The Golden Rules of Acquiring Wealth

Wealth

The Golden Rules of Acquiring Wealth

In the United States where there is more land than people, it is not at all difficult for persons in good health to make money. In this comparatively new field, there are so many avenues of success open, so many vocations which are not crowded, that any person of either sex who is willing, at least for the time being, to engage in any respectable occupation that offers, may find lucrative employment.

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Here are 10 ways that can help you acquire your wealth and maintain it.

  1. PRESERVE YOUR INTEGRITY

Integrity is more precious than diamonds or rubies. This advice was not only atrociously wicked, but it was the very essence of stupidity: It was as much as to say if you find it difficult to obtain money honestly, you can easily get it dishonestly. Not to know that the most difficult thing in life is to make money dishonestly!

Not to know that our prisons are full of men who attempted to follow this advice; not to understand that no man can be dishonest, without soon being found out, and that when his lack of principle is discovered, nearly every avenue to success is closed against him forever.

To get rich, is not always equivalent to being successful. “There are many rich poor men,” while there are many others, honest and devout men and women, who have never possessed so much money as some rich persons squander in a week, but who are nevertheless really richer and happier than any man can ever be while he is a transgressor of the higher laws of his being.

  1. DON’T BLAB

Some men have a foolish habit of telling their business secrets. If they make money, they like to tell their neighbors how it was done. Nothing is gained by this, and often times much is lost. Say nothing about your profits, your hopes, your expectations, your intentions. And this should apply to letters as well as to conversation. Business men must write letters, but they should be careful what they put in them. If you are losing money, be especially cautious and not tell of it, or you will lose your reputation.

3BE CHARITABLE Of course men should be charitable, because it is a duty and a pleasure. But even as a matter of policy, if you possess no higher incentive, you will find that the liberal man will command patronage, while the sordid, uncharitable miser will be avoided.

Solomon says: “There is that scattered and yet increaseth; and there is that withhold more than meet, but it tendeth to poverty.” Of course, the only true charity is that which is from the heart.

  1. BE POLITE AND KIND TO YOUR CUSTOMERS

Politeness and civility are the best capital ever invested in business. Large stores, gilt signs, flaming advertisements, will all prove unavailing if you or your employees treat your patrons abruptly. The truth is, the more kind and liberal a man is the more generous will be the patronage bestowed upon him. Like begets like. The man who gives the greatest amount of goods of a corresponding quality for the least sum (still reserving for himself a profit) will generally succeed best in the long run. This brings us to the golden rule, “As ye would those men should do to you, do ye also to them” and they will do better by you than if you always treated them as if you wanted to get the most you could out of them for the least return. Men who drive sharp bargains with their customers, acting as if they never expected to see them again, will not be mistaken. They will never see them again as customers.

  1. ADVERTISE YOUR BUSINESS

We all depend, more or less, upon the public for our support. We all trade with the public—lawyers, doctors, shoemakers, artists, blacksmiths, showmen, opera stagers, railroad presidents, and college professors. Those who deal with the public must be careful that their goods are valuable; that they are genuine, and will give satisfaction. When you get an article which you know is going to please your customers, and that when they have tried it, they will feel they have got their money’s worth, then let the fact be known that you have got it. Be careful to advertise it in some shape or other because it is evident that if a man has ever so good an article for sale, and nobody knows it, it will bring him no return.

  1. DON’T INDORSE WITHOUT SECURITY

 No man ought ever to indorse a note or become security, for any man, be it his father or brother, to a greater extent than he can afford to lose and care nothing about, without taking good security. Here is a man that is worth twenty thousand dollars; he is doing a thriving manufacturing or mercantile trade; you are retired and living on your money; he comes to you and says: “You are aware that I am worth twenty thousand dollars, and don’t owe a dollar; if I had five thousand dollars in cash, I could purchase a particular lot of goods and double my money in a couple of months; will you indorse my note for that amount?”

You reflect that he is worth twenty thousand dollars, and you incur no risk by endorsing his note; you like to accommodate him, and you lend your name without taking the precaution of getting security. Shortly after, he shows you the note with your endorsement canceled, and tells you, probably truly, “that he made the profit that he expected by the operation,” you reflect that you have done a good action, and the thought makes you feel happy. By and by, the same thing occurs again and you do it again; you have already fixed the impression in your mind that it is perfectly safe to indorse his notes without security.

  1. BEWARE OF “OUTSIDE OPERATIONS”

We sometimes see men who have obtained fortunes, suddenly become poor. In many cases, this arises from intemperance, and often from gaming, and other bad habits. Frequently it occurs because a man has been engaged in “outside operations,” of some sort. When he gets rich in his legitimate business, he is told of a grand speculation where he can make a score of thousands. He is constantly flattered by his friends, who tell him that he is born lucky, that everything he touches turns into gold. Now if he forgets that his economical habits, his rectitude of conduct and a personal attention to a business which he understood, caused his success in life, he will listen to the siren voices.

If a man has plenty of money, he ought to invest something in everything that appears to promise success, and that will probably benefit mankind; but let the sums thus invested be moderate in amount, and never let a man foolishly jeopardize a fortune that he has earned m a legitimate way, by investing it m things m which he has had no experience.

  1. BE SYSTEMATIC

 Men should be systematic in their business. A person who does business by rule, having a time and place for everything, doing his work promptly, will accomplish twice as much and with half the trouble of him who does it carelessly and slipshod. By introducing system into all your transactions, doing one thing at a time, always meeting appointments with punctuality, you find leisure for pastime and recreation; whereas the man who only half does one thing, and then turns to something else, and half does that, will have his business at loose ends, and will never know when his day’s work is done, for it never will be done. Of course, there is a limit to all these rules. We must try to preserve the happy medium, for there is such a thing as being too systematic. There are men and women, for instance, who put away things so carefully that they can never find them again. It is too much like the “red tape” formality at Washington, and Mr. Dickens’ “Circumlocution Office,”—all theory and no result

  1. RIGHT PLACE, RIGHT TIME

After securing the right location, you must be careful to select the proper location. You may have been cut out for a hotel keeper, and they say it requires a genius to “know how to keep a hotel.” You might conduct a hotel like clock-work, and provide satisfactorily for five hundred guests every day; yet, if you should locate your house in a small village where there is no railroad communication or public travel, the location would be your ruin. It is equally important that you do not commence business where there are already enough to meet all demands in the same occupation.

  1. LEARN SOMETHING USEFUL

 Every man should make his son or daughter learn some useful trade or profession, so that in these days of changing fortunes of being rich to-day and poor tomorrow they may have something tangible to fall back upon. This provision might save many persons from misery, who by some unexpected turns of fortune have lost all their means.

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