Wealth Knowledge - Creation of Wealth
The first thing to understand if you want wealth knowledge, is that wealth is created. It isn't shuffled around from person to person depending upon who is "trickier." There is more wealth on the planet now than ever before, and more being created every day. No one has to get poorer for a man to become wealthy.
Start to recognize and understand the ways in which value is created. This is the basis of your own financial enrichment. You have to create something of value to others, and that is how you really make money. Any other way of making money is fragile, probably unethical, and likely temporary.
In the business of property "flipping," for example, it may appear that there is no value created. Buy a fixer-upper for $120,000, sell to another investor for $130,000 - where is the value you created? In the application of your knowledge of values, how to find properties, and how to structure deals. You put a neglected property into the hands of someone who will renovate it and make it a nice home for some family.
Think first of how you will give people what they need and want. In any business you'll make more money finding ways to solve other peoples problems than in finding ways to get paid. There are always enough ways to get paid if you create enough real value.
Wealth Knowledge - Habits of Wealth
A wealthy person is different from a poor person. No, he or she doesn't have different feelings, or even a superior character. What makes the wealthy different is what they consistently do. Wealth knowledge is in knowing what habits to cultivate.
Debt is a means to buy "toys" for most people. Put another TV on the credit card. It isn't that wealthy people avoid debt. They have much more usually. The difference is that they use debt to invest, to generate more wealth. The next time you borrow any money, do it to buy income producing real estate, or to start a business.
Wealth knowledge is about knowing what pays you the most for your time. Discover that, and do those things more. Make it a habit. Just spending two hours to re-arrange your banking, might make you hundreds more in interest over the years. Does your job pay you $100 per hour? Those you sell real estate know you can make several times as much for the same time selling $300,000 properties as selling $30,000 lots. Why not concentrate on working where the money is?
Everything gets easier as you do it more. There are tasks that you want to avoid, but are important to your financial future. It's tough to get motivated to do them. Get in the habit of starting each day with these most difficult tasks, though, and it gets easier. Of all the things you need to learn and do, developing good habits is the key to wealth knowledge.
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