"How Did You Become Financially Wealthy" | The Best of Quora #1

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Author Information:
Manoj Aurora
Best-Selling Author
Lives in New Dehli

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No degrees, No certifications, No wealth inheritance, No lottery is going to help you here. Various studies have proven time and again that all wealth, even if created by any of the above means, can be lost pretty quickly.

What is going to help you get super rich is your stickiness to the 12 age old wealth management principles. These principles seem simple, and that will always be their strength. Your biggest challenge, when creating wealth, would be to keep your thinking as simple as these principles are, and continuing to stick to them.

Here you go….
• Truly understand and Invest in the Awesome power of Compounding Read more : How powerful can compound interest be?

• Pay Yourself First - before you pay your utilities provider, your grocery shopkeeper or anyone else. It makes all the difference.

• Understand the 4 levers of wealth creation and invest most of your energy in the 4th lever. Read more : Four levers that create wealth for you

• Invest for Cash Flow rather than immediate gains. This has a delayed gratification, but pays you handsomely in the long run.

• Get the Right Attitude towards Money. Love, Respect and Care is what you need for your money for it to reciprocate it back to you.

• Sharpen Your Financial Saw regularly. Read great blogs Elevate Your Life, classic online courses Classle.net and powerful books From the Rat Race to Financial Freedom

• Start Early. Nothing beats this. Starting Early works with Compounding to create magic in your financial life.

• If you are already late, do not look back. Get started now. Looking back does only one thing for you - slowing you down.

• Avoid Credit Cards until you are almost done with your Financial Freedom.

• Strive for Financial Freedom as a critical milestone in the journey of wealth creation. It allows you to make your passion as your profession Read more : Your passion Vs Your profession, and when that happens, there is nothing stopping you. Financial Freedom allows you to live a brand new life. Read more: Two different lives

• Keep your Portfolio Balanced - at all times - insulating yourself from the noise around you.

• Expand your horizon by understanding and trying out all 7 Streams of Wealth Creation by most Millionaires. Read more : 7 Income Streams of most millionaires

Follow these 12 time tested principles and wealth is bound to be your slave.

Cheers

Manoj Arora
Official Website of Manoj Arora