Wisdom//

8 Practises to Create, Maintain Wealth

Is it only about success or material growth or is there more to it? Here’s one perspective.

Take time to volunteer, suggests the author. It creates a support system for many challenges.
Take time to volunteer, suggests the author. It creates a support system for many challenges.

Wealth is the number of days one can live without working. The purpose of creating wealth is well-being. It is to create a Vaikunth (abode of Lord Vishnu) where there is everlasting peace and progress.

Goals set by us make all the difference. About 95 per cent of people do not have goals, four per cent have goals, they achieve it, but at the cost of their health and family, only one per cent is able to strike a balance between all areas and create, maintain and enjoy wealth. Wouldn’t you like to be in the one per cent?

1. Count your Blessings

If you are able to count your blessings, you are more likely to be positive and work towards solutions. It is important to be a part of the team which delivers a solution. This also makes one more resourceful as one appreciates what one has and can maximise the use of the same.

2. Address potential problems early

There is a tale in Panchtantra where a bird cautions its flock of the creepers climbing on the tree. It warns them that if they do not destroy the creepers they will be trapped. The other birds do not pay heed and get trapped by a hunter. Same is true of any facet of life.

3. Identify your passions

It is important to identify and review passions at one’s end. If you are an entrepreneur, you may also do the exercise with your team. A good reference book is The Passion Test. A simple exercise is to write your passions every six months. As we evolve so will our passions and priorities.

It shares detailed exercises which help one understand one’s passions and connects it to one’s purpose.

4. Take informed decisions

We are more effective by the degree to which we take informed decisions. It is understandable that we may not have all the facts, however, taking decision becomes critical. It is important not to take an emotional decision, more relevant from the point of view of interpersonal relationships.

5. Volunteer

Volunteering helps to develop leadership skills. It could be at your community centre, contributing to your alumni or serving at organisations like Rotary on a committee.

Leadership is the difference between success and failure in crucial situations, it can be helping a friend with a potential solution, and thus make the world a better place to live in. This helps to lead from the front and set the right context personally as well as from an organisational point of view. Also it creates a support system for the many challenges faced by us.

6. Listen with an empathetic mindset

This helps to understand where people are from and more importantly, understand what they believe in. This is a better way of learning about people and seeing where they need help or where collaborations are possible.

7. Harness the power of compounding

Whether it is money, relationships or business opportunities life is about how things evolve in the longer term scheme of things. The compounding factor over the longer term is what sets the winners apart from the also-rans.

It is important to stay with the right set of people who help one stay grounded and focused on the goals. The right environment helps one create a multiplier consistently.

8. Learn a new skill every year

The world is full of opportunities. Learning makes one humble and helps appreciate the goodness in others. Sometimes a piece of information can be the link which makes one’s strategy come to life.

Luck is when preparation meets opportunity. Take the leap!

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People look for retreats for themselves, in the country, by the coast, or in the hills . . . There is nowhere that a person can find a more peaceful and trouble-free retreat than in his own mind. . . . So constantly give yourself this retreat, and renew yourself.

- Marcus Aurelius

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