6 Laws Of Wealth

The 6 laws of wealth has to do with being Financial independence which is a goal many strive to achieve, yet only a few accomplish. In my experience, the most common reason why people fail to achieve this is due to a lack of knowledge about how to create wealth, while for others, it is often due to a lack of confidence in their ability to apply their knowledge.

Wealth creation is the process of investing in different asset classes where the investments will help in fulfilling  key needs. These investments should also be self-contained that can generate a stable source of income, helping one to fulfil their aspirations.

The Six Laws of Wealth was quoted by Charles Conrad in his book called The Richest Man in Babylon.

6 Laws Of Wealth

1. Saving:

Keep a part of all you earn.
Save at least 25% of your income.

2. Invest:

Put your savings to work for you.
Invest it so it will multiply.

3. No Debt:

Avoid debt. – 6 Laws Of Wealth

The poor pay interest. While the rich earn interest.

4. Patience:

Don’t speculate in get rich quick-schemes.
Invest in a solid business that is long term.

5. Yourself:

Invest in yourself.
Gain knowledge % skills to increase your earning power. If you between the ages of eighteen and twenty-eight your primary goal in life should be to absorb knowledge. Knowledge helps you recognize opportunities easier! Purchase books that other successful people recommend and take online courses that you can finish in a day.

6. Diversificatiion:

Safeguard your growing fortune with diversification and insurance.

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