WHO IS WEALTHY?
Estimating net worth is crucial in the determination of wealth. Net worth is simply the value of your assets minus value of your liabilities. Net worth is all you own (assets) minus all you owe (liabilities).
To be considered wealthy, what you own must be considerably greater than what you owe.
Formula for Estimating Wealth
Stanley and Danko in their widely acclaimed book, (Millionaire next door) proposed a mathematical wealth estimation formula:
If you’re Net worth is greater than: (Age X Gross income) ÷ 10 then you can consider yourself wealthy.
WHO WANTS TO BE WEALTHY?
Everyone I know desires to be wealthy! The question is how many have taken deliberate steps to become wealthy? How many have researched ways of becoming wealthy?
The journey to Lagos from Benin City begins when you board the vehicle and drive towards the Benin – Lagos road. If you sit in your house and express your desire to visit lagos without moving to the car, you probably will never get to Lagos!
The journey to wealth is the same. You must take steps and MOVE in the right direction.
Please note that getting into the vehicle is not enough to get you to Lagos.
You must know the road to Lagos and drive towards it. If you take the wrong road you may drive for hours in vain and end up in another destination.
WHAT IS WEALTH CREATION
This is the proven reproducible process of accumulation of wealth. It follows certain defined principles which holds true no matter the area of wealth creation. It is predictable in most cases all things being equal.
HOW DO YOU CREATE WEALTH
Wealth is an attitude, not a bank account number! Having the right attitude is one of the basics that success requires. First, you have to have the burning desire to be wealthy. You need to act on your desire. Remember that most people have the same desire but very few people are truly wealthy. The few that end up with their desire are the ones that TOOK ACTION.
You must take action geared towards achieving your desire; you must ensure that you are on the right road to the destination called “wealth”.
The world is filled with men and women with the desire to be wealthy but who are living in abject poverty because they took no action or they took wrong actions that put them on the wrong road!
