Configuration Failed: Failed to create the configuration database in SharePoint Products Configuration Wizard

Problem:
Experiencing "Configuration Failed" error message while running SharePoint SharePoint 2013 Products Configuration Wizard right after new installation/patching. It got stuck while performing configuration task 3 of 10. Creating the configuration database...

Which ended with an error message:
"Configuration Failed: 
Failed to create the configuration database.
An exception of type System.Security.Principal.IdentityNotMappedException was thrown. Additional exception information: Some or all identity references could not be translated."

Solutions:

• Make sure SQL Server is running on a service account which is granted with local administrator access rights! (Not running on accounts such as: local service, network service!)
  If so, update the Log On account of SQL Server Service in your database server.
  
• Check TCP/IP and Named Pipes protocols are enabled in SQL Server. 
• Check your Firewall. Turn it off for time being. Check your event logs for any antivirus related blocks.  
• Make sure your setup account (or the account you are currently logged in and running the SharePoint Products Configuration Wizard) is granted with : dbcreator, securityadmin and sysadmin access rights in SQL Server.
• Check the application pool identity for "SharePoint central administration" site! It should be your Farm account and not  "network service"
• Do not use your service account username has with more than 20 characters (SharePoint uses the pre-windows 2000 username)
• If all fails, Run PSConfig command line, and then Try running the Products configuration Wizard GUI again!
  psconfig -cmd configdb <-create/connect> -server <db-servername> -database <database name> -user <service-account-username> -password <password> -admincontentdatabase <content database name>
• Delete the config database in Database Server. Delete the Central admin site and App Pool in IIS. and try running the wizard again.

Run the SharePoint Configuration wizard again, after fixing with the above workarounds.