There are a whole lot of ways to make money in this world. You can gamble, you can steal, you can work really hard day in and day out (my recommended route). But it seems like no matter how hard people work, they get stuck in the following circle forever:
Go to work
No wonder everyone wants to find a way to “get rich overnight” and escape the rat race. The only problem is that no matter how much money I give someone with bad money habits, they will ALWAYS BE BROKE and stuck in the hamster wheel. If you are mentally poor, there is no amount of overnight money that will make you rich.
So where am I going with this? I want to tell you that building serious family wealth does not happen overnight. In some VERY SUPER RARE cases, it does. But those are by far the exception, not the rule. If YOU want to build wealth and put yourself on the path of financial freedom, here is some sobering but honest news: it takes time and hard work.
In The Millionaire Next Door the author describes the average millionaire in America. No, it doesn’t look like a Kardashian or a Lebron! The average millionaire is a blue collar employee or a small business entrepreneur. The individual or couple consistently contributes to a 401k/IRA, has a paid off house, and drives a used car.
“But I need to lease my BMW 320i for $400/mo (before insurance, gas, and tolls) because of the amazing massages and heated/cooled seats with automatic stop-start at red lights. I couldn’t drive anything less”
That person is poor. They probably live paycheck to paycheck. Why? Because no matter how much they get, they will ALWAYS need the next new thing. There will never be a feeling of content. There is always someone else to one-up.
I say figure out what YOU need to be happy. If that is a new car every 3 years, fine! (I advise you to check out my article on cars, by the way) But that means you should cut back in other areas like food, housing, or travel. If you want to travel more, maybe you shouldn’t drive the brand new BMW every 3 years (a used one would be a better option!) because it’s just going to sit idle at home while the insurance and lease payments rack up.
Life is all about balance, and it is no different when it comes to money. So if you want to seem like a millionaire now, you will pay the price later. If you want to be a millionaire later, you have to make some concessions now.
The path to wealth is like the path of a glacier, slow and steady while being an immovable forced at the same time. If you’re interested in going down the path of investing and building wealth for the long haul, I have a great post on that called The Glacier Approach to Investing. It has actionable steps that you can take right this second to start building wealth. If you have any questions at all, or would like to talk some more advanced topics (trading stocks, options, forex, etc) please reach out! If I get enough of a push from you guys requesting more advanced topics, I will gladly cover those.
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P.S. New blog posts coming your way every Monday!
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