Everyone’s path to wealth is a little bit different. Usain Bolt can sprint his way to fame and fortune, but J.K. Rowling can’t. Then again, Ms. Rowling can make millions off a novel, whereas Richard Branson can’t. But Mr. Branson can make millions in business, which…you get the idea. The “secret sauce” is a little different for everybody. But the good news is, there are some general lessons you can take away:

1. Budgeting comes second

We’ve all been told that budgeting is important, and that’s true. Spend within your means, and save 20 per cent of your monthly income. But what happens if something crops up and you need money?

Say, for example, you need an extra $1,400 by the end of next month because your laptop broke. How are you going to get the money (without using credit or eating into your savings)?

For many people, their first ...