Having money doesn't equal wealth, you might think the two go hand in hand but they're as far apart as Shatta Bundle and Dangote. Rich means you have cash in your bank account, wealth means you have cash in your unborn kid's bank account. Below are 5 misconceptions about wealth
1. Wealth Is Not Just About the Money
I know money can't buy freedom but money can give peace of mind and you wouldn't say they're basically the same thing. So while you may have an impressive-looking bank balance, if the hits the fan, how long will that money last you? 6 months? 12 months? The pandemic has proven that we can never be sure what the future holds. Real wealth means that your income will survive despite a pandemic. Your wealth will keep you going indefinitely and you'll sleep well at night knowing tomorrow will be just like today.
2. Not Everyone Can Be Wealthy
A common idea people get wrong about wealth is that it's not for them. They truly believe that they'll never be wealthy, that they don't have the means, knowledge or support to get there but I’m here to tell you that you can be wealthy. You need to create a wealth-building mindset. If you have a fixed mindset, you believe that you're exactly who and how you are forever and you can't be or do anything else. If you have a growth mindset, you acknowledge that you're a work in progress, you embrace change and challenges and aren't afraid to try and learn new things.
3. Having Wealth Means Not Relying On Others
To build wealth, you need to work harder and smarter. You need to grow your wealth without being restricted by your own limitations. You need to use or leverage the resources of others, especially in areas that you're not good at. The wealthy didn't get there by themselves so whether it's financial time, IT marketing, networking or knowledge, leverage.
Lean in on other people to help you build and grow your wealth and by using their knowledge and resources, you're helping them grow their wealth. If you aren't using leverage, then you're working harder than you should to earn less than you deserve and that isn't going to make you wealthy.
4. Creating Wealth Ethically Is Impossible
If you grow your wealth ethically, you'll be able to enjoy the fruits of your labour so much more. You won't be anxious and worried that someone will find out what you're doing on the sly. You’ll be able to set a good example for your peers, colleagues, friends and family. You can inspire others to do the same and can rest easy at night knowing you haven't taken advantage of the system, taken more than you should and played not fair.
5. Having the “One Day” Mentality
This one is self-explanatory, we all do this, we say things like when this month is over I’ll start xyz or as soon as I have this degree I’ll begin this project. Start now, the one thing standing between you and building your wealth is you, and only you can change that. A year from now you'll wish you'd started today.
Thanks for reading. See you in the next article.
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