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7 Basic Principles of

Wealth

By Ronda Phillips I Dare to Outdo Yourself!

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CHALLENGE Yourself to:

IMPLEMENT WEALTH 101 Into Your Lifestyle

Initially, when we think of wealth, we often equate being wealthy with only having lots of money. And in turn, we often hear others say they want to be rich more than saying they want to be wealthy. So, is there a difference in being rich versus being wealthy? 

What does it mean to be wealthy or to have wealth?

Wealth is defined as, an abundance of valuable possessions or money; the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions.

To be rich means to merely have a lot of money. However, to be wealthy means being in an internal state of allowing, and of knowing the value of money and how to acquire and maintain having lots of money and possessions in order to sustain prosperity and maintain having an abundant lifestyle.

So, how does one go from living in a state of mediocrity, just average or slightly above average, to living in a state of wealth as a normal means of day-to-day living?

Here are 7 basic principles to help you implement wealth into your lifestyle:

1. CHANGE YOUR BELIEF SYSTEM

You cannot change what you don't acknowledge. If you believe deep down that having lots of money or being wealthy is bad or will never happen for you, then you will repel yourself from having lots of money or being wealthy. If you grew up in an environment with people that always had a mediocre or poverty mindset and you learned how they became content with the "pay-off" of living a lifestyle of complacency and being comfortable with barely getting by, then perhaps it may be difficult for you to believe that you can create wealth and have a lifestyle far beyond what you may have experienced for so long. 

If you truly desire to be wealthy, acknowledge any doubts or fears you have about being wealthy. Then acknowledge why you desire to be wealthy. Billionaires do exist. Multimillionaires exist. There are millionaires in this world. You have to believe you can become a millionaire too. Visualize yourself becoming wealthy. Imagine having a wealthy lifestyle in detail. Stay excited about being wealthy.

2. EDUCATE YOURSELF

In order to create wealth, it's important to understand the who, what, where, why, when and how about wealth. Everyone's measure and method of creating wealth may vary. As you understand more about wealth, you will begin to determine what processes to create wealth will work best for you. 

In the meantime, establish a motivating factor for why you desire to create wealth. Most people desire to create wealth not necessarily for the money, but for what the money can help them acquire and achieve. Do you desire wealth in order to have financial freedom? To spend more quality time with your family? To travel the world? To retire with peace of mind and security? 

Study and learn about various ways to create wealth including but not limited to, creating your own invention, starting your own offline or online business selling products and services, creating an app, selling or investing in real estate, buying stocks or mutual funds, etc.

3. HAVE WEALTHY MENTORS

Who are wealthy people you admire? If there are wealthy people in your local area, especially someone you know personally or through a trusted source, reach out and see if you can meet with them one-on-one to chat over a cup of coffee or lunch to get some pointers on how they created wealth. 

Research wealthy mentors that are in a similar profession or field of interest you would like to pursue. Research online via videos, articles, and websites about wealthy people you admire. Read books authored by or about wealthy people. Learn about their strengths. Discover the traits and characteristics most wealthy people have in common. What are their daily routines? What is their overall lifestyle? 

Decide what you can glean from those who are wealthy that you are willing to emulate and implement into your daily routine to create wealth. If you can afford to hire a wealth coach to get you on track to acquiring the wealth you desire, do so. 

4. EARN

Unless you have a money tree in your backyard, win the lottery or inherit a huge windfall, you'll need to earn income in order to create wealth. If you have a job, set aside a portion of your income to create wealth. Even if you have a job or no job at all, position yourself to start your own business. There are limitless ways to create wealth. You can start by working with the resources and skillsets you have and making the most of them. 

Reach out to those you believe may have a need for your product or services by confidently proposing how what you have to legitimately offer can add quality and value to make their life better. Start small and work your way toward bigger and more challenging opportunities to earn and acquire wealth through multiple passive streams of income. 

The bottom line is that if you want to have a wealthy lifestyle, you must have a desire to create wealth. When your desire to create wealth is strong enough in your belief that you can become wealthy, then you will make the decision to take steps to do so. 

