Underlying principles of wealth creation

The principles of wealth creation differ from scholars to scholars but there are specific things that are common to all. 

In a real sense, wealth is not all about money.

Neither is there any other true measurement of wealth except time. The time required to perform a particular task indicates your level of proficiency. Also, the time frame for earning a certain amount of money indicates your level of wealth. 

If you are to go through all the principles published by scholars and well known billionaires, you might have to keep reading all the days of your life. 

Principles of wealth creation

The ultimate principles of wealth creation can be subcategorized into two:

Primary principles of wealth creation 

Secondary principles of wealth creation

Primary principles of wealth creation 

The primary principles of wealth creation are as follows:

Earn

This is the first stage of wealth creation and any deviation from this will make wealth look like a mystery. 

No matter how little, make sure you have a source of income. 

Until you can feed yourself without any support, you are not prepared for the kind of wealth you imagined. 

Save

This step is the same thing that I know, go to school, get a job and save. Maybe one day you will become rich. 

No, it is not like that. 

Regardless of your earning, make it a habit to save. 

Savings are meant to save you but in a situation when you did not have any savings, what will you fall back on incase of emergency. 

Invest

I know this will be part of it. ???

Relax your mind and know what you should invest in. 

Investment at this stage is self development. 

In your field, get a course from your savings. 

Attend seminars that can make you better off. 

In reality, learn a new skill preferably a digital skill and invest heavily on it. 

A wise man once said, “no matter the amount of money in my pocket, if I emptied it in my brain, no one can take it away from me“. 

Secondary principles of wealth creation 

Earn

Wait, this is the same with the primary principles. 

Yes, they have the same thing but different. 

Your earnings under the secondary principle is not coming from your initial job but from the skill that you learnt. 

What is the benefit of a skill when it is not adding value to you. 

Market your skills and make more money while you are still doing your initial job. 

Save

Savings here is more important because it is the bridge to your wealth. 

Discipline is the framework of saving but rather than saving part, you are to save all additional income and survive based on your initial income. 

Invest

While making investment at this stage, you have to be very careful so as not to lose your hard earned money. 

Save to invest, but what should I invest in? 

For better understanding, you can read how to invest in cryptocurrency.

This time, your investment should be a passive source of income. 

A source of money where you are not necessarily expected to do anything. 

In case you are still confused on what to invest in, you might want to check out investment packages on Kumo wallet?

Earn up to 30% APR on your BUSD.

You can also buy some cryptocurrency and hold it for profit later. 

After completing the secondary principles of wealth, repeat the cycle and grow exponential. 

You might also want to read how to make money in crypto space.

NB: Wealth is not acquired in a day. It requires discipline, hard work, consistency and a positive mindset.

About Kumo

Kumo, registered as Kumo Technologies Inc in Delaware, U.S. is a fiat and crypto social payment app which allows users to exchange fiat (NGN) to crypto, save and earn interest in dollar with as low as $5, utility payment such as DSTV subscription, airtime, data among others.

Kumo wallet is your all-in-one social payment app for seamless payment solutions.

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