If money can fix it, it’s not a problem!
Many people believe money is the answer to all their problems. That if they had millions, life would all be peachy because they don’t have the financial stress.
While this is true to a degree, money can't fix bad health or a broken heart from a romance ended. Money can't cure the grief from the death of a loved one. Money can't drive out your demons but can help feed them with drugs and fine liquor.
Money can’t buy love, or real friends. It can’t install in you values such as integrity and honesty if you don’t already have those. Money is an amplifier - if you are kind, generous and treat others with respect whilst aiming to do good in the world - you’ll do more of this with money.
If you behave like an a**hole to people, then having money will just amplify this.
Money won’t solve all problems but it can buy you time. You can pay someone else to do certain tasks which allows you more time to enjoy your family, participate in hobbies, take holidays, go on a retreat. You can purchase more reliable, comfortable, and useful items to make life less stressful.
Without money to spend you have to perform all tasks associated with your business - alone. Having money allows you to purchase specialised labour, to be able to outsource and to delegate. Nobody is working for a business for free so the money used to delegate actually does buy you the freedom to do the things that make you happy.
So you can see that certain things people believe are problems in the workplace or with family, are actually not problems at all if the money was available.
However if you can’t manage money when you’re broke, you sure as hell can’t manage it when you have millions.
There’s a reason a lot of lottery winners file bankruptcy within a few years…
If a person who has no idea how to handle finances comes into a large sum of money, within the matter of a few years they will most likely be broke. They don't have the skills to handle small sums of money, large sums are just that much harder to budget.
A person who knows how to budget smaller amounts and puts in the work to grow will eventually earn larger sums of money. They learned how to budget built upon those skills and they earned their wealth.
Getting educated about how to manage money is crucial on the way to building wealth. If the correct decisions are made about how to manage the money along the way then income leads to wealth. Wealth is the protection of purchasing power, it equates to having security, independence and choice.
Every wealthy person I know, or know of, has learned the skills to become wealthy. Whereas many people who had money fall in their lap have not had the skills to maintain wealth. Now some have learned it along the way, but it usually always come with big problems. Those problems were not fixed by the money. They were fixed by those people having a mindset shift and learning the skills, usually the hard way.
A few skills to start learning as you’re building wealth are:
- Tracking money coming in / money going out (income and expenses)
- Managing a basic balance sheet (what you own)
- How to invest and reinvest to get your money working for you 24/7
- Tax implications.
- How to diversify safely to mitigate risk.
Start building into these skills now whilst building your income towards wealth.
Remember - Luck is what happens when preparation meets opportunity.
Keep Soaring and Stay Free.
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