Tyler G. Hicks' 10 Rules to Develop Your Wealth Power Now

The most successful home-business people I meet (and I meet, and talk to, thousands) start their business in their spare time to earn a second income. Soon the second income booms out, allowing them to work full time at home.

To build a second-income fortune you must follow certain basic rules. These rules have worked for millions of home workers for years. And they’ll work for you, too! I call these guides the Ten Rules to Develop Wealth Power. Here they are for you to use in your home business now:

1. Learn to work with people.

You have little chance of building a real second-income fortune without the help of other people. A few loners — usually inventors and authors — make big money without the help of others. But the biggest spare-time fortunes are made when a man or woman with ideas joins forces with talented people having
many skills. For example, Willis H. Carrier, who designed the first practical air-conditioning system, founded Carrier Corporation with the help of six engineers. Carrier was president and chairman of the firm for 33 years, during which time he had help from many of the six engineers with whom he founded the firm.

So, learn to work with people; you can’t expect to be an expert in everything. If your field is electronics you’ll probably need the help of accountants, lawyers, sales people, and production managers, if you go into business in your spare time. Learn to forget petty rivalries and get to like everyone. Then, do as the natural wealth builder does — when he or she needs help of any kind, he or she calls on a friend. Remember the friend you make today may help you make your fortune tomorrow. Knowing how to work with people can be one of the most important tools in your wealth-building kit.

2. Be decisive: learn how to size up situations quickly.

You can’t earn substantial spare-time money if you take forever to make up your mind. “He or she who hesitates is lost” is true in most business situations where a large number of people are competing for the same objective.

How do you learn to size up situations quickly? You use all your senses. You look, you feel, you listen; you smell and taste, if necessary. When you encounter a potentially profitable situation, forget everything else, including caution, and concentrate on the facts. Try to absorb as many pertinent facts as quickly as you can. Once you have all the facts in mind, apply your analytical judgment and cautious outlook.

Go over each fact, make a list of pros and cons if you can’t evaluate the facts in your mind. If you find one pro equal to one con, cross out each. Should two pros equal, in your judgment, three cons, cross out the five items. After a fast study like this with a pro-and-con balance sheet, you will quickly see which aspect of the situation is strongest because it will have the most factors remaining. Some people perform this type of evaluation mentally and make what appears to be a snap judgment. Actually, they mentally set up a pro-and-con balance sheet and quickly evaluate each of the factors in it.

Try to speed every decision you make. Don’t worry about mistakes. If you’ve been a slow decision maker in the past, you know that slow decisions can be just as wrong as fast ones. The main advantage of the fast decision is that it often permits you to take advantage of a situation before someone else does.

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3. Learn persistence — it pays off.

If you’ve been a quitter all your life, start changing now. Often the difference between making a spare-time fortune and going broke is a few more hours, days, or weeks of work. Why give up when there’s still a chance to succeed? Quitting early can lead you to one failure after another. You get so discouraged that you give up completely and the fortune that might have been, never is.

Do big money-makers give up easily? No. They pursue their objective until they achieve it. For example, Dr. Edwin H. Land, inventor of the Land Polaroid camera, tried over three million chemical formulations before hewas satisfied with the pictures produced. Dorothy Parker, one of the world’s great writers, often worked for hours to perfect one paragraph.

Persistence can make up for many other deficiencies a man or woman may have. Look around you today. Note that the people who have the most money often are not the most intelligent, the most learned, or the most artistic. Instead, the successful person is often a persistent plodder — a man or woman who knows what he or she wants and goes after it. His or her “intelligent” friends may even describe him or her as so stupid that he or she doesn’t know when to give up. Yet he or she often winds up with a spare-time fortune far exceeding that of all his or her “smart” friends.

Begin today to finish what you start. Don’t start anything unless you are reasonably sure you will finish it.
Begin reinforcing your persistence by finishing simple things, like reading this book. Then go on to more difficult tasks, completing each one. Every time you finish a task your confidence will grow. When you begin your search for wealth you will have more confidence and your chances for success will be much greater.

4. Be constantly alert for new wealth ideas.

Wealth won’t seek you out –you must seek after it. Begin today to apply this wealth-building rule. Resolve to make every task you per form a step toward building spare-time wealth. Read your newspaper with an eye for second-income wealth opportunities. Study the financial pages for clues to developments
that may lead you to wealth. Read the obituaries of wealthy men and women; you will often find helpful hints in the stories of the successes of these men and women.

Do your daily job with gusto and with the firm intention of turning out the best work possible. Keep a notebook handy at all times. Jot down each new spare-time wealth idea you find. Don’t try to classify the
idea when you first find it. Just enter it on a dated page in your notebook. Continue your notebook entries throughout the year, no matter where you are or how you come across an idea. Be alert for new second-income wealth ideas during all your reading, conversations, business meetings, and other contacts. For once you resolve to find new wealth ideas, your mind will be more eager for them.

It will be easier for you to trap and make a note of every good second-income idea you encounter.
Evaluate your notebook ideas at your convenience. Pick a quiet spot and review each page of your notebook. When doing this you may find that the ideas you collected are not directly useful to you. However, by combining two or more ideas you may be able to develop a valuable spare-time money-making scheme: Begin your campaign of wealth-alertness today. Back up your alertness with a good notebook. The combination can lead you to new money that will help build your fortune.

