable of taking care of wealth.