Are You Building Wealth or Just Accumulating Money?
Have you ever stopped to consider the difference between merely accumulating money and creating lasting wealth? Many people believe that having a pile of cash is the ultimate goal, but is that really what sets the wealthy apart?
I just finished watching a lecture from one of my mentors and he lays out a simple mindset shift that will help people who are just starting in their wealth bulding journey along their way to building wealth. And in this post, I want to share what I learned from him with people like you who have a burning desire to create not just wealth, but lasting, generational wealth. To achieve this, you must understand the true purpose of money and how to use it effectively. It’s not about how much you make; it’s about what you do with what you have.
The Purpose of Wealth: A Shift in Perspective
Wealth isn’t just about having money. It’s about having the freedom and security to live life on your terms and to pass that security on to future generations. Many of us are taught to trade time for money, working tirelessly to pay bills and buy the things we want. But this approach often leaves us trapped in a cycle of financial stress, never truly building wealth.
The key difference between those who accumulate money and those who build wealth lies in their understanding of cash flow, cash accumulation, and cash perpetuation.
Understanding Cash Flow vs. Cash Accumulation
Most people think that the purpose of money is to pay bills and buy things. They focus on income and expenses, believing that if they can just make a little more, they’ll be financially secure. But this mindset can keep you in a cycle of paycheck-to-paycheck living.
Wealthy individuals, on the other hand, focus on creating cash flow through income-producing assets. They understand that simply accumulating cash is not the path to wealth. Instead, they invest their money in assets that generate income, allowing their money to work for them even when they aren’t working.
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The Power of Delayed Gratification
Building wealth requires a mindset shift and a willingness to delay gratification. This means making sacrifices today for a better tomorrow. Instead of spending every dollar that comes in, wealthy people invest in assets that will generate future income.
Imagine if you had income-producing assets that could pay for all your bills. What if you didn’t have to rely on a job for your income? This is the power of wealth creation. It’s not about how much you earn per hour; it’s about how wisely you use what you earn.
How to Start Building Wealth
If you’re ready to shift your focus from merely accumulating money to building wealth, start by investing in assets that generate income. This could be anything from real estate to stocks to starting a business. The key is to create streams of income that can eventually replace your reliance on a job.
As you build these assets, your financial situation will start to change. Instead of your money going out the window to pay bills, it will begin to come back to you, creating a cycle of wealth that grows over time.
It’s Time to Think Differently
Creating wealth isn’t just about making more money; it’s about changing how you think about money. If you want to break free from financial stress and build lasting wealth, you need to start focusing on income-producing assets and the long-term benefits they bring.
So, ask yourself: Are you just accumulating money, or are you building wealth that will last for generations? The choice is yours.
Let me kick off by admitting that I’ve been flat broke previously.
I’ve had those times where I was altogether stressed about how I was going to pay the bills that were really past due!
And, likewise, I’ve had more than enough income to pay all my bills, purchase boats, autos and take vacations to exotic places.
I’ve had both of the experiences in a matter of weeks.
In this article, I’m going to explain, really simply, what I’ve done to produce more than enough income and more.
1. Make a Decision
You must draw a line in the sand. Arrive at a decision about your wealth.
Decide that from this moment forward you’ll attract more revenue and develop the habits that produce higher level of wealth for you and your family.
You have to be decisive about this.
You have to be thirsty for change.
You have to trust that you are able to do this.
Even if you’re frightened that this time won’t be different from the other times, you’ve made this decision.
You’ll take a few actions now that won’t let you slip out the back entrance on yourself.
What is it precisely that you wish to be different?
If you want more money to come in the door, how much and how frequently?
Do you wish an additional ten thousand this year or monthly?
Do you wish your business to gross an additional million or net an additional million?
When?
This month?
This year?
By next year?
You have to decide or it becomes one of those “someday” things.
If, an amount feels unreachable, then make it smaller, more realistic.
If the amount you’ve selected seems too small, then make it larger.
Above all, whatever sum of money you’re decided to create –
make a solid promise to yourself that you will do everything in your power to create it.
