11/17/2023
What is a ?
It means you live your life in a way that creates long-term abundance and security.
When you’re focused on building wealth, you don’t need everything to happen right away.
has a great quote we can use as a precursor.
"Always seem patient, as if you know that everything will come to you eventually".
Creating requires a sense of urgency, dedication, and action, yes. But, mostly, it requires you to give yourself enough time to do the things necessary to .
It takes patience, the patience to become skilled, the patience to understand the marketplace, and the patience to take your earnings and grow them.
Patience is always the key. And when it pays off, boy does it pay off. When you have wealth, you’re in a position where you no longer have to do anything. You have time, freedom, flexibility, and options. Most people would like to build wealth, sure, but it’s psychologically difficult to reach that point.
That’s where wisdom comes in. Having sources of inspiration can help you stay the course when times get hard. Learning from those who’ve walked the path before you and have the knowledge to guide you will help you maintain the long-term momentum you need to win the wealth game.
Developing the skills necessary to build wealth is similar to the literal process of building wealth. Money isn’t the only thing that compounds. Your skills compound over time, too. The more diligent and consistent you are, the easier it is to stay consistent and the rewards are higher.
Most people overestimate how difficult the process will be from start to finish. They think the whole journey will be just as hard as it was in the beginning. They don’t realize that they’ll be able to get more output for the same level of effort later on.
Skills that were once very difficult become second nature to you. When you collect wisdom from different fields and disciplines, you create mental models in your mind that you can use to make important decisions, create unique ideas, and influence others to your cause.
Wisdom is the path to wealth. And it’s also something you simply can’t shortcut.
Follow the steps
Use the right source of motivation
Develop a proper relationship with money
How to think about success in business
How to think in a way that creates abundance
Don’t try to be smart, do this instead
Tying it all together!
Building wealth takes time. The most difficult part of creating abundance in your life is having to go through all of the small and repetitive steps over and over until you have a breakthrough.
But, with time, and a bit of luck, success in life and business is pretty much inevitable. Time has a way of decreasing the negative impact of luck and increasing the positive impact of it.
“When you are young, work to learn, not to earn.”
To have a wealth mindset, you have to stop thinking like an employee and start thinking like a business owner. The employee mindset teaches you to expect immediate gratification for your efforts, e.g., a paycheck. Ironically, the people who focus on money too soon end up making less money long term.
People who build a wealth mindset understand that skills come first. They work toward building expertise that can scale. Instead of focusing on simply getting a paycheck, they take the time to create or invest in something that continues to help them build wealth over and over again.
They create products, buy real estate, own intellectual property, and do other activities that have the potential to have huge payoffs down the road.
They’re dedicated to developing skills that can help build wealth like sales and marketing—both of which require sacrificing short-term progress for eventual results. Instead of taking a bunch of money upfront, they’ll often take time to intern and study under someone who knows the field well for little to no money. Why? Because they understand the things they learn in the process will be much more valuable than a big paycheck right away.
Money is an emotional topic. Many people have been misled to believe that “money is the root of all evil.” The full quote is actually “The love of money is the root of all evil.”
There’s nothing wrong with wanting to make more money. only has the context you give it. If you believe that you need to be unethical to build wealth, how could you possibly have wealth and abundance in your own life?
Money should be seen as a means to an end, not the end itself. When it comes to your attitude about making money, don’t look at the wealth in the world as a finite pie. You make money by adding value to the world.
Whether you’re providing a product, offering a service, or your money to help other companies grow, you get rewarded by being a positive asset in someone else’s life. Are there greedy and shady people in the world? Yes, of course. But you can build wealth ethically and honestly.
Once you do, you can use that wealth to continue making a positive impact on the people around you and the world as a whole.
When you have a wealth mindset, you understand a few simple concepts very well. You layer those concepts until you have a system you can use to get results.
You’re developing skills you know will pay off in the long run. You’re not too concerned with exactly when you’ll become wealthy because you know that with enough time, ideas, and ability to execute those ideas, something will work.
There’s no such thing as someone who builds a successful business or becomes wealthy without some level of failure or mistakes in life. But those mistakes and failures don’t matter because you realize that you only have to make a few smart decisions to be successful.
This runs counter to the way our education system teaches us to look at success and failure. A 50 percent grade in school means you’re a failure. But if you’re correct 50 percent of the time as an entrepreneur, you’d be filthy rich.
If you want to switch to a wealth mindset, you have to reframe the way you look at success. Success and perfection don’t belong in the same sentence.
I mentioned focusing on developing skills that scale for a reason. You only have 24 hours a day. You have to sleep and live your life, too. Continually trading your time for money, with no leverage, will make it impossible for you to build wealth. Focus on creating assets and don’t worry about the lifestyle others live.
Seek wealth, not money or status. Wealth is having assets that earn while you sleep. Money is how we transfer time and wealth. Status is your place in the social hierarchy.
Focus on creating one, or all three, of these levers:
Capital: You can use your money to create more money by investing.
People: Creating a business with employees allows you to create an income without having to physically be at your business all the time, or even at all.
Code: The power of the internet has made it possible for you to reach people across the globe, 24 hours a day. Think of something like an e-commerce store that can make sales around the clock, social media channels that can spread your reach, or search engine optimization to get your ideas and products in front of the people who want them. To build a wealth mindset, stop thinking in terms of hard work or even smart work. Think in terms of work that scales.
You don’t have to be a genius to build wealth. But you do have to learn to keep your emotions in check long enough to build wealth. In many ways, your brain is biased against the skills it requires to build wealth long-term, e.g., the inability to delay gratification.
And when it comes to different paths to wealth like building a and investing, you have to get an emotional grasp on important concepts. You can logically understand them, but logic means nothing if you can’t bring yourself to make the right decisions when it matters.
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