There are distinct ways in which you can build wealth. Investments, Sales, and Entrepreneurship. There are no if and are buts. BUT, let me clarify something that I did not mention in the video. There is a difference in being rich and being wealthy. Just like there is a difference in being in love and having unconditional love for somebody. Wealth is unconditional and transferable across generations. Wealth becomes its own entity. Wealth gives you abilities and opportunities to live without a budget.
Yes, I do understand there is a limit to how much money you can spend no matter how much you acquire, but essentially wealth doesn’t require you to work anymore.
Since I have explained the difference between riches and wealth, I will now describe the two types of wealth. It is important to make the distinction between which level of wealth you wish to achieve because this will dictate your actions and influence your income producing trajectory. The two types of wealth are lifestyle wealth and lifetime wealth.
There is a particular way that you want to live. That lifestyle differs from mines and my ideal lifestyle differs from everybody else. As individuals, we each have an individual dream life that we would like to live and typically that dream requires some finite amount of money.
In other words, we want to live comfortably within our dream bubble without having to actively generate income forever in order to sustain it. This is what we call building lifestyle wealth.
Just being able to retire does not make you wealthy. Making over $150,000 a year, putting you in the top 1%, does not make you wealthy. Having a distinct vision for how you always wish you could live, achieving the money to buy it, and creating a circumstance that allows you to live the rest of your days no matter how long within the comforts of your dream lifestyle without the threat of possibly running the funds to support it all. And as you know, your dream lifestyle can be as small or as glamorous as your heart desires, just as long as your pockets can match it.
When we talk about lifetime wealth, we are talking about big money. This is where the true ballers live. In the mansion, on the yachts, flying across the world in their private jets. It’s a wonderland of adventure and a seemingly endless bag of opportunity. It’s rare to find and highly difficult to achieve. Is it worth the effort, not for everybody, but it apparently is for some
Lifetime wealth is the type of money structure that is almost impossible to destroy. I’m talking billions. I’m talking money that can easily be passed down from generation to generation and even through to your extended family. But billions on its own won’t guarantee that your wealth to stand the test of time. Unless everyone in your family is conservative and intelligent spenders, you can usually find at least one person who is a risk taker. This is where it becomes imperative that you not only have the money to by virtually whatever you want at whatever time, but to also have an establish system that will replace if not exceed any and all expenditures.
Who are examples of people with lifetime wealth? The Walton family that owns Wal-Mart. Bill Gate, the CEO of Microsoft. Mark Zuckerberg, the genius behind Facebook. Michael Jordan, the iconic figure of Nike. Oprah Winfrey, one of the most influential women of our time. These are a few of a small group of elite persons who have enough money, power, and structure to live a thousand lifetimes. Was that their intention? Do they need that much money? Would they be happier without it? I don’t the answer to these question, but I do know that they have accrued an astronomical amount of money that make life a game and no longer a fight for survival.
They day or days, probably years, that you acquire wealth will not be the days that you begin to live. It is the day that you decide to take the step towards building wealth for yourself that your real life begins. Good luck.
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