True Wealth?
I recently posted about the difference between income and wealth.
I thought I'd piggy back on that topic by talking about wealth in relation to time (I love this topic).
On one hand, you can be wealthy, but not have a single second of free time.
On the other hand, you can be wealthy and only work 20-40 days a year.
There's a huge difference, let's give it a look shall we? During my previous post, I defined wealth as not just a high income.
Having true wealth is being able to leave your job, and still be able to live completely happy, maintaining your lifestyle.
Having a high income can certainly help you achieve a "wealthy" status, though to be truly wealthy, you should not have to be dependent on a job.
You should be collecting money from properties, stock holdings, businesses, etc.
You should have the option to go into your business that you created and talk to the people who run it for you, then fly right back down to Florida to work on your golf (or in my case tennis) game for the rest of the days of the week, then the next 51 weeks of the year (man would I ever be good at tennis)! To emphasize what I mean, true wealth means having complete and total control over how you spend ever day of your life, or, TIME in general.
Kinda like being 72, still in decent shape, with a good sized retirement fund still available.
If you and your wife of 50 years want to go to Florida for the summer, so be it! Now the trick is to become wealthy enough to live that lifestyle, while you are still in your 30s 40s or 50s.
If you've done that, please send me an email right now as I'm dying to gain some personal insight.
Up to this point you would probably agree with me that being truly wealthy means you spend your time visiting friends, chillin on the lake, pursuing your hobbies, basically doing fun stuff 24/7 - but it can also mean working long hours, not getting much sleep, and running your own company.
Yes if you built a company from the ground up, invested all your time, sweat, tears, knowledge and resources into your company, I highly doubt you'd be able to just sit back and collect some cash from it.
I'm sure many people could do that, but I have a feeling I'd want to be right in the action, continuing to grow the business.
You could be worth $30+ Billion dollars as Warren Buffett is, and yet go to work every single day.
It's people like that who you know must love what they do.
They are truly wealthy and yet they are still working.
My point? Being truly wealthy means you can do whatever you want with you time.
Be that swimming off the coast of Cozumel, Mexico, or working 70 hour work weeks - if you are truly wealthy, you should be able to do either without thinking twice.
What would I do if I were truly wealthy (How I will get there).
Well, that depends on HOW I became that wealthy.
If I had built my own company, I'd would without a doubt be right in the thick of things, growing the business.
On the other hand, if I invented something, or started a business but was not really that into the product/service, but really just started it because I knew it was a potential winner, I can totally see myself playing tennis 5 days a week, surfing 6 days a week, and watching a whole lotta movies (Ok obviously I'd be doing more than that:))
I thought I'd piggy back on that topic by talking about wealth in relation to time (I love this topic).
On one hand, you can be wealthy, but not have a single second of free time.
On the other hand, you can be wealthy and only work 20-40 days a year.
There's a huge difference, let's give it a look shall we? During my previous post, I defined wealth as not just a high income.
Having true wealth is being able to leave your job, and still be able to live completely happy, maintaining your lifestyle.
Having a high income can certainly help you achieve a "wealthy" status, though to be truly wealthy, you should not have to be dependent on a job.
You should be collecting money from properties, stock holdings, businesses, etc.
You should have the option to go into your business that you created and talk to the people who run it for you, then fly right back down to Florida to work on your golf (or in my case tennis) game for the rest of the days of the week, then the next 51 weeks of the year (man would I ever be good at tennis)! To emphasize what I mean, true wealth means having complete and total control over how you spend ever day of your life, or, TIME in general.
Kinda like being 72, still in decent shape, with a good sized retirement fund still available.
If you and your wife of 50 years want to go to Florida for the summer, so be it! Now the trick is to become wealthy enough to live that lifestyle, while you are still in your 30s 40s or 50s.
If you've done that, please send me an email right now as I'm dying to gain some personal insight.
Up to this point you would probably agree with me that being truly wealthy means you spend your time visiting friends, chillin on the lake, pursuing your hobbies, basically doing fun stuff 24/7 - but it can also mean working long hours, not getting much sleep, and running your own company.
Yes if you built a company from the ground up, invested all your time, sweat, tears, knowledge and resources into your company, I highly doubt you'd be able to just sit back and collect some cash from it.
I'm sure many people could do that, but I have a feeling I'd want to be right in the action, continuing to grow the business.
You could be worth $30+ Billion dollars as Warren Buffett is, and yet go to work every single day.
It's people like that who you know must love what they do.
They are truly wealthy and yet they are still working.
My point? Being truly wealthy means you can do whatever you want with you time.
Be that swimming off the coast of Cozumel, Mexico, or working 70 hour work weeks - if you are truly wealthy, you should be able to do either without thinking twice.
What would I do if I were truly wealthy (How I will get there).
Well, that depends on HOW I became that wealthy.
If I had built my own company, I'd would without a doubt be right in the thick of things, growing the business.
On the other hand, if I invented something, or started a business but was not really that into the product/service, but really just started it because I knew it was a potential winner, I can totally see myself playing tennis 5 days a week, surfing 6 days a week, and watching a whole lotta movies (Ok obviously I'd be doing more than that:))
