10. Avoid being impatient with your money

Wealth creation takes time. You will never be a millionaire in a day unless you win a lottery.

After you invest, give it time to bring returns. Do not quit and divest just because you are impatient. Making sound investments and giving them time to create wealth for you is critical.

It has been proven that long-term investments are more rewarding than short-term investments. In this case, just think long term and allow your money to bring you more money.

11. Never fail to start a business

All billionaires are business people. All wealthy professionals are also business people. As I always say, you cannot afford not to start a business.

This is why you need to start a business to create wealth:

·     Profits grow exponentially.

·     You can use other people’s expertise and time to create your wealth.

·     For a limited liability business, your liability is limited to the level of your holding.

·     It is the only way of taking advantage of the many opportunities created around the world.

·     You can easily use other people’s money to create wealth.

·     You determine how much you make at the end of the month. Your effort is directly reflected in the financial results.

Starting a business is easy in most countries. Governments have realized that improving the business environment in their countries is the greatest strategy they can use to grow their economies.

Businesses are hard to scale. It takes dedication and knowledge to beat your competition. Keep an open mind and guild your mind with shock absorbers because the ride will be extremely bumpy.

12. Never invest in what you do not understand

This is a common mistake people make when it comes to wealth creation. Many people just invest in what comes their way. They end up losing money and giving up on their financial goals. If you do not understand an idea, give yourself time to learn.

Most investments require active management. Without understanding, you will not be able to grow your investment portfolio and create wealth for yourself.

13. Never buy wants if you are not financially free

There is a big difference between needs and wants. A need is something you cannot do without. A want, on the other hand, is something you can do without.

Having a house may be a need but having a 7 bedroom house is just a want. Getting a car may be a need but getting a V8 is just a want.

The rule is that you should never buy wants before you are financially free. After you get financial freedom and abundance, you can get everything you ever wanted.

14. Avoid moving with the masses

Avoid making moves just because people are making them. As Warren Buffet says, be paranoid when others are greedy and greedy when others are paranoid. This means that the crowd is always wrong.

When people get to know about a certain investment, the greatest investors have already invested and moved on. This is why you need to seek investment opportunities actively and not just following what people are investing in.

Avoid following the johnnies. Do not follow trends, fashion, or any other type of fads. The herd mentality only leads to poverty and financial struggle.

If you are serious about wealth creation, do not follow the crowd. Just keep seeking wealth-creating opportunities actively.

15. Never make emotional money decisions

Becoming rich is a logical process, not an emotional one. It has been proven that emotional decisions lack rationale and logic. This means that emotional decisions may probably not be in your best interest.

When it comes to wealth creation, you need to be emotionally sober and logical at all times.

Ways to avoid emotional decisions:

·     Logic should be applied when it comes to giving and supporting different causes in the community.

·     Avoid doing something just to please someone.

·     Avoid doing something to feel good.

·     Do not make a decision to settle scores with your enemy.

·     Use reason when making religious donations.

·     Never make purchases to show off.

If you can avoid making emotional financial decisions, you are well on your way to wealth creation.