2 Wealth Building Models
Everyone wants to make more money, but people are generally split into two categories:
Those who bring results after they are promised wealth first
Those who bring the results first, then are rewarded by others afterwards
Let’s explore the two groups in-depth.
Those who only move their butts after promised big fat paychecks are more like employees, freshmen, or mercenaries.
There is no right or no wrong with this kind of thinking, but consider: you are once again, trading your precious time for money. Instead of investing your time in an ASSET that generates money, you spend your time working on something that is short-term, limited wealth, and does not give you income long after you have stopped working.
Consider also, that this kind of short-term vision will only produce limited or temporary results at best. Ever seen a security guard asleep at work when the boss is not around?
Furthermore, the part where our emotions get the better of us is when we allow our lives to be run by chasing the dollar. It is evident whenever an employee is offered a higher salary, more medical benefits and longer vacations, that their heart starts pumping faster.
A higher salary doesn’t mean less financial problems. On the contrary when your income goes up, your commitments, your tax bracket and your time spent in your company increases. The greater your salary, the weaker your position because if your boss is paying you a 5 figure income and calls for an emergency meeting, you had better rush over to the office even if you are out with your wife celebrating your anniversary!
I think the best definition of an employee/boss relationship can be summed up as this.
An employee will only do the bare minimum to keep the boss from firing them and a boss will only pay the bare minimum to keep an employee from leaving.
Now let’s explore the other group.
There are many creative people, inventors, entrepreneurs, and business leaders who fall into this category.
An entrepreneur is someone who always has good ideas.
The first obstacle we need to overcome if we want to succeed in the second group is to stop working for money. What does this mean? Isn’t making money part and parcel of having good financial IQ?
What I mean by ‘stop working for money’ is not working for free. Rather, it means work so as to gain the necessary skills you need to be a successful entrepreneur (or inventor, investor). Allow me to illustrate:
If you lack the contacts for running a business, where would the best place be to look for contacts? Of course, your competitor’s customers.
How about product knowledge? Then work with a company that will teach you all the ins and outs of the tricks of the trade.
Not familiar with the production line of a factory? Work in one! Learn the ropes or manage the factory workers.
Fear of talking to people? Get a sales job where you will be forced to talk to lots of people. It is also a great way to develop perseverance!
Don’t you know that the best education you can get is in real life! Not at a lecture hall.
The bottom-line is: not everybody has what it takes to succeed as an entrepreneur!
It is not that easy. Many lack the perseverance, the creative mindset, the financial capabilities or the necessary people to get the job done and usually give up too early before any results can be seen! The fastest way to get those skills to succeed is to learn them hands on and you even get paid in the process! Don’t get absorbed with how much you are paid.
When Donald Trump was selecting candidates in The Apprentice, their first task was to go to the streets and sell lemonade! Many would find it a degrading task. But to The Donald, it was very important: If you can’t even do something as simple as sell lemonade, how on earth can you handle a daunting task like running the Trump Empire?
Again, let me emphasize:
Would you trade time for short-term money? (Money stops coming in when you stop)
Trade time and money for a long-term asset that generates you income? (Even long after you have stopped)
God created us with a brain. All we need to do is look around us and observe problems to overcome because every problem is an opportunity in disguise.
It is all up to you. You may or may not see the results in the short-term, but by using our brains and the resources around us, we can create true value that others are willing to pay for what we have to offer.