How to be rich

How to be rich

According to The Wealth of Nations by Adam Smith

In The Wealth of Nations, Adam Smith gave tips on wealth-generation:

  1. Build capital, not expense
  2. "Capitals are increased by parsimony and decreased by prodigality and misconduct." ​
    Wealth of Nations Book 2, Chapter 3

  3. Save your time and money or resources to keep on building your capital.
  4. Every country workman naturally acquires the habit of sauntering and indolent careless application if he changes his work and tools every half hour and works in 20 different ways every day. It makes him slothful and lazy, and incapable of any vigorous application. ​
    Wealth of Nations Book 1, Chapter 1

  5. As much as possible, do productive labour, not unproductive ones
  6. The whole annual produce, except for the spontaneous productions of the earth, is the effect of productive labour. ​
    Wealth of Nations Book 2, Chapter 3

  7. Be a risk-taker first, then be risk averse later

  8. In a profession where 20 fail for one that succeeds, that one should gain all that should have been gained by the unsuccessful 20. ​
    Wealth of Nations Book 1, Chapter 8

  9. Build your character (Trust, Integrity, Respect)