you want to be wealthy, you must understand
what wealth is. Here is the best definition
of wealth you will ever find. Wealth is
"Cash flow from other sources."
Your Money Work For You
What this means is that, you are not wealthy
just because you earn a lot of money.
You are only wealthy when your money works
for you. To become wealthy, your main
job is to acquire money and then put it
to work making more money for you.
Add Value Continually
The key to creating wealth is simple.
It is called "adding value."
Successful people are those who are always
looking for ways to add value in some
way to a person, a company, a product
or a service.
Do It Faster
Here is an example of adding value: Domino's
Pizza. The founders of Domino's Pizza
took a common food, offered by thousands
of little restaurants and added a value
to the pizza by delivering it more rapidly
than anyone else. The added value of speed
enabled Domino's to create a billion dollar
empire and made the founder of Domino's,
Tom Monahan, one of the richest men in
Buy It Cheaper Somewhere Else
Another way to add value is to buy something
in one place at one price and then make
it available in another place for another
price. For example, buying a product or
service manufactured in Europe or Asia,
importing it to the United States and
making it available to people to whom
it was not available before, is a way
of adding value for which you can charge
a higher price.
Improve The Life or Work of Others
All manufacturing and marketing is based
on this principle of added value. All
importation and distribution aims to add
value. Performing a service that enhances
the life or work of another person adds
value. A dentist who takes away pain is
adding value. An accountant who saves
a client money on taxes is adding or actually
creating value. A salesperson who introduces
a new product or service to a customer
that helps that customer in some way is
adding value. All financial success, especially
business success, is based on adding value.
It is based on the old saying, "Find
a need and fill it."
Combine and Recombine The Elements of
All successful business is based on someone
bringing together the factors of production,
such as labor, capital, raw materials
and management, and creating a product
or service that a customer will pay a
price for that is in excess of the cost
of producing it.
How All Fortunes Are Made
Adding value is the way that all fortunes
are made. Whenever you see an opportunity
to give people what they want at a price
greater than it costs you to produce that
product or service, you see an opportunity
to make a profit, build a business and
begin moving toward financial success.
Almost any business or occupation can
make you financially independent if you
can find a way to add enough value.