All of us have a deep desire to be wealthy but the sad truth is most of us are doomed to live ordinary lives. Warren Buffet says the only reason that he and Bill gates are billionaire is that ; the things that they love to do are very profitable. If they were born in a different generation they would have ended up just like the rest of us; average. However there is no reason why we all can’t make the best of our situation and be successful at where we are in life.
The first key to wealth is health. Being sick is very expensive. It makes you take time out of work and quite frankly the health department infrastructure in every country is atrocious and takes advantage of the sick and their loved ones. Hence, it is important to exercise on a daily basis, eat small portions of nutritious food, avoid processed foods and junk food. Drugs like alcohol, caffeine and cigarettes are expensive and the body does not need them so avoid these addictions. If you want to be wealthy you need to be healthy. Steve Jobs founder of Apple products is a great example of a dead wealthy young person. What is the point of making money only to die young ?
2. Pay yourself first
According to the book the richest man in Babylon by George S Clason, if you cannot afford to pay yourself, you are a slave. A slave to the bills you pay; the land lord , the milkman, the electricity company and the water company .You go to work everyday to pay them and you get nothing for you to keep for yourself . 10 per cent of what you earn is yours to keep and safely invest.
3. Develop your profitable hobbies
No matter what little talent you have if it can make you some money, develop it. I have friend who during the day is a marketing executive and by night a rocking DJ and MC. Warren Buffet also proposes that one should have multiple and steady sources of income. If you don’t think you have a talent, you can just use your skills. Wilson is a Customer service officer at my local mobile retail store during the day and a cleaner by night. He may not have any profitable talents but his skills are bringing him extra income.
4. Have insurance
Tragedies happen to everyone, no one is exempt. It is important to prepare yourself for all life eventualities (taxes and death). Life insurance protects our loved ones so they are not left to pay for mortgages and our life pursuits when we die.
Young people often don’t want to get health insurance because they are healthy, vibrant and resilient . This is ignorance of youth, for this stage doesn’t last long .The time to get insurance is when you healthy and don’t earn much so that you get the best deal for the least price. It is hard to get insurance when your older and diseased, which insurance company wants to take on someone who has large medical bills in his near future ?
5. Self improvement
Strive to be a better person each month. It is also important also to find improve your mind by reading books and researching your field of choice. If you are going to expect the best out of life you have to be sure that you too are giving the best of yourself.
These keys to wealth may not make you multi billionaire like Mark Zuckerberg but they may guarantee a you a good quality lifestyle for you and your family.
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Waruguru is an MBA graduate from E.C.U Western Australia . She loves fresh food, books, movies, travel, street cafes, and walks on the beach.