The Science of Getting Rich – 6 Principles to Learn

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  • 04 Feb 2023
The Science of Getting Rich – 6 Principles to Learn

Most of us want to grow, move forward and earn as much as possible. This is why 'The Science of Getting Rich,' written in 1910 by Wallace D. Wattles, is so well-known even today. The title itself makes it interesting, pulling anyone even remotely interested in the subject. The book has more than simple tips on how to earn more. The book also features a guiding principle that will help you live your life the way you want and achieve financial success.

Simply put, everything starts with a thought, even getting rich. Your thoughts lead to feelings, which, in turn, lead to actions. And finally, these actions lead to results. What this will do is it will provoke action and inspire you to start learning about investing. This is one of the basic principles behind the science of getting rich.

You cannot give a person more in monetary value than you take from them, but you can give them more of your services/ product than the monetary value of what you take from them.

Confused? Don't be!

The principle stresses the importance of over-delivery. Give more to others than what you receive from them. This would give them more value and increase your reputation. This would, in turn, help you grow your business and earn more.

You often get tempted when you see your friends and family succeeding with their investments. Our immediate wish then is to copy their approach. However, competing is a negative emotion with negative results. Instead, create something of value that others would find helpful and pay you for it. If your creation is relevant, money will flow.

No good ever comes out of haste. It would help if you were patient. The promise of quick bucks is often empty or even fraudulent. So, whatever you do, do it sincerely, even if it takes time. Be patient, and when your effort is 100%, results will follow.

Roosevelt said, "Failure is not falling down, but refusing to get back up." In life, failures are inevitable. However, remaining unfazed in these failures and then picking up and carrying on is essential. If you persevere, you can succeed. The same holds for your investments. You might make wrong investment decisions or pick the bad stocks. However, rather than lamenting your choices and feeling defeated, you should correct your mistakes and soldier on.

The world is full of opportunities. It would help if you believed that there are endless opportunities for you to unlock. This would create a positive attitude and help you look for other options when one idea fails or does not deliver what you expected. There are multiple opportunities to build up a quality portfolio, even in financial markets. It would help if you spotted these opportunities with a positive mindset to create a profitable investment strategy.

When you want to get rich, you need to do so on your laurels, not others'. As such, you need to unlock and realise your fullest potential. Identify what you are good at and then hone your skill. Become a master of your craft, and you can become the best at what you do. This would make you a force to reckon with, and you can succeed at what you do.

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