We conclude our series on the wealth building principles with #10: Wealth is a lifestyle
The pursuit of wealth is multifaceted, it’s not just one dimensional. You can’t just work one element and expect to become financially independent.
A large bank account doesn’t make you wealthy- consider the lottery winner, they don’t have the discipline to manage money and in a few years they’re bankrupt. Same is often true of those that inherit a trust fund or a business. They squander the wealth. Family businesses often don’t last past the third generation because the grandchild doesn’t possess the entrepreneurial skill of the founding grandfather.
Nor does a large income guarantee wealth. You know of the celebrity or professional athlete that made 10’s of millions of dollars, only to go broke after retirement. Highly paid professionals often fall into the same trap. It’s not uncommon for a doctor or corporate executive to be living paycheck-to-paycheck, broke at the end of the month just like Joe Sixpack. Their compensation just can’t sustain the lavish lifestyle.
Wealth is a lifestyle because to attain it, you must implement wealth building principles, not just one element. It’s a balanced, holistic approach…it’s a lifestyle.
The wealth lifestyle is also multi-generational, it can be ingrained in a family’s culture.
In this episode we conclude by reviewing the other 9 wealth building principles.
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