One question that keeps coming up in my interaction with some of my readers during the out-going year is, “What can I be doing to earn steady income and stop depending on people?”
Each time someone puts this question to me, it gets me thinking. I turn the question around and ask, “Is there a wealth creation formula, one that can never fail? If there is, what is the formula? And how complex is it? Can just about anyone who is determined do it?”
After months of deep reflection and extensive research, I believe I know the answer to those questions. Yes there is, indeed, a wealth creation formula, one that can never fail!
Before I tell you what the formula is, let me quickly explain the word formula because it holds the key to your having a clear understanding of what I’m trying to share with you here.
Formula, according to one online dictionary, is a set form of words, as for stating or declaring something definitely or authoritatively, for indicating procedure to be followed, or for prescribed use of something.
In other words, it’s a fixed or conventional method for doing something; a rule or principle, a recipe or prescription.
With that definition, you get the idea that a wealth creation formula is a set of principles or recipes. So now what is the formula? It’s a four-part process which, when combined, makes it possible for you to create wealth.
Here are the four parts:
1. Make GOD the foundation
2. Find a way to start earning legitimate income at a regular frequency and discipline yourself never to spend it all;
3. Learn the art of how to get paid over and over for your service and
4. Focus absolutely on steps 1, 2 and 3 by finding a way to do it better and better repeatedly.
That’s the formula. Now, let’s break it down. The first part is straight-forward, isn’t it? What it means is that you’re to make a decision to fall in line with what GOD says. That implies that you must know what GOD said and can align yourself with it.
The best way to achieve this is to become a serious student of the Word of GOD and, as you get to know what the Word says and be committed to doing them, you are laying a solid foundation for wealth creation.
For example, if your GOD is the same One that I’m serving, then you will be a committed hearer and doer of what GOD has said which are recorded in the Bible. A devoted and excited doer of the Word is a sure candidate for enduring wealth.
That person just cannot fail to have all round success. This is how the Word confirms that assertion: “Do not let this Book of the Law depart from your mouth; meditate on it day and night, so that you may be careful to do everything written in it. Then you will be prosperous and successful.” Joshua 1:8.
That should make your heart sing for joy if you’re a hearer and doer of the Word. Why? Because you’ve just heard Him say it [hearer] and if you now go ahead and do what the Word says, you have become a doer.
Then you will qualify for what the Word promised. And my GOD will never deny Himself. He will do whatever He has said in His Word. Nothing is too hard for Him.
Part two of the formula says to find a way to start earning legitimate income at a regular frequency and never spending all your earnings.
Usually, this does not mean earnings from a dream job or a top flight career. We are here talking about someone who is probably jobless and has no clues about where the next meal will come from or someone whose total income in a month is “nothing to write home about.”
The temptation for people who find themselves in this situation is to either get so discouraged and despondent that they give up on life.
I have to admit that this is a very challenging condition. But if you can just brace yourself up and do what I’m about to recommend, you will not only find your feet, you will also escape from the shackles of poverty.
The thing to do, to overcome this challenge is simply to get up and find a valuable service that you can render for somebody for which you will be paid. And, whatever that thing is, make sure it’s legitimate.
Then when that effort starts to generate some income, go a step further and discipline yourself not to spend all your earnings no matter how meagre it may be.
This is a very crucial aspect of the wealth creation formula. Most people don’t get past this stage. They either get stuck with the menial job they are doing that is giving them steady income or they look at the money they are earning with disdain, instead of thanking GOD for it.
But if you understand how this formula works, you will have a different mind-set. First, you will realize that this is a temporary stage in your life. It’s not a place you want to stay too long at.
All you want to do here is to have some money coming in which can provide you with some food to eat [not necessarily a regular satisfactory meal] as well as have some left to invest on self development.
For your investment in self development, be careful in making your choice. Here is a secret I want you to learn. Acquiring a specialized skill which you can master very well and use your knowledge to serve others is the best way to go.
For example, you know for a fact that there are some things that people and companies will always pay other people to do for them. Choose one of those things that you like, learn how to do it and then work at being the person who renders the service better than anyone else.
If you can discipline yourself to do this, you are halfway out of the poverty zone. Before I go to the third part of this formula, let me emphasize another thing. Earlier on, I hinted you about the danger of not being grateful for the meager income you’re earning from doing menial jobs at the second stage of the formula.
Well, you really ought to be careful about it. If you allow lack of gratitude to creep into your heart, it will so consume you to the point of not letting you have the desire to engage in self development. If you allow that to happen to you, you will be in deep trouble. So watch out!
Okay, now you have crossed that first dangerous hurdle where many get knocked down. In the third part of the formula, your goal is to hone in your skill in order to be getting paid over and over for your service.
What exactly does this mean? Remember that you now have a skill? And that you have mastered that skill to the point where you can position yourself as the one that can do it better than anyone else? Now is the time for you to set up a business based on that specialized skill.
Being the number one in your area of specialty does not automatically translate to your business spinning off profit once you opened shop. This is another trap that often trips people that are just starting in business.
When most people start their business, they expect it to take off with a bang. And they can’t wait to start banking their profits. But it hardly ever happen that way. And when it doesn’t, most people lose interest in the business and wander off to other things.
To get this part of the formula right, you have to learn to exercise patience. And I can tell you this from experience that this stage of the process leading to your financial freedom could be even more challenging than when you had to do menial jobs to generate cash flow.
A combination of all the lessons you learnt in parts one and two of this formula are what you will rely on to help you overcome the winter season you will encounter in the part three of the formula.
There will be a new demand on you to learn other skills, especially skills like how to run a successful business, how to market your products and services, how to manage human and material resources and how to attract customers and make them happy for life.
Your ability to learn these things and excel in them will determine how successful your business will be. But if you persevere and put everything you learn into practice, not discountenancing integrity and ethical behaviour in your business, you will get to a place where that profit you thought would not show up or was too late in coming will be the order of the day.
When you get to that place, all you will ever need to do will be to be applying everything you learnt in steps 1, 2 and 3. But this time, you will be doing it better, smarter and faster. And as you keep doing that, you will be growing bigger and bigger.
That is my formula for creating wealth that can never fail.