Are you familiar with the Law of the Farm? The farmer has to ① Prepare the field, ② Plant the seeds, ③ Nourish the soil, seeds, plants ④ Provide protection to the plants ④ Watch over the crops regularly and ⑤ Harvest only when the crop is ready. The farmer cannot plant the seeds one day and expect to harvest it the next day! He is also aware that each stage requires different activities and the time for each stage depends on the crop.
Similarly in creating wealth, there are stages to it, each stage requires different activities and the time for each stage depends on the wealth you are creating.
THE STAGE PRINCIPLE — Wealth is best built in stages; it is not built in a moment or overnight
What are these stages?
I - PREPARATION
Planning, start with your job, budgeting, saving, being frugal, investing in your own learning and getting out of debt.
II - SINGULARITY
Increasing income, engaging in a talent search to discover your singularity, deciding about direction, establishing your Self as a Wealth Creator and access the right states.
III - COLLABORATIONS
Developing your integrity to your vision, living your principles, enjoy adding value in your area of competence and building your team.
IV - BUSINESS LAUNCH
Creating your business plan, finding your business partners, managing risk, seeing and seizing opportunities, developing your team, branding, marketing, selling and living your principles.
V - DEVELOPMENT
Specifying your supply line, expanding business and colleagues, continuing to develop your financial intelligence, developing multiple sources of income, persisting patiently and staying the course.
VI - INVESTMENTS
Identifying investments and access courage and resilience for investing.
VII - EXIT STRATEGY
Developing a plan for exiting the business and creating a legacy with your money and investments.
Each of the stages requires different skill-sets. Each stage will be shorter or longer for different people depending upon mastery of skills. Have you noticed how some people failed in a business venture and recovers faster the second or third time around? Having the right competencies for the stages accelerates the execution of each stage.
Here are some questions that you need to answer for your Wealth Creation:
How long will it take you to create wealth?
How quickly can you become wealthy?
How patient or impatient are you?
What plans have you developed for your wealth-creating?
How much time will you give yourself for this project?
I hope that these are useful to you. I hope that you are appreciating and enjoying the details here. It is not just about hoping and wishing. It's about taking small, deliberate steps, one at a time. "The devil is in the details", they say. Let's get into the details and chart out a wealthy future for ourselves!
Thank you.
M Marzuki Mohamed
#insideoutwealth #resilience
Photo by David Bartus from Pexels: As I gaze upon this lavender field under a pink sky, I am reminded of the Law of the Farm. To enjoy a bountiful harvest, the farmer has to prepare, plant, nourish, protect, watch over and then harvest. Creating Wealth requires me to be mindful of the stages too.