Many people believe that accumulating wealth is a random event. Or it is pure luck that determines who is wealthy and who isn’t.

It is true that occasionally someone wins the lottery or receives an inheritance and becomes wealthy. Usually immediate wealth is temporary however. Studies have shown repeatedly that most widows who receive a life insurance death settlement either spend, loan out, or lose the money they received within three years of receiving it.

In order to build wealth you must follow certain rules. In order to keep wealth you must follow those same rules. If you never learn the rules or don’t have the discipline to follow them, you will not build or keep wealth.

Here are seven steps to building wealth:

Step 1- Start Now

Step 2- Spend Less than your income

Step 3- Hire a Competent Financial Adviser

Step 4- Avoid Unnecessary Debt

Step 5- Follow a Sound, Long-Term Strategy

Step 6- Avoid Large Losses

Step 7- Be Patient