This is so easy, but this is where most individuals fail and as a result, they never create any level of success.
And one additional thing, it’s nobody else’s business what numbers you pick.
Some individuals may judge your numbers as being too little or large based on their own life.
As long as you feel firm about your selection and you’re not wimping out on yourself, go for it!
2. Develop a Vision…
What will you spend the money on?
A new car?
A new home?
A 2-week vacation to the tropics…
Once more, this is your money and you have to be emotionally attached to it.
So as you dream, see yourself driving your new car, living in your new home,
sitting by the beach.
If you’re going to save income, how much do you want to save?
Will you expand your business with some of this additional money?
Next, write down how this is will make you feel once you have achieved your goal…
Some of you will think that this step is a waste of your time.
Don’t skip over this step. You need to make this goal so real in your mind subconscious mind will be activated to making it a reality.
This step is essential.
3. Develop a Plan…
Once you have made a decision on creating wealth, you must next create a plan that will
allow you to reach your goals.
Write out the exact actions and habits that you’ll apply beginning now to support this goal of increased wealth.
You might only require a couple of actions. This isn’t rocket science.
It might merely be a matter of producing accountability.
You might already know what to do.
Or it might be about producing an entirely new relationship with money.
Dissect big actions into little steps so they’re digestible.
In order to reach your goals, you will have to serve lots of people…
So decide who is it that you will serve and how you will you serve them.
The more people that you serve, the more money that you will earn.
Determine how you can best serve people, then go out and serve as many people
as you can.
Determine what activities you need to take on a daily basis.
Write them down, and then make sure that every single day, those tasks get done!
This is called a DMO ( Daily Method of Operation ) .
4. Work Your Plan…
Once you have your plan, you must consistently do the activities
that will generate the income that you desire. Consistency is key.
You must develop the discipline to habits of taking action on your plan
every single day. Day in and day out. No excuses…
If you truly wish to have more money in your bank account and wallet,
print this out and follow the steps in the next twenty-four hours.
Consistency is key.
Never Ever, Ever Give Up…
Many people have nearly realized their dreams, but, losing faith in themselves and their purpose, gave up just short of achieving their goals.
Don’t let this be you…
Say to yourself over and over and over again,
“I will persist until I achieve”…
Recall the proverb of Solomon: “He becomes poor that deals with a slack hand; but the hand of the diligent gets rich.”
5. Over Deliver
Always do more than is expected of you. If you are selling a digital product for $10, make sure that it is worth $100?
By “going the extra mile”, you put the universe in your debt.
If you serve people well at lower cost points, they will tend to return to you and buy more expensive products and services
from you.
6. Stay Positive…
Unfortunately, we humans have a tendency to naturally focus on the negative aspects of life.
Men have met with monetary reverses, and committed suicide because they believed they could never overcome their misfortune.
But other people who have met even graver financial troubles have overcome them through sheer belief and perseverance, aided by a solid belief that they were doing right.
The only difference between these sets of people is their focus. One set of people focus on what they had lost, the other focused on their dreams
and what they could create.
Maintaining a positive mental attitude allows you to see the opportunities that are presented with every adversity.
Also, it is very hard to create positive outcomes if your mind is focused on negativity.
7. Take Responsibility
This is your life and your business.
Take responsibility for everything that happens in your life and your business.
By taking responsibility, you empower yourself to take the corrective actions that are needed to stay on course to your financial goals.
If, on the other hand, you put blame on other people or circumstances, you give those people and circumstances power over you.
You are the only person who cares about how your business is doing, so it is your responsibility to do whatever you (ethically) have to do to ensure the success of your business..
The Buck Stops with You!
Conclussion
Creating wealth in your life is really not rocket science.
I wish that I could say that the steps outlined above were of my own design, but they are not.
These are the steps that have been given us by those who have achieved wealth over the centuries.
They are found in the Bible, and in every success book or course that you will encounter.
Follow them and you will, in time, achieve the level of wealth that you desire.
Peace and Blessings,
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