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Family wealth is, no doubt, an area where members must learn to have enough to be content. However, we take for granted basic life principles that have the power to propel us towards this goal.

Since I began raising a family, managing our little family wealth has never been a more serious business; so serious, I would spend sleepless nights figuring out how to cover all our priority needs in a modest budget. We learn this best when we have hit rock bottom in our finances, resolving never to find ourselves in that rut again.

Have you ever had your cherished house up for sale to survive? Have you ever been so desperate to borrow from loan sharks to send your children to school? Have you ever had only porridge to eat the whole day? Have you ever been left with only 25 centavos to feed your family? Pray tell, have you ever had no money to buy even a travel size bath soap?

I have, and believe me, one can never have enough with hard work alone. Beyond the blood, sweat and tears we put into increasing the family wealth, there are life principles we must learn but sadly take for granted. Let me spell them out for you.

Principle 1: Those who can be entrusted with little wealth can be entrusted with bigger wealth.

Do you sometimes wonder why the rich get richer and the poor get poorer? Surely, we have enough sense to know that we cannot blame it all on corruption in government. Nothing can stop us from expanding the little wealth in our hands to serve our family’s needs. That is, if we manage the little wealth we are blessed with well enough.

The importance of good product selection, location and promotion to the target market to ensure quick money.

Most people are constantly looking at ways of making money quick. However most do not know where to begin. Questions asked are how, what and where should this be done. The answers to this are to find the right product that could give an individual good returns within the target area one would like to work in.

Finding the right product has always been the toughest challenge in making money quick. To do this one has to have a good understanding of the needs of the community one would like to serve. It is essential that a good market study be undertaken taking into account what would appeal to the people, the affordability of the people and the ease of using the product or service. Based on these parameters careful evaluation of the potential demand should be made ensuring that money made should commensurate with the effort put in. It is also important that the chosen product has very little competition so that one can enter the market with cheap but effective selling and dominate that niche.

Most people tend to choose products or services which interest them or those that they have a strong passion for. These may not necessarily be the best product in making money quick that appeals to the community one is targeting. In selecting the product or services it would be prudent to look at those that would give recurring revenues. These could be consumables or services which people would use on a regular basis. In contrast selling items which are one time purchases would require one to continuously look for new customers.

Wealth Building can be defined to be the process of creation of wealth to meet immediate as well as future goals.

There are several ways to create wealth.

- It can be created by investing in debt instruments.
- Gold is the next preferred choice of investment.
- Equity is also another most viable option for building it.
- One can put money into Real Estate for asset creation.

It is important to keep track of Income Expenditure ratio to create it. Income must be always more than expenditure. It is important for a person to keep records of daily expenses. It is easy to spend but hard to save. There are different ways of building it. They are as follows:

Mutual Funds: Mutual funds are a great way to create it.

Simple savings: Savings bank account earns a good interest. It can also be a potent tool to build wealth.

Benefits:

Studies: Accumulation of wealth can be done to plan future studies of children.

Health Expenses: It can be used to meet unforeseen health and medical expenses.

Retirement planning: Wealth management can be done to plan a proper retirement in an efficient manner.

Conclusion: The entire process of building wealth has three phases. The first stage is creation. In this stage, people create wealth. The next stage is accumulation. In this stage people accumulate wealth for later stages of life. In later stage they distribute the wealth they earn. Thus a proper planning can go a long way in creation of wealth and hence building a prosperous and bright future.

You have probably heard people say they have tried everything under the sun and have given up on the idea of building wealth. Could it be that there is a piece of the puzzle that is still missing? People looking for financial success often want overnight results and they wonder why they are disappointed.

Wealth building is a structured process. Rome was not built in a day and neither will your wealth be. If you are not where you want to be financially, chances are there is still something you do not know, or you have not taken any action on what you already know.

Here are five wealth building secrets of the rich that can bring you closer to your goal:

1. Distinguish between wants and needs

A need is something without which your basic survival is threatened, and includes items like food, shelter and clothing. On the other hand, a want is anything else that catches your fancy.

Modern advertising has distorted this distinction, and as a result, most people tend to spend most of their money on the latest phones, cars, gadgets, and other toys they feel are ‘needs’ they cannot live without.

To build wealth, you need to be able to make a clear distinction between wants and needs. Thereafter, learn to satisfy your needs and procrastinate your wants.

2. Save 10% of every penny you earn

Living from hand to mouth does not get you anywhere in the long run. You can really save if you put your mind to it, irrespective of how much you earn. The moment you start saving 10% and living on 90%, you will hardly feel the difference, yet you are building a savings base. The fact that your savings are growing will give you a comforting feeling.

Saving money is usually the starting point for most people who want to be financially free. However, after the art of saving has been perfected, you will notice that your money is not growing as fast as you would like it to. Suddenly interest rates start to make sense. You will automatically start shopping around for where to invest your money for the best return.

If you are able to invest your money at 5%, then your money should double every 20 years, while at an interest rate of 20%, it will double every 5 years. You therefore need to choose a rate of return that is in line with your overall financial goals. In addition, you need to determine how much you can actually afford to invest so that your money can grow as planned.

You can choose to invest for the short-term, medium-term, or long-term. Whatever term you choose, make sure that you have an emergency fund that is easily accessible in order to ensure that your investments grow uninterrupted.

Determine the level of savings above which you can begin to invest, the investment period, and then choose your desired rate of return. Keep in mind though that for some investment vehicles like mutual funds, an initial minimum is required.

To build your confidence, you can start with low risk investments like government securities for which the rate of interest may be low, but the return guaranteed. The idea is to lock up money for at least a year to prove to yourself that you can live without it. Next do your research for investments that pay higher interest rates. Seek professional advice before you invest in the stock market, and acquaint yourself with relevant knowledge of how stock markets work.