One of the most common misconceptions in the world we live in today is that getting rich is some complicated process. This couldn’t be farther from the truth. In fact, there are really only three ingredients that are required to achieve impressive financial wealth and once you know them I guarantee you will never see wealth in the same way ever again!
One thing that you need to know about me is that I absolutely love food and because of this I tend to liken many of my financial lessons to cooking and eating. One of my favourite desserts is cake and if you’ve ever baked a cake you’ll know that there are four key ingredients: eggs, sugar, milk and flour. Unfortunately, missing any one of these ingredients will lead to less than optimal results. For instance, your cake won’t hold together without eggs and your cake will be bland without sugar. Moreover, forget the milk and your cake will probably get stuck halfway down your throat because it’s too dry.
Well, the same concept can be applied to becoming wealthy. You can have two elements in place but without the third, you will never achieve the financial results you aim to obtain. What are these elements? Well, without spoiling them all right away, I can tell you that the first piece of the wealth pie you must have in place is value.
Value is a term we hear all the time but what is value really? By definition, something has value when it is desired by others. For instance, we know that IPhones have value because people line up outside the Apple store every year to buy the newest model. Alternatively, the internet has value because it allows us to work remotely, Facetime our family or watch cat videos our aunt sent us on YouTube.
Now, beyond probably having watched a cat video or two on YouTube, you may be wondering how value relates to you and your wealth building journey so let’s talk about that now. Whether you realize it or not, for years, you’ve been putting in the work to raise your own value as a person. Remember all that school you’ve done? That’s you adding value to your own offering to the world and it’s the same reason that young adults spend tens of thousands of dollars on college every year because they know that they can raise their value and trade that value to future employers by getting a post-secondary education.