May 30, 2024

One Can Happen

The Healthy Lovers

5 Ways to Create Wealth

1. Using your body. This involves using of your self as the primary instrument for wealth creation. A good picture of this method is that of a daily paid laborer, the laborer uses his body as the primary mechanism for making money. Such a person will have to work hard and very hard actually, but in most cases the input is not commensurate with financial returns.

This is the poorest of all the methods of making money because overtime the body wears down, and as you grow older your productivity declines. As the years advance your body degrades, the energy you mustered at 30 is not what you can muster at 60 hence lesser money comes in.

2. Employing the use of a system. Machinery of production is a scientifically organized system consisting of human, process, machinery and intellectual assets. The better organized and well refined a system is, the efficient and productive it is going to be for wealth creation. On an individual basis, a manager does not execute the work, he organizes and manages systems and therefore his wealth is from the efforts of others. He relies on subordinates and systems.

3. Image method. This can be divided into two different areas which are the brand and the the reputation. It is important to build business brand, brands are preferred economic options. When a customer patronage becomes constant, you have been able to build a brand loyalty which enhances your opportunity to create more wealth as that will lead to a reduction in marketing cost. The other aspect of using image is by building of good reputation for yourself and your business. Simply put, it means keeping your words, if you make a promise of doing something within a stipulated time, make sure that it is done. This invariably translates to into you and your business attributes.

4. Re-investing of capital. After you have been able to manage your business to the level that the accumulated capital disproportionate the input. The accumulated profit can then be re-introduced back in to the business for more wealth creation.

5.Power and connections. This is when a business is so politically connected that it uses the organ of the state to for wealth creation. This seem to be the most dangerous form of money making method. A wrong political bet can wipe you out. Most times, business trading at this level strategically grow massive so that the state can’t afford them to fail. Because their failure may generate mass unemployment or collapse of the financial system. If you want to create more wealth through this method, it is advisable you stay out of politics. This is the highest form of wealth creation.