Some Tips on Wealth Building

Here are some time proven tips on how to get wealthy:

l.  Save save save.  Be frugal.

2.  Spend lesss than what you earn.

3.  Always believe in the power of cash.  Have cash on hand, in the bank for any eventuality.  But some other assets should be earning.

4.  Do not lose your principal.

5.  Do not dabble in anything you do not understand or you are not expert in:

       l.  Do no lend to friends or relatives if you do not know how to lend;

       2.  Do not invest in something or partner with anybody in a business you do not understand.

6.  If you must invest in a business have a say in it;   if you are a minority do not.

7.  Use all  available laws to your advantage to multiply your wealth:  tax exemptions, PEZA etc. foundation etc.  I will discuss more of this on next post.

8.  Believe in the power of compounding.