5. Recognize the rewards of risk-taking.

There is no safe way to build wealth. Recognize this fact today and your road to a second-income fortune will be much easier. You must take risks, if you expect to build wealth. If taking risks scares you, makes you jittery or unhappy, you will have to change your outlook. One way to do this is to take some extra
money you have — even as little as $100 — and invest it in a risky but promising venture. Mentally write off the money before you invest it. This will reduce some of your fear: Should the venture be successful you will be ready to invest more next time, with less apprehension.

The more risks you take to build spare-time wealth, the greater your chances of hitting it big. This doesn’t mean, however, that you should take all your savings and invest them in risky enterprises. Look, instead, for a speculative but promising venture. Then invest a portion of your funds in it. The exact amount will depend on your circumstances. But invest enough so you feel that you are really taking a chance. That way, your return will be somewhat larger if the second-income project pays off. Risk-taking is an integral part of building wealth. Recognize this fact today and you’ll be way ahead of others who hunger for wealth the “safe” way.

6. Never be ashamed to borrow money to make money.

Some of the largest spare-time fortunes are built on borrowed money. The natural wealth builder understands and uses credit to the fullest. He or she buys real estate with a minimum investment of personal capital. As a stock market speculator he or she uses margin whenever possible. Certainly,
borrowing money costs money. But if you can make money using other people’s capital, you can expand your profit potential far beyond that offered by your own resources.

People (banks, mortgage specialists, loan firms, and many government agencies) are in business to lend
money. They want you to borrow if you have a good credit standing and you intend to use the money for worthwhile purposes. Understand this fact of life and you’ll have fewer problems when you apply for a loan. Also, you’ll soon see that to borrow money to earn money is one of the smartest moves you can make as a spare-time fortune builder.

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7. Be time-conscious at all times.

“Time is money” is the famous remark of Ben Franklin. Time consciousness is directly related to spare-time wealth building. There has seldom without first recognizing the importance of time in his or her financial plans. Just think of a few results of being time conscious. You

(a) evaluate your efforts in terms of the financial return to you,

(b) see each day as a block of time to be devoted to building your spare-time fortune,

(d) set up time goals for achieving your second-income wealth aims.

Become time-conscious today. When beginning a new venture you’ll often find that, as one spare-time fortune builder said, “practically your whole life is going to be devoted to its success.” In the early days of a new second-income venture, you may work for as little as 50 cents per hour. Later on, when the venture is successful, you may refuse to work for anything less than $500 per hour. In the early efforts to establish the venture, your time-consciousness will tell you that the low hourly rate is worthwhile because you are establishing an equity. At a later date, with business booming, you may feel that your
health and golf game are more important than a spare-time income of $500 or more an hour. So don’t delay — resolve now to become time-conscious; for delay, as Alex Lewyt so wisely observed “is responsible for more failures, more lack of success than any other circumstance.” His outstandingly successful vacuum cleaner shows the results of avoiding delays.

8. Be a finisher: finish what you start.

Don’t give up; you almost always lose when you abandon your efforts before you finish the task you set out to perform. Spare-time wealth won’t run, walk, or crawl to you — you must go after it. If you quit when halfway to your goal, the money you seek will stay where it is and your pockets will be empty.
“Great works are performed not by strength but by perseverance,” said Samuel Johnson, who knew the secrets of accomplishing great works.

Begin by finishing every small task you start. Go on to larger undertakings, like preparing complex plans for your financial future. Don’t give up in the middle of your planning; complete the plans even though you must strain your thinking to do so. Remember: nothing worth-while is easy. Once you form the habit of finishing your tasks you will gain more self-confidence than you ever thought possible.

9. Develop your creative powers.

Spare-time wealth comes to the man or woman who can develop new ideas into products or services needed by others. Good ideas can be yours, if you develop your creative powers.

Recognize that you can become more creative by using these basic guides to develop creative thinking.

First, clearly define what you wish to achieve-for example, a certain sum of money, a home in a given area, or a boat of a certain size.

Second, list every possible way you might achieve your objective; don’t be afraid if some of the
methods seem far-fetched or even silly.

Third, when ideas stop coming, forget the problem. Do something completely different — go fishing, tramp through the woods, bowl, swim, read.

After this, wait — and be alert for the sudden flash of understanding that solves the problem for you; make an immediate note of the solution. Evaluate your idea at a later time, but be sure to put the idea into action as soon as possible.

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10. Visualize, once every day, what money can do for you and your family.

Try to see yourself with the money. Imagine the happiness you and your family will derive from the money you seek. See, in your mind’s eye, the bank books, stock certificates, real estate, and other possessions the money will bring you. Feel the money in your hands. Make it real — and you will acquire what you want.

Don’t play down the importance of visualizing the effects of wealth in your life. Every man and woman who has accumulated a fortune has a “money dream” that motivated them. This “money dream” kept him or her alert, ready to trap a new idea, method, or process that could be turned into wealth. Begin now to visualize, daily, your money dream.

Important Points to Remember

You must be happy in your own home business if you want to make it a big success.
You can choose a home business in which you actively work with your customers, if you wish.
Or, if you prefer to work alone, you can choose a business in which you rarely meet people. Such a business will give you the privacy you prefer.
And if you prefer to stay at home while you work, you can pick a business that doesn’t require you to leave home at all.
But if you enjoy working outside your home you can choose a business that will get you out to different job sites.
Many home businesses start as a second-income, spare-time effort. To grow strong and profitable, use the ten rules above to develop the wealth power described for you (and available to you) in this chapter.