When it comes to the world we live in today, money is as important as it’s ever been. We need it for food, we need it for shelter and while I hate to say it, the amount of money you have denotes your place in society. It’s for this reason that so many people place the accumulation of money as the focal point of their life but should they? Let me fill you in on how the 1% approach wealth accumulation so you can have your eyes opened to what it really means to be wealthy!
We all know that money can be made in a plethora or ways. For instance, some people gain their money through an inheritance, some through long-term investing and some create businesses that literally change the course of history. Moreover, we all have different views of money based on how we were raised and the life experiences we’ve had to date. For example, I grew up being taught the importance of frugality and as such I am an extremely conscious spender. Contrarily, one would argue that a trust fund baby may be more loose with their money because they’ve had that money handed to them so they may not have as much regard for its value. This is all to say that money means different things to different people and how we accumulate that money will vary as well.
Two Forms of Wealth Accumulation
You see, the average person goes about accumulating wealth in one of two ways. The first person, and the one who likely will never have any real financial wealth, aims to stash away whatever scraps are left at the end of the month. This is the person who you always hear complaining that they have no money yet they always have the newest iPhone and go out to dinner three times a week. As I said, this person will likely never achieve true financial wealth because they’ve put acquiring short-term financial pleasures over real wealth accumulation.
Then, there are those who understand that becoming wealthy takes two things: hard work and patience. Most people don’t make their riches overnight nor do they make them on a whim which means that getting to the point where they have an overflowing bank account will take time. This generation of wealth comes from consistent investing or building a business. Now, while this second type of person has infinitely higher chances of becoming wealthy over the first, there…