Success in wealth creation requires a strategy based on a sound formula to make it a reality. Wealth cannot be gotten by wishing, hoping or over-spiritualizing. It takes taking steps to make it a reality.
You have got to plan, strategise, brainstorm, consult and execute a series of steps and manoeuvre in order to build wealth.
So let’s look into the steps you are taking to build wealth. Having the wrong wealth creation strategy might be the limiting factor in your quest for wealth. I aim to expose you to some of the wrong strategies people are hoping will lead them to wealth below:
Do not expect to build wealth if you believe in winning the lottery as your formula for wealth creation.
Spending loads of time and money gambling, trying to beat the odds in casinos and pool houses will get you nowhere.
This is because very few people ever accomplish this. Money gotten this way will be easily wasted away because this practice does not encourage one to value money.
The cycle of gambling will continue till you eventually lose all the gains made previously.
Then there are those who see political office and governance as their ticket to wealth. Governance to them is not an avenue to serve others, rather it is the best means to serve and enrich themselves.
There are several flaws with this strategy namely; the legal consequences if one is caught and the fact that African countries see the evils corruption brings and are actively engaged in its eradication. The National cake is meant to be distributed as evenly as possible and not looted away by government officials.
It is also foolhardy to make crime your wealth creation strategy. The fact is that many people who will do anything to make money in our society. They are desperate believing the end justifies the means.
This train of thought is common among today’s youth especially when they are exposed to criminals being extolled, praised and eulogized. Crime may pay in the short term, but in the long run comes with devastating consequences.
There are many genuine ways to create wealth that one need not be engaged in criminal acts.
Investing in get rich quick schemes is another faulty wealth creation strategy. People who have worked hard to earn the little they have get enticed by schemes where they can make huge returns overnight.
If it sounds too good to be true it probably is. There is no such thing as a get rich quick wealth creation strategy. Wealth is built gradually and over a substantial period of time.
Another wealth creation strategy that is fraught with danger is putting your resources in the hands of people that are competent to manage your money, without taking time to understanding what they will put your money into.
A lot of people want to delegate wealth creation to somebody else to go through the stress on their behalf. This is unacceptable. Stories abound of these people defrauding or absconding with the principal’s investment because they did not take time to know more. Don’t invest in what you don’t know anything about.
It also helps to focus on investing for the long term, rather than the short term as your wealth creation strategy. This is because the economic situation in developing countries is constantly in a state of flux.
Many investments go through upswings and downturns cycles thus requiring patience. The importance of having an investment strategy is paramount. Knowing what you want to achieve and going after it will aid you in the achievement of your financial goals.
Take time out today to review and amend your strategies for wealth creation and begin to immediately reap the rewards of the right approach to wealth creation.
Kenneth Doghudje
