Thread by @elevationng

1. Hello and welcome to another edition of #Elev8day! Today, we'll be discussing "THE TEN COMMANDMENTS OF WEALTH".

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2. Ever wondered how people become wealthy and retain their wealth? I know I have so many times. I find myself pondering about wealth and how to gain it when I read about wealthy people or listen to them talk.

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3. I have even gone to the extent of following some wealthy folks on social media, hoping to read a post on their knowledge of wealth generation and preservation. I also read books and articles that speak to the topic of wealth.

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4. Despite all of my research, I am yet to come across a straightforward approach to gaining wealth. No strategy is as simple as ‘1+1=2’; however, I’ve come to discover that there are some similarities to the methods recommended in the various books

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5. and articles I’ve come across on the subject. They are crucial yet straightforward actions that would guide anyone who desires to become and remain wealthy. So, these are my ten commandments of wealth:

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6. (1) Give more than you receive. This may sound weird and foolish because wealth is believed to be a gathering effort and not a distributing one. Still, this action has rewarded all who have practised and are practising it.

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7. When you give, you unconsciously open an emotional bank account depositing into the lives of the people you give to and from which you can withdraw when in need.

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8. Giving also clears up your storage space and prepares you to receive more significant resources than you previously had.

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9. (2) Stay out of debt - This four-worded statement has a significant impact on building and retaining wealth; however, abiding by it is no easy task.

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10. With the continuous rise in our standard of living and the inequitably corresponding increase in our income, it is almost impossible to stay out of debt. The bills keep coming - whether or not you can pay. So what can you do about this?

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11. The best option, within your immediate span of control, is to reduce the amount on your bills and adjust to fit within your current income. You avoid the habit of borrowing and owing and, thus, stay out of debt.

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12. (3) Always save. The habit of constant saving cannot be overemphasized. When asked if we save, many of us usually respond with the answer “I try to save”. Saving should not be a thing you ‘try’ to do. You should “do it!”

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13. We complain of how hard it is to save with low earnings and high bills, but the amount you earn, or the cost of your bills should not determine if you can or should save. If a constant saving habit is not built, it would be not very easy to build or retain wealth.

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14. (4) Invest - When many of us hear the word ‘invest’, the first set of thoughts that come to our minds include the benefits and risks of investing. The benefits are always pleasing to hear, but the risks break our hearts.

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15. The risks associated with investing often deter us from making a choice to invest, but if we intend to build wealth, it is unavoidable.

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16. Investing allows us to build wealth at a higher capacity because it has the potential to not only add but to also multiply. Though investing has some risks, its benefits are quite rewarding.

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17. (5) Treat your time as a business - Time, as they say, is our most valuable asset. What we choose to do with it can make or mar us.

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18. The main aim of any business is to make a profit, so when we treat our time as a business, we become more conscious of how we spend our time, thereby, maximizing its usage and making the best profits we possibly can from it.

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19. We would start to spend less time on things that are not profitable and more time on things that bring reward or add value.

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20. (6) Use a budget - Using a budget helps us to plan and apportion our finances adequately. We gain control over our expenditure, and in so doing, avoid impulse purchases which are often unnecessary things.

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21. It also encourages focus on our financial goals by enabling us to save or invest our extra money. However, the only way to constantly derive the best from using a budget is by instilling conscious discipline and sticking to it.

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22. (7) Practice frugality - Examining the lives of wealthy, wise people, we observe some similarities in their lifestyles – one of which is frugality.

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23. Although they have the money to buy whatever they desire, they choose to practice frugality because they know that their money would run out if it is not prudently managed. Practice frugality without crossing the lines into stinginess.

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24. (8) Have integrity - Not all wealth is built or retained with integrity. However, it is an essential virtue in the quest to develop and maintain transgenerational wealth.

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25. Opportunities to make money would come in many ways, good and evil; however, only money built with integrity would stand the test of time and transmit to other generations.

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26. So, when building wealth, make sure it is done with integrity, and remember that a good name is better than riches.

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27. (9) Surround yourself with supportive people - We have five categories of people in our lives and have our reasons for keeping a relationship with each one of them.

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28. We have people who take and don’t give; people who take more and give less; people who give as much as they take; people who give more and take less; and people who give without taking.

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29. When building wealth, we must remain conscious of the need to surround ourselves with people who would support our financial goals. If not, we may never achieve them.

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30. While we do not need to cut ties with people; however, we may need to distance ourselves from the categories of people who would not help us attain our financial goals.

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31. (10) Be content - Building and retaining wealth relies on some external factors beyond our control such as people, opportunities and situations.

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32. As a result, the likelihood of attaining your financial goals as planned may not materialize according to our calendars. When this happens, we can become frustrated negatively affecting us and said plans.

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33. However, learning to be content at any stage of our financial goals, no matter the outcome, helps us remain focused on our plans and enjoy the success we have been able to build so far.

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34. Contentment allows us to have a healthy attitude towards our success and enjoy our wealth to the fullest.

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35. Though everyone desires to become wealthy, not all would attain it. As we progress on our various wealth journeys, it is pertinent to abide by these ten commandments to guide us to reach our financial goals. See you on the wealthy side!

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36. That’s it for today on #Elev8day! Thank you for following, participating and RTing, do join us next week Tuesday at 5pm for another exciting edition. Until then, enjoy your smooth ride to the wealthy side!

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