The short answer is through effort, attention, commitment, faith, the right mix of passion and dispassion, and most of all… TIME.
First, a word about WHY you should become as wealthy as you are capable of becoming…
“Man is born to live and not to prepare to live.” - Boris Pasternak
Building wealth takes EFFORT.
Without effort, wealth is not developed. Back in January we had the largest lottery jackpot in history - a jaw dropping $1,580,000,000. Winning any portion of that did and does not make the winners wealthy, it just means they have lots of money for the time being, and if they’re not careful it will soon be gone as if it evaporated into thin air. From the sidelines it’s easy to assume they are set for life, but spending money means MONEY OUT, and if there’s no influx of MONEY IN, then like a full tub of water whose faucet is off and drain is open, it will soon be empty -- it’s just a natural law.
The National Endowment for Financial Education estimates that as many as 70 percent of Americans who experience a sudden windfall will lose that money within a few years.
Winning the lottery is like suddenly filling up the bathtub with water, and spending money is like opening the drain. When the drain is open, water “effortlessly” flows out… eventually. Magical, isn’t it?!
Here’s the thing though, most of us have a little water in our tub, and for our whole lives, we been hustling to pump water in to match the rate of drainage. We’ve been maintaining our water levels rather than increasing our water levels. Even when we do increase our levels from time to time, the increases are not substantial or consistent, and we never get to stop pumping.
Winning big, like with the lottery, often has the effect of lulling people into the idea that they no longer have to monitor and manage their water levels, that they no longer have to pump water in. When they stop pumping water in, their tub steadily loses water. They only hope it drains completely after they’ve passed on to the great unknown.
We want to focus our efforts on increasing the rate of flow in to surpass (and eventually far surpass) the flow out.
Building wealth takes ATTENTION.
We are talking about a special kind of attention here. The kind of attention that’s on purpose and is backed by intention (notice the common root word). In other words, wealth doesn’t happen by accident -- that would be like grabbing a handful of sand, tossing it down on the pavement and expecting the sand to form a poem.
The first step in paying attention is noticing “that” you are and “where” you are.
“That” you are might seem obvious, yet people are running through life like headless chickens OR entranced in smartphone zombie-ism. To truly take notice that you are, take some time to reflect on your life, contemplate why you exist, and realize that while you are here for a relatively short time, you are here for a special reason. When you go into those reflective moments, remember to breathe, inhaling into the chest then the belly, then making your exhales long and smooth. This is relaxing, rejuvenating, and revitalizing.
At this point, it’s important to embrace truth and acknowledge where you are; and in this instance we’re referring to where you are financially. Face the facts and own it, whether you are broke or have money stashed away, it doesn’t matter, just own in. We have to know where we are so we can chart a path to where we want to be.
Here’s a quick and simple tool to determine your current financial situation, or to jump-start your money consciousness.
Building wealth takes COMMITMENT.
Like Will Smith said in an interview before, describing a story about him, his brother and father -- that you don’t set out to build a wall… instead you say to yourself “I’m going to lay this brick as perfectly as a brick can be laid” and if you do that every single day, soon you’ll have a wall.
Each month, commit to reviewing your finances. Become a student of your financial existence, and assume responsibility and control over your financial destiny. Remember, it is the Truth that shall set you free. Commit to saving a certain percentage of each paycheck so each month you accumulate a steady amount. Commit to laying them bricks to build the future you want. Commit to self-education on methods and means of investing and creating passive revenue streams. Commit to getting your flow in greater than your flow out.
“None but ourselves can free our minds.” - Bob Marley
Building wealth takes FAITH.
Faith is a deep word that is often misunderstood. Think about faith as an unconscious expectation, like when you are walking toward the car and someone tosses you the keys. You don’t think about gravity. Even if you didn’t have the word gravity to refer to that force, you’d expect to be able to catch the keys (assuming they were thrown properly) because they’d go up and then come down following an exact path of trajectory. Without mentally processing all of the physics involved, you just know what goes up comes down - you just know what’s going to happen so you can catch the keys. That is faith!
In the Yoga Sūtras of Patañjali, chapter 1 sūtras 20-22, the matter of faith (śraddhā) is described beautifully in terms of how far away success is and how long it will take to achieve it. It all depends on the amount of reverential faith and unshakable confidence a person has that she or he will achieve, as this will fuel that person with the necessary energy to show up with vigor and to persist when times get tough. When people are unsure about what they will get, they change their course of action thinking another way “might” be better. If they had confidence that the way they were going about it was going to get the results they truly desired, they would never change objectives.
The time it takes for our success and how close we are is proportionate to the amount of faith we have supported by the amount of energy we put behind it. If we have a mild amount of faith and apply a mild amount of energy, it will take longer than if we have an intense faith and apply intense energy.
Building wealth takes PASSION.
“The starting point of all achievement is desire.” - Napoleon Hill
If you listen to enough of Napoleon Hill’s recordings, like me, you will also hear him emphasize the importance of “emotionalizing” your desire. This is what Hill means by having a burning desire. This is true passion. To emotionalize a desire is to energize and magnetize it. It’s an essential ingredient to getting what you want, and by default accompanies the kind of faith described above. This kind of faith and passion go hand in hand.
Building wealth takes DISPASSION.
Hold on, first you say we need passion, now you are saying to have dispassion… what is going on here?!
Another often misunderstood thing, aside from the notion of faith, is “what people want.” Too often people think they know what they want -- they think they want a certain thing, when they really want the feeling they think the thing will bring. The trouble with this kind of thinking is that when we train our minds to focus on the object, we forget about the true goal which is the feeling. The feeling is something that is generated from within.
Above, the passion is not for the thing, the passion is for the feeling. We want to be dispassionate about getting the thing. If we attach our emotions to the idea of getting the thing, what happens if we don’t get it? We have an emotional wreck on our hands. Then what we end up emotionalizing (energizing and magnetizing) is negativity. Negativity is certainly not what we want to attract to us, so this is why and where we want to apply dispassion with regard to results.
Be dispassionate about what you get. It’s ok to want, but beware the pitfall of wanting. If you don’t get what you think you want, have faith that there is something better than you can imagine further down the road. Focus on the feeling!
Be passionate about what you do. This is where the ultimate high comes from, so do what you love to do! Vibrate higher!
Building wealth takes TIME.
“Patience and time do more than strength or passion.” - Jean de La Fontaine
When it comes to building wealth, like building walls, building takes time (and as they say, “patience is a virtue”). Building is an activity, and all activities take place over time. There’s no such thing as an instantaneous activity. Spontaneous maybe, but not instantaneous. With each brick we lay, we are exercising a muscle, and after time the muscles that are being exercised are made stronger, much stronger than when we began. Doing makes us stronger. We can either spend our time doing or not doing, and depending on what we choose we will either become stronger or weaker, wealthier or not.
Wealth Building Principles
Priority Money expenditures (beyond basic living expenses)
MAXIMIZE MONEY IN AND MINIMIZE MONEY OUT!
Here's to your R.I.C.H. Life!
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