Keyword of all keywords when wanting to create wealth is the words "successful formula.
" The formula, for creating wealth would read something like this: Don't re-invent the wheel, find a need and immerse yourself in providing a solution.
Wealth will be based upon cost vs.
demand.
If you restructured the above sentence into a formula, it would look something like this: Passion + Opportunity = Success.
The trick, in my opinion, is that the actual formula has nothing to do with wealth.
Wealth is the end result of becoming passionate about providing a "great" solution to an existing problem.
So if wealth is as simple as a three word formula, why aren't more of us wealthy? Major Reasons We Lose Out on Wealth? 1.
We give up to quickly, before following through on a basic idea, which worked in our mind, while we were driving down the freeway! 2.
We listen to what others have to say and forget what we felt within our own hearts.
(Never share your goals, until they are bigger than you are and then, only to people who can help you achieve the goal) 3.
We don't yet understand that the commitment to the commitment, brings about success.
4.
Someone always convinces us that their way of earning financial security is better than our own.
5.
We don't research our basic idea.
6.
We expect success over night and when it doesn't happen we get discouraged.
7.
We bit off more than we can chew and become overwhelmed.
(Just do a little each day) 8.
We loose our temper, in certain situations, instead of learning from the situation.
9.
We partner with the wrong people.
Which of the nine mistakes are you guilty of? True this article only provides one formula, however, it is the formula used by some of the largest online corporations we have ever seen.
In fact one of the "online entities" actually use mathematical formulas to determine who and what goes where! Basically numbers don't lie.
If you find a large number of individuals who need a particular problem resolved, and you can resolve the problem with an affordable solution, you could be on your way to personal wealth.
This is NOT to say that some very good ideas, have not been side tracked by those who would rather "not" see a particular idea succeed.
This happens far more than you would realize.
The kind of personal wealth that I am speaking about, usually comes when another industry is displaced.
Example: Online consolidated airfare portals replaced many of the small travel agencies, which people use to rely on.
The horseless carriage displaced the horse and pony industry, as did the telephone slightly displace the pony express service.
E-mail has upset the snail mail industry, and soon the airlines, as we know it, will be slightly displaced by consumer space crafts, which will travel from San Francisco to New York in a little over an hour.