Wealth has certain distinct characteristics. These characteristics are related to the economic significance of wealth they are:
Wealth posses’ utility: Any article which is useful to an individual or a family or a society only can be considered as wealth.
It is in limited quantity: Wealth is scarce or it is limited in quantity.
It is external to human beings and is transferable from one person to another.
It is capable of being appropriated: Which means some persons or all persons can possess and enjoyed personally to the exclusion of others.
Accumulation of wealth: Accumulation of wealth can be achieved through inheritance of property from parents or ancestors. Wealth can be accumulated through personal savings, proper planning of one’s earnings. It can sometimes be accumulated through sheer luck like lottery income etc. However wealth can be accomplished through proper management and with a proper plan or goal. Pattern of Accumulation of wealth: Generally wealth is accumulated unconsciously during the first stage of most of the family’s life cycle. A typical family satisfies the needs for food first. Purchases household equipments, buys a housing unit and adds luxuries to that. Accumulation of wealth requires planning and decision making. Judgements are difficult to make in financial matter because mistakes are costly are often affecting the quality of life and family structure. Wealth requires more than planning a continuous management to bring satisfaction to its owner. Too many people wait until they are out of money and then wish savings had been accumulated. It is when the person is out of job or he is just taken a cut in pay that the importance of wealth can be most evident. Security cannot be built on wishing, but build on will power. Building and maintaining wealth is the managing dream into realities. Wealth can be accumulated and controlled through the application of management processes.
Participants