Birdforce Management Consultants

Wealth Creation: Meaning, Importance, and Strategies

If you look at the dictionary meaning of wealth, it is abundance. When you talk about wealth with respect to money it means an abundance of money and wealth creation focuses on making this abundance a reality. For you and me, wealth can be defined as the sum total of assets we own, be it real estate, cash, gold, stocks, mutual fund units, etc. after deducting any liabilities such as outstanding loans. 

But wealth is also a relative term. Whether an individual is wealthy or not depends on the benchmark we set for ourselves based on our dreams. So, you may call yourself wealthy if you have enough to fulfill all your dreams. Achieving these dreams would require a substantial amount of wealth. So, if you don’t have enough wealth to fulfill these dreams, you have to focus on growing your wealth, to get closer to achieving your financial goals or dreams.   

In our Wealth Creation Workshops, we discuss what wealth creation actually means, its importance, and some strategies that can help in the successful creation of wealth.  

What Is Wealth Creation?

This page is about wealth creation but more specifically – financial wealth creation. It’s about money.

As you will find out through our wealth creation programs and workshops, wealth is a lot more than just money. True wealth is about your character rather than your possessions, your total well-being rather than your bank account’s health, it’s about the certitude in your heart rather than the gold in your vault. True wealth is a tranquil conscience and peace of mind rather than the ruthless pursuit of transient material things.

In addition to all the above true wealth is also about financial wealth. Yes, financial wealth is a critical important of true wealth – more so today than ever before. For without money you cannot lead a fulfilling life.

Without money even your health will be in jeopardy. Without money your love will be denied the means for expression. Without money you will think of nothing else but money and tell you what you might even become so desperate that you resort to crime to make money. So don’t kid yourself money is important. Is it the most important thing in life – definitely NO. Yet it’s still important all the same.

Since you are here I believe you are interested in wealth creation.

What Is The Objective Of Wealth Creation?

The importance of wealth creation can be summed up by a statement made by legendary investor Warren Buffet – “If you don’t find a way to make money while you sleep, you will have to work till you die”. What he meant by this statement is that one of the key objectives of wealth creation is the ability to generate wealth passively by investing money that has been earned previously. This way savings grow over time and add to the wealth of the investor. 

At the most basic level, wealth creation is just about growing your money to achieve various short, medium, and long-term financial goals. Short-term financial goals could mean saving enough money for a vacation or to buy the latest iPhone. These are typically goals that need to be achieved within a period of 3 years or less.   

Medium-term goals are usually investment goals that have to be achieved within a period of 3 to 5 years. Examples of such wealth creation goals can include saving for a new car, saving for the down payment for a new house, etc.   

On the other hand, long-term goals such as ensuring sufficient retirement savings can easily have an investment horizon that extends into multiple years and even decades. In this case, you need to ensure that you create enough wealth during your working life to support your post-retirement financial needs. 

Now as there can be multiple objectives of wealth creation along with different time horizons, you have to implement different strategies to achieve such varied goals. 

Wealth creation is a continuous process. You need to make a plan and stick to it so that you can meet all your goals. Plus there is no one-size-fits-all wealth creation solution as each individual has unique goals, risk tolerance, etc. So, choosing the right investment that can help you achieve your goals plays a key role in ensuring you succeed in creating wealth over time.

The First Step Towards Success Is Always The Hardest To Take.

Despite what you may have learned from your parents, school, or society throughout your life, you have more power to change your life than you may realize. And because you are on this page, there is a part of your life you are looking to improve or change.

Maybe you are in a job, career, or business that doesn’t really excite you and you are constantly battling with yourself to get the work done. Or maybe you are having a tough time figuring out your true purpose and aren’t feeling overly fulfilled. Maybe you feel like you are following your passion and living your purpose, but you are not making nearly enough money.

In every case, there’s something that’s been holding you back from making a shift in your life. For some people, wanting change in their lives just doesn’t translate into the drive to actually make that change. And if you are not ready to start living a life that is fulfilling your passion and purpose, that’s fine. But this program is not for you. However, if you are ready to change your life, but something like FEAR is holding you back. Let yourself feel that fear. Try to figure out where it comes from. Get to know it.

To start on your journey, enroll for our 30 Day Personal Empowerment program. There’s no reason to let fear hold you back from living your best life that you are meant to live.

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