THE
DEFINITION OF WEALTH by Brian Tracy
If
you want to be wealthy, you must understand what wealth is. Here is the
best definition of wealth you will ever find. Wealth is "Cash flow from
other sources."
MAKE
YOUR MONEY WORK FOR YOU
What
this means is that you are not wealthy just because you earn a lot of
money. You are only wealthy when your money works for you. To become
wealthy,
your main job is to acquire money and then put it to work making more
money
for you.
ADD
VALUE CONTINUALLY
The
key to creating wealth is simple. It is called "adding value."
Successful
people are those who are always looking for ways to add value in some
way
to a person, a company, a product or a service.
DO
IT FASTER
Here
is an example of adding value: Domino's Pizza. The founders of Domino's
Pizza took a common food, offered by thousands of little restaurants
and
added a value to the pizza by delivering it more rapidly than anyone
else.
The added value of speed enabled Domino's to create a billion dollar
empire
and made the founder of Domino's, Tom Monahan, one of the richest men
in
the world.
BUY
IT CHEAPER SOMEWHERE ELSE
Another
way to add value is to buy something in one place at one price and then
make it available in another place for another price. For example,
buying
a product or service manufactured in Europe or Asia, importing it to
the
United States and making it available to people to whom it was not
available
before, is a way of adding value for which you can charge a higher
price.
IMPROVE
THE LIFE OR WORK OF OTHERS
All
manufacturing and marketing is based on this principle of added value.
All importation and distribution aims to add value. Performing a
service
that enhances the life or work of another person adds value. A dentist
who takes away pain is adding value. An accountant who saves a client
money
on taxes is adding or actually creating value. A salesperson who
introduces
a new product or service to a customer that helps that customer in some
way is adding value. All financial success, especially business
success,
is based on adding value. It is based on the old saying, "Find a need
and
fill it."
COMBINE
AND RECOMBINE THE ELEMENTS OF VALUE
All
successful business is based on someone bringing together the factors
of
production, such as labor, capital, raw materials and management, and
creating
a product or service that a customer will pay a price for that is in
excess
of the cost of producing it.
HOW
FORTUNES ARE MADE
Adding
value is the way that all fortunes are made. Whenever you see an
opportunity
to give people what they want at a price greater than it costs you to
produce
that product or service, you see an opportunity to make a profit, build
a business and begin moving toward financial success. Almost any
business
or occupation can make you financially independent if you can find a
way
to add enough value.
ACTION
EXERCISES
Now,
here are two actions you can take immediately to add more value to your
time and activities:
First,
take the time to be absolutely clear about what it is that people want
and need to improve their lives and work. The more clear you are about
their real needs, the easier it is for you to satisfy them at a higher
level.
Second,
look for ways to add value to what you are doing every day in every
way.
Never be satisfied with the status quo. One small idea to add value can
be the starting point of a great fortune.
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