Do you know how to think like Wealth Builders? Is your success measured by how hard you work and the money your labor brings? Maybe the size of your house and the type of car you drive is an indication? Perhaps you’re concerned that someone will come along and “steal” your wealth?
I remember my early career when I had a problem answering these questions. I thought that wealth was money, expensive cars, fine clothes, big houses, jewelry, and many other things that could be bought. Even worse, I saw many of my friends getting all of these “things”, and since I didn’t have them I felt that I was somehow left behind.
Imagine my surprise (and relief) to learn that my ideas on wealth creation were completely wrong. Wealth builders have completely opposite thoughts about what it takes to secure their futures. In discovering this, a few points became glaringly evident.
The following is what wealth building is NOT:
First, wealth is not your job. On your job you trade time for dollars and you only get paid one time per event. Every time you desire to get paid you have to go back to work. Wealth builders build a “money pipeline” one time, and it pays them many, many years into the future.
Secondly, wealth is not just money. Even if you had millions of dollars in cash, if you simply put it in a pile and lived off of it, you would eventually run out. Wealth creation involves your money working for you to create other entities that make more money for you. This cycle can repeat itself indefinitely to financially secure multiple generations.
Thirdly, wealth is not houses, cars and other things you can buy. Though these things can be bought with wealth, their mere presence most often is not an indication of one’s wealth. Most people that possess an abundance of these “doodads” are either over extended, have misplaced priorities, or are laden with debt.
Lastly, wealth cannot be stolen. No one can simply hit you on the head and steal your wealth from your pockets; it can’t be even carried in your pockets. Wealth involves building income-producing entities that have sophisticated legal structures to protect them from theft and govern their ownership.
I’ll let you in on a secret, Wealth builders are long term thinkers that build a foundation today to protect their future generations for many years to come. They have but one common theme:
Wealth Building is all about Assets!
Assets are things that put money “in” your pocket, and builders of wealth spend a lifetime acquiring them. As we proceed forward you will discover that perhaps this should be your focus as well. Since Wealth Builders have shaped the fabric of every society since the beginning of time, you should find the information both enjoyable and enlightening.
To facilitate your learning I’ll update this blog for you on a regular basis.
Enjoy yourself as you continue your journey of Business and Money!