Ten Maxims to Create Wealth

All over the world the cycle of recession, slow economic growth and then recovery and fast economic growth keeps repeating!

 

During recession we experience damped enthusiasm and dented optimism. Our happiness is depleted and our peace is threatened by the financial illness that has afflicted our families, organizations and nations.

Emotional Swings

Do not get swayed away by the roller coaster of emotions.

Everyone is desperate to find a remedy that will cure their financial illness and help them recover their financial health. They expect the financial experts to provide them with remedies, ignoring the fact that it is these experts who created this financial mess.

Warren Buffett

Every new year, Mr. Warren Buffett adopt a couple of old maxims [truth or rule of conduct] as his beacons to guide his future. This self prescribed therapy has ensured that with each passing year, he grow wiser and not older.

He invite you to tap into the financial wisdom of our elders along with him, and become financially wiser. [The wise man does not grow old, but wiser].

Hard work: All hard work bring a profit, but mere talk leads to poverty.

Laziness: A sleeping lobster is carried away by the water current.

Earnings: Never depend on a single source of income [at least make your investment get you second earning].

Spending: If you buy things you don't need, you'll soon sell things you need.

Savings: Don't save what is left after spending; Spend what is left after savings.

Borrowings: The borrower becomes the lender's slave.

Accounting: It's no use carrying an umbrella, if your shoes are leaking.

Auditing: Beware of little expenses; A small leak can sink a large ship.

Risk-taking: Never test the depth of the river with both feet [Have an alternate plan ready].

Investment: Do not put all your eggs in one basket.

I am certain that those who have already been practicing these principles remain financially healthy. I am also confident that those who resolve to start practicing these principles will quickly regain their financial health.

Let us become wiser and lead happy, healthy, prosperous and peaceful life.