That Fastest Way to Long-term Wealth
What's the fastest way to creating long-term wealth? Is it choosing the right stocks? Investing into real estate? Starting the right business at the right time? These could all work, depending on the opportunities, execution, and discipline.
What did all three of these routes not have? Shortcuts.
When it comes to financial goals, I find most people are trying to find shortcuts and are very near-sighted in their approach. This might mean following investment or business trends that are "hot." This might mean taking a higher paying job in the short term that doesn't have much room for professional growth.
The fastest way to creating wealth isn't a secret, or a hack, or the perfect investment. The fastest way to creating wealth stems from the mindset in which you attack your financial goals with. This is what I call the foundation of your financial life.
There are many shifts in your attitude that need to be made, such as being patient, thinking long-term, having a vision for the life you want, fixing your relationship with money, being disciplined, having a holistic approach, and taking responsibility for your financial life.
Imagine your financial goal is a house. The bigger your financial goals are, the bigger the house. And the bigger the house, the bigger the foundation has to be to keep the house intact.
If you have a house with a flimsy foundation, the unavoidable events of life can destroy your house. For a house that may mean a natural disaster, but for your financial house it may be a divorce, a disability, or a failed business.
Adapting the right mindsets will help you build a strong foundation for your financial house. This means that when your business fails and you end up in $300,000 of debt, you can take on that challenge. You can take responsibility for it, understand that you are capable of overcoming it, and become resourceful enough to push through it.
Unfortunately, most people don't want to invest the time and energy to build a solid foundation. Because of this, people either have very small homes or big and poorly-built homes.
If you have big financial goals, or even just want to eliminate stress and worry that comes with money, you need to understand that more money isn't the answer. There are endless stories of people who amass large amounts of wealth who end up losing it all or still feel stressed and worried. More money isn't the answer, more money is just the byproduct of having a strong foundation.