How to Create Wealth

This is not an infomercial, believe it or not. This is simply the same advice that wealthy people have given their children since time immemorial. In order to create wealth, you need to identify a desire that other people have, and provide a convenient (for them) and profitable (for you) method of providing for them what it is that they desire. And if you are already providing something which is highly valued to someone, the next step in transitioning from simply being well compensated for your own efforts into being genuinely wealthy is to find a method by which you may assign others the tasks which you previously fulfilled, without having them simply go off and do the same thing you did in the past.

One of the tricks to all of this is to identify a trend in its early stages. If people had always been going to a river for water but pipeline systems have been developed somewhere, investigate building pipelines in every place possible. While you may only make a few cents in profit per transaction, you may very well make billions of transactions without having to do any but the early work. As well, if a technology looks to be intriguing, look into it. If you can put it into people’s hands in a way that they love, you will sell this technology en masse and reap a fortune.

Another of the tricks to building wealth is to establish barriers between your employees and simply going off to do it themselves. You can do this by working in businesses where there is a large cost and or legal barrier to entry, such as in building infrastructure for a municipality. Another way you can establish barriers is by finding employees who have diverse, singular skills- specialists tend not to be able to start entire businesses as well as jacks of all trades can. With their skills working for you, they’re no threat.