I developed the “5 Principles Towards Wealth Creation” many years ago and they have saved me well. I have always lived by them as the campus that drives my goal achievement in life. At this point you could say I have perfected these 5 principles to a science. They are tested, tried and true. They have work for me every time and I have taught them in my leadership seminars, business plan courses, even my youth mentoring sessions and many people have told me how much they have provided clarity in their own wealth creation journey.
Every January 1st I set up 2-3 goals I want to set in motion that year and since my birthday is August 14th I use this day as my day to re-evaluate the year’s goals. It’s a great time for me to re-assess, re-think; re-goal, re-calibrate; re-direct and re-launch. When I am done with this process and I realize I am on track then it’s a great year. But if I discover that something is not being on track…well it’s the time for me reevaluate the goals, if not the whole action plan and make some major decisions.
The idea of wealth is relative, so whatever you consider “wealthy” living is your vision of your best life, so work toward achieving it.
My 5 principles toward wealth creation are:
1. HAVE AN ACTION PLAN
2. BE PRAGMATIC
3. MOBILIZE YOUR RESOURCES
4. SET BOUNDERIES
5. CLAIM YOUR SUCCESS
PRINCIPLE #1: HAVE AN ACTION PLAN
Developing an action plan is very important. It keeps you on course and focused. There are eight steps to ensure that you have a sound AP:
lStart with the END in mind - Vision
lSet your mental preparation (be committed if you are not committed to it you also do not have the will power to see it through)
lKnow your priorities
lSet concrete Goals (characteristics of a great goal is that it should have:- the subject; the timeframe; the quantity and the quality of the end result)
lLay out the objectives (these are the action-steps and activities it takes to accomplish each goal)
lSet the time-frame (you have to have a period of how long it takes to get the action plan completed once its implemented)
lExecute your plan of action
lKEEP IT SIMPLE & SWEET – what you can’t do this year you can always do next year…but don’t delay what you need to do now for later!
PRINCIPLE #2 -BE PRAGMATIC
lUnderstand what you know; & Know what you don’t know
lLife is a lesson, so…
–Be MORE educated, THAN informed.
–Allow yourself to Evolve with Experience and let the lessons of your experiences inform your future decisions!
–Have a purpose
–Maintain balance.
lKnow when to execute a paradigm shift – Learn to let go and not hold on to mediocre and obsolete ideas, values, worldviews, etc. The world is constantly changing so change with it. Know when to change gears if things are not going in the direction you want. Let go and let live!
PRINCIPLE # 3: MOBILIZE YOUR RESOURCES
ARE YOU PRODUCING IN THE RIGHT DIRECTION? Many people are busy, so busy they feel they are really doing something. But when they finally look back on the road they have come from, they have nothing to show for it and wonder – But I was working all along, what happened? Well you were working alright, and producing maybe; but in the wrong direction so when you look back…all you produced got consumed before it had time to bring a return on investment.
Your time is valuable – mobilize your resources to re-assess, re-goal, re-calibrate re-direct and re-launch
ASSESS:
lIndividual Assets?
lHousehold Assets?
lRelational Assets?
lFamily/Social Assets?
PARETO OPTIMIZATION PRINCIPLE: 80/20 RULE – this is a cardinal rule for me: 20% of your effort should produce 80% return on investment.
If you are not optimizing, you are wasting resources.
PRINCIPLE # 4: SET BOUNDARIES
lAlways SET your parameters.
lRespect is not given, it’s earned!
lWhat you do is always personal.
lWhat others do is impersonal – don’t get caught in their dramas! Start with the position that their issues are not about you, so keep on moving and mind your own business!
lBe economical with your TIME – a minute missed is a minute lost forever.
lBe frugal with your ENERGY – reserve it only for your needs. Avoid going on a trip with the damsels-in-distress or the prima-donnas both types of company will sap you of your energy!!.
lKeep emotional vampires at bay
lAlways remember:– “Civility is not a sign of weakness” (A.P. Ndoro)
PRINCIPLE # 5: CLAIM YOUR SUCCESS
lBe bold in your actions – don’t waste time pulling the punches
lBe deliberate with your decisions.
lBe accountable.
lTiming is everything…Seize the moment!
lSUCCESS IS…The point at which preparation meets opportunity!
“Life is what happens while you are busy making other plans”
(John Lennon)
Look out for the book coming out next year. In the meantime - CREATE YOUR WEATH……ALL THE BEST AND GOOD LUCK!
Copyright @ May 26, 2009, Dr. T. Ndoro,
Founder – SLIPPA & Brighten the Corner Foundation.
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