5 Sure Steps To Wealth

  1. Live within your means
  2. Expand your means
  3. Keep breaking Parkinson’s law
  4. Utilize insurance
  5. Diversify

Step 4

UTILIZE INSURANCE /PROTECT YOUR PATENTS/ IMPROVE YOUR FINANCIAL INTELLIGENCE

The market is competitive. There are thieves that pilfer ideas. Every product results from an idea in the mind of the inventor – whatever the product. There are many people that look for opportunities to grab an idea, take it off the originator, pirate or modify it and flood the market with it. At the end of this process, the creator/originator of the idea loses out.

The way for producers and inventors to protect their ideas is to register them as patents. For example, Pharmaceutical companies reserve the right to their products for up to ten years before others are allowed to produce similar compounds as generics. Publishers register their books /magazines and uphold copyright laws in preventing unauthorized reproduction.

By the time you begin to expand your means, you are advised to insure every important asset that you own including the company you set up. This protects you from both natural and man made disasters that may come suddenly to destroy all you have been laboring for.

Insurance is legalized and near compulsory in the developed nations. In the developing nations it is largely ignored. As a result, many have seen their whole business crumble in a single day either by a fire incidence or through the action of fraudsters. Insurance is so crucial for the one who is willing to take the path to being wealthy. A Chinese proverb states that “to make money is like digging a hole with a nail; to lose money is like pouring water on the ground. You have to make it difficult for you to lose money. Otherwise you may have to repeat the whole process of making it again.

Insurance is not dependent on the insurance company alone. You would need to have good relationships with a competent accountant and/ or tax consultants. You need the accountant for proper book keeping and auditing of your company/ business accounts. Tax consultants would also help to safeguard your income from government agencies who are out to consume most of the income in the name of tax. Many a business are subjected to multiple taxation and levies due to the ignorance of the business owner.

The only business that keeps you free from the headaches of protecting your source of extra in come without the need for insurance is multi level marketing (MLM). With multi-level marketing, the parent company takes care of all the legal works, taxation and patents. The multilevel marketing business has produced more millionaires in the past decade than all other businesses. Every one who desires to own his/her own business and is ready to learn how to build one may start with being involved in one form of multilevel market or the other. Make sure the product to market is one that you have passion for.

Some dependable multilevel marketing companies I am used to are as follows. You may check out on some of their products.

Avenues to Wealth

Trevo Corporate

For more advice on multilevel marketing, you may check out Robert Kiyosaki’s book titled “The business School”

business school

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