Positive Reflections

The Laws of Money

One of your major goals in life should be financial independence. You must aim to reach the point where you have enough money so that you never have to worry about money again. The good news is that financial independence is easier to achieve today than it has ever been before.

The Law of Abundance

We live in an abundant universe in which there is sufficient money for all who really want it and are willing to obey the laws governing its acquisition. People become wealthy because they decide to become wealthy. People are poor because they have not yet decided to become rich.

The world is full of thousands of people who have had far more difficulties to overcome than you could ever imagine, and they’ve gone on to be successful anyway. So can you.

The Law of Exchange

Money is the medium through which people exchange their labor in the production of goods and services for the goods and services of others. The amount of money you earn is the measure of the value that others place on your contribution. To increase the amount of money you are getting out, you must increase the value of the work that you are putting in.

The Law of Capital

Your most valuable assets, in terms of cash flow, are your physical and mental capital—your earning ability. How much time you put in and how much of yourself you put into that time largely determine your earning ability. Time and money can be either spent or invested. If you invest your time or money in becoming more knowledgeable and better skilled, you can increase your value.

The Law of Time Perspective

The most successful people in any society are those who take the longest time period into consideration when making their day-to-day decisions. Your ability to practice self-mastery, self-control, and self-denial, to sacrifice in the short term so you can enjoy greater rewards in the long term, is the starting point of developing a long time perspective.

The Law of Saving

Financial freedom comes to people who save 10 percent or more of their income throughout their lifetime. Savings today are what guarantee the security and the possibilities of tomorrow.

The Law of Conservation

It’s not how much you make but how much you keep that determines your financial future. The true measure of how well you are really doing is how much you keep out of the amount that you earn.

The Law of Three

There are three legs to the stool of financial freedom: savings, insurance, and investment. One of your major responsibilities, to yourself and to the people who depend on you, is to build a financial fortress around yourself over the course of your working lifetime. To be fully protected against the unexpected, you require liquid savings equal to two to six months of normal expenses.

The Law of Investing

Investigate before you invest. This is one of the most important of all the laws of money. You should spend at least as much time studying a particular investment as you do earning the money to put into that particular investment. The only thing easy about money is losing it. If you think you can afford to lose a little, you’re going to end up losing a lot. Invest only with experts who have a proven track record of success with their own money.

The Law of Magnetism

The more money you save and accumulate, the more money you attract into your life. The Law of Magnetism has been written about for more than 5,000 years. It explains much about success and failure in every area of life, especially in the financial arena. The more positive emotion you associate with your money, the more opportunities you will attract to acquire even more.

Action Exercise

Take time every day, every week, and every month to reflect on your financial situation and look for ways to deploy your finances more intelligently. The more time you take to think intelligently about your finances, the better decisions you will make and the more money you will have to think about.

By BT

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Wealth Creation Strategies

By Brian Tracy

 

What People Need

Wealth creation occurs when you produce a product or service that people want and need and are willing to pay for at a price that is in excess of your total cost of producing that product or service. The key to business success has always been the same, find a need and fill it. We all earn our livings by serving other people in some way. Your business goal is to find out what people really want and need, and then give it to them better and faster than anyone else.

 

Secrets of Market Leadership

Hundreds of companies have been studied to discover the secrets of market leadership. There are three secrets. The first one is Operational Excellence—the company has developed the ability to produce its products and services at a cost substantially lower than its competitors. The second is Customer Intimacy—the company develops a close relationship with its customers based on excellent knowledge of the customer’s business. Thirdly, there is Technological Superiority—the company offers a product or service that is superior to that of its competitor.

 

There are several strategies that you can follow to create additional value for your customers and additional wealth for yourself. Improve your product or service in some way so that it is better than that of your competitors, at the same or at a lower price. Produce or deliver your product or service faster than your competitors. Produce your product or service cheaper than your competitors, maintaining or increasing your level of quality. Offer better follow-up and support services to go along with your product or service than your competitors. Make your product easier to acquire and more readily available than your competitors. Make your prices and terms more attractive and convenient than your competitors. Include additional products and services with your offerings, at the same price.

 

Reputation

Your reputation in the marketplace determines how much you can sell, and the prices you charge. The friendliness of your staff and the ease of doing business with you is a key part of your reputation. Your credibility with your customers, the degree to which they see you as trustworthy and dependable is a key value to your customers. Selling to an individual customer requires an impeccable reputation and a focus on the improvement your product or service makes in their lives. What does your product achieve for your customer? What does your product help your customer to avoid? What does your product help your customer to preserve? How does your product help your customer to get better results in his life?

 

Action Exercise

List three ways that you could improve the relationships that you have with your customers.

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