5 REASONS TO BUILD WEALTH

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In the early days of The Wealth Span, there was an attempt to define wealth. It is no small task to produce a definition that will resonate with everyone or encapsulate such a complex idea.

No single definition satisfies everyone because wealth has a unique meaning to each individual. Although the idea of wealth can widely vary from person to person, we can intuitively construct what wealth is and looks like in real life.

It pulls together different definitions from the ideas/articles of others, the beliefs of different countries/religions, or the conjectures of philosophers across time. This mosaic may be convoluted to a degree, but it helps provide a clearer picture beyond any single definition.

The next few paragraphs may not be the correct belief set. There are clearly counterpoints to be made or other factors to consider.

At the very least, what follows is a biased point of view, but…

In the end, accumulating money and building wealth should be viewed as the fuel to make life more meaningful. Building financial wealth alone is mostly a dead end. It is a resource to create impact in your life and community.

When there is too much focus on building financial wealth, it is easy to lose sight of what is truly important. Building wealth should be about creating and enjoying “moments that matter.” When you prioritize and optimize for this factor in life, you can experience a deeper life beyond dollars and cents.

A wealthy life like this typically includes a shift in mindset. It is important to focus inward and give yourself the ability to think optimistically and abundantly about your future, your potential, and your abilities. When you take the time to foster this mindset, it can be another source of wealth that you can share with others.

An abundance mindset can inspire us to continue to work hard for others, allow us to give back even more to others, and even encourage others to see things more optimistically too. And when our abundance mindset is intertwined with a sense of gratitude, we can stay grounded and humble so we see new opportunities for growth.

An abundance mindset is a foundational component of building wealth, yet each individual may be motivated to build wealth for a different, specific reason.

There are endless "Whys?" behind every wealth building journey. Here are few.

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Modify Your Family Tree

In some cases, a family has “old wealth” or wealth that has been passed with time from generation to generation. The success of one family member compounds with time, and an entire family becomes wealthy due to a series of effective actions and value creation.

The initial person in the line forges a new path. They do something daring or bold, venturing out into a new business or strategy. The innovation, intensity, and/or business savvy is the fire for their wealth building journey.

William Rosenburg, the founder of Dunkin Donuts, was this type of wealth builder. His parents suffered through the Great Depression, but his entrepreneurial spirit created one of America’s favorite brands as well as generational wealth. Bill did not graduate from high school, but his kids went to Harvard.

A single person forever changed their family tree, providing a foundation for future generations to build upon. Perhaps this epic narrative could apply to you and is a motivating factor for you.

It may not be on such a grand scale as Bill Rosenburg, but you could be the inflection point for your family. Your efforts in laying the first building blocks of wealth for your family could be transformational.

The desire to permanently change a family tree can be a huge motivation for some and a worthy reason to focus on building wealth.

Change Your Family Dynamic

Maybe the motivation behind building wealth isn’t about creating wealth for future generations. Perhaps it is about shifting the current dynamic of your family.

In some families, there is a wealth imbalance. A certain family member is wealthy, but others are not. Maybe a portion of the family has been successful, and another portion appears out of place when compared to the rest.

A parent is wealthy, but the children are not. A grandparent is wealthy, but their children/grandchildren are not. A cousin has stockpiled some serious cash while the rest of the family looks on from a distance.

You don’t want to be the black sheep of the family while others buy new homes, purchase new vehicles, travel the world, or go to fancy restaurants. You always say, “No, thank you,” while everyone else jumps in head first.

Perhaps, it is jealousy or some level of FOMO. Maybe it is a healthy desire to not miss out on good times with your family. Either way, the desire to change the wealth imbalance in your own family can be the stimulant to start building wealth.

Shifting family dynamics is never easy. Regardless, when you see the relative success and wealth of someone else in your family, it can provide fuel and motivation.

Gain Control Over Your Time/Life

Perhaps your path to wealth is centered around your lifestyle and regaining control of your time.

This reason for building wealth is more intrinsic than others thus far. Being wealthy can do more than simply provide you with money to buy stuff or eliminate awkward relationships with the outside world or your own family.

It can provide you with freedom and control over your life broadly.

Wealth comes in levels. At the first level, you may be able to do more of the things you enjoy. Later on, you might be able to go on a trip you have always dreamed of or add a patio with a fire pit in your backyard. These first levels of wealth have a high ROI, but your life may only change modestly.

At a certain level of wealth beyond the initial levels, your decisions are not centered around cost but on other elements. Is it worth my time? Will the activity or time spent be energy producing? There comes a phase when money is a secondary issue.

Suddenly, you are entirely in control of your time.

You do not work simply because you must in order to receive a paycheck and pay the bills. You work because it is a meaningful, life-giving activity that improves your overall well-being.

You no longer travel to escape from all that is going on at home or in work. You travel to experience new things and create long-lasting memories.

At an even later stage in your wealth building journey, even generating income and working becomes a secondary aspect of life. A work-optional or retired life is about maximizing your overall satisfaction and freedom in life.

This path to wealth may be long. The idea of living a life of near total self-control and freedom can be so appealing. It is what dreams are made of. These dreams are the motivation for some to build wealth.

Show Your True Mettle

The self-made millionaire or otherwise wealthy individual is one of the great narratives in American history/life. We watch from afar as someone builds something from the ground up, creating wealth along the way.

It takes grit and determination, but the reward is great. Just looking at the definition of mettle provides some context of what it will take to build wealth.

In some cases, we are envious. It is easy to be jealous of someone else’s success and wealth.

The opposite can also be true. The successful person’s path to wealth can be inspiring. Their efforts and dedication to creating value through their business and building wealth could motivate you to do the same.

Your wealth building journey can be about you and your character.

The hard work, resolve, and grit derived from building wealth can be a reward in and of themselves. In the process of creating wealth, you have a chance to show/strengthen characteristics of your own.

Simply proving to yourself and others that you are capable of building wealth is a nearly unmatched motivation.

Live an Incredibly Generous Life

Many people simply view wealthy people as stingy, selfish, and greedy. Society at large sees wealth and success negatively for the most part.

As with nearly everything, there is some truth in the stereotype.

Unfortunately, as one’s bank statement and wealth grows over time, it is easier to be selfish or greedy. This may not be a direct correlation, but it at least seems to be a recurring theme.

Embracing abundance and being generous are powerful tools to counteract the effects of growing wealth. Each can serve as a counterweight to some of the negative pressures of growing wealth.

You can use your wealth to generously bless other individuals, organizations, and causes. When you support others, there is also a significant return to you. Clearly, others will benefit from your act of generosity too.

When you know that you will use your wealth to positively impact the well-being of others, it can be motivating to continue your effort to build wealth.

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TL;DR

An abundance mindset will serve as an excellent foundation on your path to wealth.

The specific motivation(s) behind your wealth building journey can be tied to extrinsic factors and/or intrinsic motivations.

Any of these can fuel you on the uphill path to wealth.

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What is the greater purpose or motivation behind your wealth building journey?

Share this email with a friend to start the conversation about healthy motivation behind building wealth.