The Leverage to Become Wealthy. Believing In Yourself to Achieve the Impossible.

You know I once asked a very wealthy VP of a Fortune 500 company what inspired him to be wealthy and his answer shocked me. “Money is a game and the man with the most notches on his belt wins.” This threw me back. I was in my late teens and wanted to become financially free because I never grew up with much to begin with. And when I mean nothing much, I mean zero. Yet after hearing this person tell me his response to his wealth plan, I looked deeper at him and frankly, he didn’t seem all that happy and the sense of incongruence in his life was apparent. He was out of shape and had a look in his eyes of anger. I could tell that he had crawled over many bodies to get to where he got. At that moment, I thought being financially wealthy took putting yourself first and tramping over people. It also meant that being wealthy meant putting the love of money ahead of everything. It was a conflicting time and made me reevaluate my views on money.

A few years later, I met a very wealthy businessperson who gave back to her community, had a large circle of friends, and always seemed to be abundant in so many other ways. I sat down and asked her the same question and what she told me has stuck with me ever since. “Wealth is simply a vehicle to magnify your deeper personality traits. If you are a good person, access to resources will only make you a better one. If your nature is negative, it will also magnify your unhealthy attributes on the downside. Wealth has the ultimate power of leverage.” Nothing is truer about becoming and deciding to become wealthy. It is a magnifying glass into your soul. I have tried to model myself after this philosophy and never forgetting that money is simply a means to achieving larger and greater things in life. After all, if the only reason you are pursuing buckets of money is to swim in it like Uncle Scrooge, you may find yourself the richest man in the graveyard.

Uncle Scrooge

In my own personal journey toward financial freedom, I dug deep into my soul and realized that having an abundant life in all regards was going to be important to me. Making sure that I workout and eat right to ensure that I keep myself in the best shape possible. Push myself each and everyday to learn and grow. Seek for ways to ensure that financial prosperity is a must in my life. That is key. You must make it a must to be financially prosperous but you must also find a deeper reason to do it or you will give up when the times get tough. Maybe you want to ensure that your family is well provided for even should you lose your job or become ill. Maybe you want to give back to your community. Maybe it is the sense of security that will come once you decide to become financially free. Ultimately, your mission for financial success must have a strong enough “why” or you won’t find the means to achieve it.

You aren’t rich when you hit a certain savings point. You are rich the day you decide to be rich. Being wealthy is a state of mind. Those that figure out deep down the reason for being financially secure and if it is a compelling enough reason, will find every method to become wealthy. I remember reading in The Millionaire Next Door, a fantastic book that profiles America’s millionaires that 80 percent of those surveyed where first-generation affluent. In other words, they are the first people in their family to become financially independent. Most do not own BMWs or Porsches of the current year, they do not wear $5,000 watches, and they don’t live in overly priced McMansions. They aren’t misers either. They wear $500 watches, nice suits that don’t go over $1,000, and have an average net worth of $3.7 million. The average age is 57. They live below their means. The idea of the millionaire that the media portrays is contrary to the actual statistics since it is more exciting to see the .01 percent of the population that are entertainers, athletes, or CEOs. These people make well in excess of $2 to $10 million a year and are in a different ball game. Yet many of the millionaires in the U.S. make somewhere from $75,000 to $200,000 a year. The way to become wealthy is to live within your means, invest wisely, and make it a must to become financially independent. The media would like you to believe that everyone that drives a foreign car, wears an expensive suit, and has 10 different credit cards is the picture of financial prosperity when in reality they are simply spending tomorrow’s fortune on today’s instant gratification. It is a cultural problem that is rather pervasive.

You must find it deep inside yourself the reason to be wealthy and you can achieve it. Becoming financially independent is not impossible but with hard work, hope, and a desire for this freedom, you can do it. Your mindset is just as important as your investments.

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4 Comments on this post

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  1. Weekend Roundup | The Wisdom Journal wrote:

    [...] Budget 360 wrote a fantastic article on Believing in Yourself to Achieve the Impossible. My favorite part: “Wealth is simply a vehicle to magnify your deeper personality traits. If [...]

    January 12th, 2008 at 2:13 pm
  2. The Art Of Leverage. | 7Wins.eu wrote:

    [...] Technology Investment Physics Law — Leverage — Most Misunderstood BawldGuy TalkingMy Budget 360 | The Leverage to Become Wealthy. Believing In Yourself to Achieve the Impossible. Tags business idea small business plan small business business business consulting business plan [...]

    June 20th, 2008 at 3:50 am
  1. Ron@TheWisdomJournal said:

    Fantastic post. You showed a lot of maturity at that young age by even asking the question.

    “Wealth is simply a vehicle to magnify your deeper personality traits.” That is so very true. It made me remember another saying that people are like tubes of toothpaste . . . put enough pressure on them and what they are on the inside will come out.

    Thanks for sharing this post.

    Wishing you the best,

    Ron

    January 8th, 2008 at 6:19 pm
  2. mybudget360 said:

    Hello Ron:

    Thanks for the reply. I’ve tried posting a comment on your site but was unable to do so.

    Love that metaphor! I’ll never look at toothpaste in the same way.

    Becoming wealthy takes courage and it also takes the ability to go against conventional wisdom. Sadly I think the buy and hold philosophy will be turned on its head for the next few years. So many people are heavily positioned in certain sectors thinking that buy and hold is the only way to invest. I’m not talking about daytrading but keeping an eye on sector evolution. Always important to keep an eye on the ball.

    Cheers

    January 11th, 2008 at 11:45 am

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