These time-tested rules are often overlooked.

You have likely consumed an enormous amount of content on this topic perhaps looking for the magic formula to more riches than some dare to dream. I suspect that after reading all the books, articles and carefully listening to the podcasts and interviews of truly successful people you have also, like me, come to the inescapable realization that there is no magic lamp to rub when it comes to creating real wealth.
Though there is no lamp to make stupendous wealth magically appear, there are some basic rules to follow. These rules are time-tested universal truths of real wealth creation and you can apply them in your unique situation, on any scale and they will work for you.
These are sacrosanct, timeless rules proclaimed by countless successful, moneyed individuals who dutifully observe them to great success. They are, therefore, the golden rules which, you should take to heart too if you wish to tread a similar path and make your dreams come true.

The rules

The most important rule is: knowing where not to venture into. Like those get-rich-quick schemes that promise you fantastic gains. The smart ones resist the urge to jump into these schemes. Rather, they invest in reliable and growing ventures that will ensure a steady return even if the amount is not as fantastic as the get-rich-quick schemes.
They know that those schemes are designed to enrich their creators and operators, not the gullible ‘investor’. And as correctly observed by Larry Burkett ultimately force you into 3 fatal errors:
-you get involved with things you do not understand;
-you risk funds you cannot afford to lose, and
-you also make hasty decisions.

Before you venture into a business, familiarize yourself intimately with any risks or pitfalls that you may encounter. This is not to say successful people don’t take risks. On the contrary, they have to. After all, you cannot win if you do not play.
However, they are always prepared and they approach such risks after careful planning and preparation.
“You don’t climb mountains without a team, you don’t climb mountains without being fit, you don’t climb mountains without being prepared and you don’t climb mountains without balancing the risks and rewards. And you never climb a mountain on accident — it has to be intentional.” -Mark Udall

The next rule mandates that you seek out people with actual expertise, experience, and accomplishments in the field. This is of the utmost importance for any type of venture you have decided to be invested in. If you take advice from just anyone you are very likely setting yourself up for a fall.
“Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.” -George S. Clason

Read the rest here: https://medium.com/an-idea/5-easily-observable-rules-of-creating-wealth-5ea06f1b8022