Wealth is almost universally appealing.
Even if you live a nonmaterialistic lifestyle, you can’t argue with the fact that more money would allow you to do more of what you want – whether that is traveling, starting new organizations or helping your loved ones out of tight financial jams. We live in a capitalistic society in which people envy and strive for wealth; whether you think this is “right” or “wrong,” it is the culture in which we live, and millions of Americans wake up each morning wanting to build a wealthy lifestyle for themselves.
Unfortunately, the path to wealth is not as simple as it seems on the surface, and traditional beliefs about building wealth are often rooted in misconceptions. Following these false assumptions can lead you astray and may even prevent you from making your dreams realities so it pays to know them in advance.
Surprising facts about building wealth
Keep these considerations in mind when starting your journey toward wealth:
- You are going to face lots of rejection and failure. As illustrated by Sam Ovens’ path to wealth and success, you are almost certain to face rejection and failure many times in many different situations as you work to forge a path to success for yourself. You will deal with critics of your ideas, get turned down by tons of prospective clients and may even brush with bankruptcy a few times along your journey. You have to be prepared for this or you may give up when you are faced with this reality.
- Anybody can build wealth from nothing. Because of our free market and the accessibility of resources available to every citizen, it is important to understand that anybody can build wealth – no matter what you started with. Socioeconomic circumstances make it more difficult for some people and may make people believe the dream of building a wealthy life is impossible, but anything is possible with the right drive and a willingness to learn. There is always a path forward even if it is not a straightforward or simple one.
- Money will not buy happiness. Too many people end up achieving their dreams of becoming rich only to realize that money has not made them any happier. Before you even start your journey, force yourself to consider what is truly important in your life. Building wealth can provide a more entertaining lifestyle for you and the people you care about, but only if the fundamentals – including love, satisfaction and purpose – are in place.
- There is no one way to build wealth. There is no single path to building wealth, and different people will prefer different strategies. You might want to start a business and expand it or come up with a great idea and sell it or work hard and save money from different jobs or make money investing in stocks or real estate. There are dozens of paths and combinations of paths you can take so look around and do some research to find the most appropriate path for you and your goals.
- You do not need to start with capital or a high income. While some things – like starting a product-based business or investing in real estate – do require substantial capital upfront to generate more wealth, you do not need a high income or existing wealth to build wealth. You can open an investment account with just a few hundred dollars or start a business for next to nothing if you know what type of business to start.
- There is no “typical” wealthy lifestyle. What look like wealthy lifestyles to you may be the results of people overspending with money they do not actually have. And you might be surprised to learn that the poorly dressed man who frequents your coffee shop actually has access to untold riches. There is no such thing as a “typical” wealthy lifestyle. You may idolize the fancy clothes, cars and homes of rich people, or you may prefer a simple life where you do not have to work. Everyone has different goals and different versions of paradise so do not buy into any one concept.
What to do from here
These facts and realities are nice to know, but what practical benefit do they hold? First, they can help you in your planning process. You can make different decisions or form backup plans based on what you realize about the path toward wealth. Second, you will be able to reframe your mind to prioritize what is most important in that path and become less affected by the challenges and obstacles along the way. Plan carefully and be prepared for anything; everyone’s journey is different, but you will need all the prep work and adaptability you can muster if you want to be successful.
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