Select Page
3 Keys to Becoming Wealthy

A man I knew had an MBA from Harvard and an engineering degree from MIT. Smart guy. When he retired, he started doing what he liked best: teaching college courses in economics and business planning. But when he taught economics, he also taught personal economics. This is the philosophy that he started his classes with: Decide how you want to live now, versus how long you want to work.

This means that if you spend everything you make now, you’ll have no choice but to work longer and harder. But if you start investing in your financial future now, you’ll have many choices. You can retire early, travel more, continue your career or start a new career later in life. Once again, it all comes down to choices. Think tomorrow today… and live better tomorrow.

Here’s the next thing to think of when you’re planning your future of wealth: Be careful with your credit cards. Selling money is big business. You probably get invitations in the mail to sign up for a new credit card a couple of times a month! Having some credit cards is important. Especially if you travel. They’re safer and easier to track than cash.

But be careful; credit is the easiest way to get into debt. When you buy something with a little piece of plastic, you don’t feel the effect until you get the bill. So make sure that whatever you buy, you’re still happy with your purchase after you get the bill.

Make sure that whatever you buy, you’re still happy with your purchase after you get the bill.

Here’s another point to remember in becoming financially independent: It’s hard to get rich quickly. It’s easy to get rich slowly. It doesn’t happen overnight. With conservative investments, it takes a while. It takes discipline to keep adding value to your future, a little every month. It takes time to build your fortune and become wealthy.

There’s a saying about investing: “Time, not timing.” It takes time. If playing the stock market is what you do, then you know that timing is a whole different ball game. But for the average person, it’s time.

A study was done a while back that analyzed stock market investments. The study took two scenarios into consideration. In the first scenario, stocks were bought at the very worst possible time and sold at the very worst possible time. Bough high and sold low. And after 40 years, the average return was around 10 percent. Scenario one dealt with time.

In the second scenario, stocks were analyzed over a 10-year period. Stocks were purchased at the best possible time and sold at the best possible time. After 10 years, the average return was… about 10 percent. The second scenario dealt with timing. So timing might not be all it’s cracked up to be.

Be patient in building your financial independence. It will come small steps at a time. It’s hard to be patient sometimes, but it’s just like achieving your goals: It happens one step at a time.

What about those situations when patience has nothing to do with becoming wealthy? What about those trust-fund babies who are handed their financial independence on a silver platter? They never have to work a day in their lives, if that’s what they choose. Their first car is a Porsche. Their first house is a mansion. Their first job is at their father’s company. What about those people born rich?

Some guy says, “It isn’t fair that I’m working like crazy all day, all week, all month, all my life…. It just isn’t fair! I’ll never have that kind of money.” Well, some things aren’t fair. Inheriting money might not seem fair. But what does that have to do with you? Really?

If your dream is to have greater wealth than some people you know, then you’d better start working harder and smarter on your own goals, your own visions, and stop pondering what’s fair and what isn’t. Start examining what’s keeping you back instead of what’s keeping them ahead. Start looking at what you’re doing. There are plenty of stories and examples and experiences of people who began their careers destitute and had enough resolve to do it until they had more than they ever dreamed of. Study the experiences of others who built their way to the top instead of those born there. And you’ll not only reach the top, you’ll truly deserve it.

Adapted from Leading an Inspired Life
Photo by @jijieforsythe/Twenty20

3 Ways to Turn Nothing Into Something
3 Ways to Turn Nothing into Something

To turn nothing into something, you’ve got to start with ideas...

seasons of life
Are You Using the Seasons of Life?

One of the difficulties we face in our industrialized age is...

goals
The Real Value in Setting Goals

What goals did you set at the start of this year?...

Don’t Wait Until Tomorrow

Time offers opportunity but demands a sense of urgency.

4 Powerful Little Words That Make Life Worthwhile
4 Powerful Little Words That Make Life Worthwhile

In this excerpt from a 2001 presentation by Jim Rohn, the...

Why Successful Habits Breed Success
Why Successful Habits Breed Success

When you are doing all that you can possibly do, and...

15 of Jim Rohn’s Most Motivational Quotes

For more than 40 years, Jim Rohn honed his craft like...

finding hope in tragedy
Finding Hope in Tragedy

I am struck by something that seems to be ever-present and...

The Powerful Combination of Words and Emotion
The Powerful Combination of Words and Emotion

Well-chosen words mixed with measured emotions is the basis of affecting...

how to deal with negative influences
How to Deal With the Negative Influences in Your Life

If you were to evaluate the major influences in your life...

master the art of communication
8 Ways to Master the Art of Communication

The better you become at using these tools, the better you’ll...

The 4 Building Blocks of Good Communication
The 4 Building Blocks of Good Communication

Effective communication is a critical component of mastering success. By mastering...

How to Lead in 2021

To truly inspire others, invite them along on your personal journey....

leader
How Do You Want People to See You as a Leader?

For a leader, honesty and integrity are absolutely the keys to...

leader
The Biggest Challenge You’ll Face as a Leader

Once you’ve set a goal for yourself as a leader—whether it’s...

good character
6 Essential Traits of Good Character

Success as a leader is built on the foundation of character....

How You’re Killing Your Productivity
How You’re Killing Your Productivity

Productivity is essential to our feeling of self-esteem, accomplishment, and hopefulness....

5 Tips for Using Your Time Wisely
5 Tips for Using Your Time Wisely

Run the day or it will run you.

Being Successful Is a Personal Choice

The epitome of success is giving a design to your life...

How to Start a New Discipline

Success starts by becoming the master over the small details of...