by: E.B. Johnson
We seem to live our lives in the pursuit of wealth, but so many of us seem to struggle to ever achieve this. Why? Years of hard work and belief in the system should lend itself to rewards, right? Wrong. If we truly want to build wealth that bolsters us, we have to learn to switch up our mindset. It’s not about “getting rich” after all. It’s about establishing a legacy that supports our children and grandchildren for years to come.
Being rich and being wealthy isn’t the same thing.
Believe it or not, there’s a big difference between striking it rich and building true wealth for yourself. When you come from a lack or a sense of scarcity, the idea of getting rich becomes an intoxicating dream. You fantasize about being able to pay the bills you have, and you daydream about a big purchase here and there. These kinds of riches are impermanent, however. If we truly wish to thrive, we have to build wealth.
Building wealth provides everything that “riches” cannot. Getting rich indicates a specific mindset. To get rich is to strike it lucky, or to be granted a one-off piece of largesse which washes over your life in the blink of an eye. Cultivating wealth is an entirely different mindset. When you build wealth, you aren’t looking for a handout or looking for a quick means of gratification.
To build wealth means to build something which is yours. It is long-lasting, and it is sustaining, but beyond that it is also something which we can control. Rather than seeking to get rich quick, we should seek to work hard and create something in this world which is truly ours. By building wealth we give ourselves a guarantee, and our families too. A guarantee we will thrive through thick and thin, and that we will never again settle for less than we deserve.
What it means to get rich.
Someone who is “rich” is very different from someone who is wealthy. Not only is getting rich an impermanent state, it also indicates a need to continue the strive and struggle. Getting rich is quick money and quick goals, and for that reason it can be a quick loss too.
Quick money, quick goals
Think about someone you know who talks a lot about “getting rich”. Are these grand statements usually preceded with a well thought-out plan of action? Probably not. When we imagine ourselves getting rich, it is usually in a quick or miraculous manner. Maybe you imagine winning the lottery, or writing a bestseller overnight. It’s a quick money, quick goal fantasy that rarely ever plays out the way we want it to. It’s mindset that can hold us back.
Focusing on getting rich is ultimately a form of shortsightedness. Because of the inherent impermanence of “getting rich” (and the inherent lack of control behind such a strike-it-lucky approach) it doesn’t provide us a lot of stability for the future. You can hit that rich goal by simply getting a better job, but when that job is taken away you find yourself right back at square one. It’s not an aim that carries you into the future, but a wealth mindset can.
Those who only seek to “get rich” are often those who are willing to cut corners. Maybe they focus on all the wrong opportunities, or they purposefully go out of their way to putting in the work it takes to build financial stability. We can’t cut corners if we want to create something for ourselves that both lasts and provides. There’s only one way to get to the level of wealth that we want, and that is by working both smart and committedly.
Flash in the pan
There’s a sort of flash-in-the-pan mindset that comes with wanting to be rich. Perhaps you think you’ll score it big off a lotto ticket, or get rich off a quick scheme. This wealth eventually goes away, though. It’s impermanent and only provides you with a moment of hope and a moment of stability. Being rich and being wealthy aren’t the same because one provides stability, and the other does not. One is a flash in a pan, and one is choosing to create a new pan entirely.
Meeting the basics
When we settle for the dream of being rich, we actually end up settling for just enough to live comfortably. This may — perhaps — offer temporary entertainment, but it doesn’t allow us to build a legacy of which we can build our lives and the launching boards of our children. Getting rich will allow you to meet the basics and be comfortable for a while, but what of the future? Used the right way and riches can help you build wealth. It takes a lot of luck to get there, though.
What it means to build wealth.
The wealthy live in a world that is very different from ours. The primary difference is control. When you are truly wealthy, you are given greater control of your life and that of your family’s. Wealth gives you all the stability that “getting rich” can’t, and it is built through our own ingenuity and a series of relatively passive incomes which allow us to create a legacy for our children.
While getting rich can provide us with a certain level of temporary stability, it still comes with the inherent possibility of loss. That’s something that wealth doesn’t do, though. Once you’re wealthy, you stay that way unless you engage in activities that go beyond the pale of risk and sensibility. When you’re wealthy, you’re able to armor your life and stabilize it with a number of safeguards that keep you afloat no matter what calamity the rest of the world may be in.
Those with genuine wealth are never those with a simple 9–5 or a single business opportunity on-the-go. Passive incomes are one of the primary ways the wealthy continue to build more wealth for themselves. That is to say, they create multiple channels of income, which come in to them daily, weekly or monthly. They don’t have to exert any real energy. These channels simply get set up and then provide a steady stream of money that continues to buffer the wealthy.
Perhaps the greatest gift that wealth gives us is that of control. As humans, we’re always struggling to control the world around us. We want the stability of knowing we can affect our environments, and with wealth we can do that. When you are wealthy, you gain control of your day and the pace and flow of your future. It also gives you the freedom to explore different facets of life, get into politics, and change the way you work. Literally any arena of life you want to enter can be improved by building a base of wealth to work from.
