Basic Principles for Growing Wealth - Shaun Stenning

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According to Shaun Stenning, A Serial Investor and Entrepreneur. One of the goals many of us have is to grow our wealth over time. In many cases, it’s more about the financial security and the ability to live a comfortable lifestyle, than it is about racking a huge net worth.

Regardless of your goal, adherence to these basic principles can take you a long way if you want to grow your wealth over time.


Principles for Growing Wealth


1. Live Within Your Means

This is the most basic of basic financial principles. It comes up over and over again. However, it bears repeating. You can’t grow your wealth if you’re constantly overspending. The ability to grow wealth depends on having assets rather than liabilities, and when you live beyond your means, all you end up with are liabilities. Shaun Stenning said. 


2. Take Calculated Risks

It’s much harder to build wealth when you don’t take some risks. I’m not talking about trying to pick a winning stock and using a great deal of margin to try and make it big in one fell swoop. That’s more of a fool’s risk than it is a calculated risk.


3. Spend Smart

You don’t have to be a penny pincher in order to build wealth over time. It’s possible to spend a little extra sometimes and enjoy life. The trick is to spend smart. When you make purchases, make sure that you are getting true value.


4. Invest in Yourself

You are your own best asset. As a result, you should be striving to improve yourself. One of the things that set the financially successful apart is that they look to be educated, rather than entertained all the time.


5. Give Back

Many financial experts point out that giving is part of a well-rounded financial life. Many of those who are wealthy make it a point to give to charity and to give in other ways. For those who believe that blessings come from giving, this is just one way to be rewarded for generosity.


Bottom Line

"The foundation for growing wealth is a fairly simple one, but it’s not always easy to carry out your efforts. However, with a little planning, and by really thinking about your situation, it is possible to build wealth by sticking with a few simple ideas." Shaun Stenning

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