When you make the decision now to take necessary steps to create wealth, you will need to discipline yourself daily to take appropriate action. Taking appropriate action daily means you will have to be determined to maintain focus in order to not be distracted by anyone or anything that may cause you to want to slack off, procrastinate or give up on your commitment to yourself to have a wealthy lifestyle. Put a systematic daily routine in place and stick to it.

5. SAVE

It's exciting when you get your first BIG check and especially when money keeps rolling in. You may want to spend money as soon as you get it -- especially on things that may not be necessary at the moment. You may think that it's okay to buy whatever you see just because you can afford it, or frivolously give money to others who always have their hand out because they know you are going to give money to them with no regard for your own household or business responsibilities, and you may brush it off like it's no big deal, while not keeping track of your spending and how slowly it may be diminishing. 

However, it's important to create an emergency fund to save for a rainy day. You never know what storms in life may arise in the future. Taxes will need to be paid with the income you earn. Set aside a monthly savings fund for household and business expenses. As we know, crises do occur, and oftentimes we become devastated by them because we were not prepared mentally, and especially financially. 

Aside from normal monthly expenses, have savings set aside to cover at least an additional six months of living expenses in case of job loss or if business is at a standstill. Set aside savings to cover deductibles on car and medical insurance in case of vehicle accident or hospitalization. Unforeseen emergencies will occur. 

6. INVEST

When you invest, invest in yourself first. Invest in your business. Take at least ten percent of your earned wealth and invest in knowledge to create more wealth to maintain your desired lifestyle. Invest in resources to market yourself and/or your business to streamline and gain more exposure accordingly. That means investing in more books, programs, courses and other businesses that can help you grow your business to increase your wealth. 

Additionally, invest in your health by eating nutritious foods, exercising regularly and getting proper sleep. Invest in pampering yourself such as getting spa treatments, going to hair and nail salons and/or the barber shop in order to maintain good grooming and inner well-being. If you are a do-it-yourself kind of person when it comes to pampering, that's okay too. Commit to a regular self-care routine and invest in quality products that will provide the best overall lasting results. 

Invest in appropriate attire that speaks to your style and how you represent yourself daily. Invest in your time wisely to do what is priority throughout the day in order to accomplish the necessary goals that will lead you on the path to creating wealth continually. Invest in your home by keeping it clean and neat and by surrounding yourself with the things that bring you joy.

7. GIVE

Giving is actually a form of investing. Have a willing, loving and open heart to share your wealth with the people and causes you care about. Give of yourself by spending quality time with those dear to you. Treat your spouse or partner with a surprise gift or an occasional special night out "just because." Create a yearly budget to gift loved ones on holidays and birthdays. 

Send a charitable gift monthly, quarterly or yearly to support a worthy cause, organization or church. As you give, express gratitude and let those in your life know how important they are to you -- as your way of thanking them for being a part of your life and for making the world a better place.

Summary

Creating wealth is a process. The process of creating wealth may or may not be easy for you, especially in the beginning. You may or may not become wealthy overnight. Creating wealth may be challenging, yet rewarding.

Be reminded of these 7 basic principles to help you implement wealth into your lifestyle:

1. Change your belief system

2. Educate yourself

3. Have wealthy mentors

4. Earn

5. Save

6. Invest

7. Give

You will be on the path to creating wealth and sustaining a lucrative abundant lifestyle.

The eBook, PE Class Workout Guide authored by Ronda Phillips is a personal development and self improvement resource that can also help position you to be productive during the day. The ebook also includes Purpose and Empowerment Right Now Declarations, which provides hundreds of declarations to help remind you of who you are and that the best is still to come in your life. This recommended resource also includes a Manifestation Evaluation, Manifestation Equation, and Daily Manifestation Worksheet. This ebook is also an ideal keepsake gift for someone you care about. You can go here to discover more about the eBook,PE Class Workout Guide.

To Your Empowerment!

Known for her creative style, positive influence and straightforward professionalism, Ronda Phillips is a certified life coach,author, speaker, television host, style expert and entrepreneur. Her core mission is to empower and challenge individuals to become propelled to take charge of their life through preparation, performance and persistence. Ronda is the founder of Dare to Outdo Yourself!

Prepare. Perform. Persist.

daretooutdoyourself.com

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