8 Secrets of Wealth Creation (Part I)

1 ADD VALUE

If you have invested in a business and in order for you to make your products or services more valuable, you have to work harder, work smarter, work longer. This is to ensure that your business will start creating wealth for you faster. You should also look at leveraging on human resources, time and location.

2 CONTRARIAN THINKING

A contrarian trading strategy is based on the assumption of negative serial correlation of prices: a predictable pattern such that if prices have gone up, they must come down eventually, and vice versa. This view of contrarians focuses on the important role of fads: rather than acting independently, investors exhibit herd-like behavior, following waves of mass optimism and pessimism, whereas a contrarian thinker /investor goes against the masses.

3 LET YOUR MONEY WORK FOR YOU

Buy things that CAN make money like mutual funds, stocks, bonds, properties and businesses. Buy them at the right time. You would want to buy into investments after the masses have sold, then sell when the bubble develops and before the bubble burst. You can buy the shares of excellent companies with good fundamentals during a recession or a meltdown. Or if you think that recent change of top management will turn around a troubled company.

4 LIFE LONG LEARNING

Take advantage of the traffic jam, put your travelling time into good use, listen to all the motivating audio programmes like the “Rich Dad Poor Dad” series, Stephen Covey’s” Seven Habits” etc. Fill your mind with “can do” daily. Read books that will put you in a positive mood. Just think, a simple idea from all these positive “vehicles” might just make you a millionaire.

Part II - four more secrets coming up next ……………