Freedom to explore
Beyond giving you the freedom to get more enjoyably engaged in your life, building true wealth also grants you the freedom to explore your interests and opportunities. When you have wealth, you have money to play with. That is to say that you’re able to take greater risks. You can open up new avenues of business and even create new markets. Losses here and there aren’t life-ruining when you’re intelligently wealthy.
Creating a legacy
When you build actual wealth, you don’t just create a blanket which covers your needs. You also create a legacy which can change the course of life for your loved ones generations down the line. The world is a chaotic and a scary place. It doesn’t appear to be getting any more stable. You can leave your children and their children with a means of stability, and a source of opportunity on which to mount their own lives. You can also change society and your direct environment.
How to switch your money-making mindset.
Are you ready to switch from a “get rich” mindset to a “build wealth” mindset? You can switch the way you see money and the way you actionably make it. Before that can happen, though, you need to establish a self-belief system and learn how to create more opportunities for yourself.
1. Establish a self-belief system
We spend a lot of time in this life trying to figure out our belief systems, but we rarely take any time to form a belief in self. When you lack self-confidence, it makes all the difference in your journey to wealth. It’s hard to create something which provides you with wealth when you don’t even have enough self-esteem to let yourself shine and create. In order to get from a place of scarcity to a place of abundance, you need to believe in your right to it.
Rebuild your confidence from the ground up. It’s time for you to believe in your right to thrive and your right to lead a high-quality life. You deserve a seat at whatever table matters to you, and wealth gives you that ability. When you’re wealthy, you can change the world, but not until you change yourself.
Know your worth. Know the value of your ideas. Don’t sell yourself short and don’t sell out on an idea that could take you all the way. Creativity is one of the few things which makes us exceptional as a species. Don’t allow the brutality of the world to hold you back from creating what you need to create. Believe in yourself. You’re smart enough, skilled enough, and deserving enough to have it all.
2. Create more opportunities yourself
Perhaps the greatest difference between “getting rich” and building wealth is the amount of effort it takes to get where you want to go. Sure, you could win the lottery or come up with the next hot unicorn app. That doesn’t take a lot of effort, though, and it relies on a lot of variables. Therefore, you have a lot less control over the money, or even your likelihood of earning it.
Building wealth is entirely different. To build wealth for yourself is to build a series of foundations which allow you to increase the power you have in your own life. It’s starting a business with the potential to grow. It’s kicking off that online writing hustle you’ve been eyeing since march.
Wealthy people create even more opportunities for themselves. They don’t hit a number goal and then take their foot off the gas. They think to themselves, “I’ve opened one door. How do I open the next?” You must always be looking for the next opportunity, and when it’s not there, you have to figure out how to make one for yourself. You can take control of your life, but you first have to figure out where your channels lie.
3. Reshape your perspective
Reshaping the way you see money and wealth is imperative if you want to stop struggling and looking for the next meal. You need to see money and wealth as a plentiful thing, with more than enough to go around for you and yours. You also need to stop focusing on getting rich fast, and you need to focus on creating something from your skills and interests which you can lean into and build on.
There are literally millions of millionaires in the world. Why shouldn’t you be one of them? If millions of people can find a way to create wealth for themselves and their children — why can’t you? After all, they aren’t any more exceptional or any more capable than you. Not all of them were born with silver spoons in their mouths.
You have to reshape the way you see money. It’s not an exclusive club. It’s a life raft you decide to put yourself in (or not). You not only have a right to build wealth, you have a right to sit at the table which millions of others are already sitting at. You just have to figure out where your channel of opportunities lie. Reshape your perspective and see yourself as a player in the game of wealth, rather than just a spectator.
4. Feel what it’s like to be wealthy
Have you ever felt what it’s like to be wealthy? Believe it or not, there is a certain feeling that comes with knowing you have more than enough, and it’s a powerful thing. It gives you confidence outside of the department store, and motivates you to get more, more, more. Complacent people become ambitious when it comes to building wealth, and so much of that comes down to their inherent belief and the feeling of confidence and security they have.
It’s time for you to do something which makes you feel wealthy. You don’t need to break the bank, or even take out another credit card. You can get close enough to mega-wealth to taste the possibility. Go to a luxury car dealership and walk around. Visit an open house for an exceptional property.
These are not places that are off-limits to the public at large. They want your custom, whatever your wages. Hold your head up high and know that you deserve to be surrounded by nice things. Walk through a Burberry or a Coach store in the nicest clothes you own. Ask questions, feel at home. After all, this is not something foreign to you. This is a practice run for the life you are manifesting through action.
5. Take action each and every day
When it comes to genuine wealth that is controlled by us (therefore allowing us to control our own lives) there is a certain effort that needs to be put in every single day. We have to take action in the name of our vision and put in the work it takes to get from Point A to Point B. Instead of wishing for the right lotto ticket; we have to brainstorm the various ways we can open up the door for ourselves.
Start creating a plan of action which allows you to move closer to your goals each and every day. Sit down and get clear on what kind of wealth you want to build for yourself. What chunk of the pie are you going to claim as your own?
Once you know what you want, you can break your goals down into smaller, more actionable steps. Keep in mind that this action will look very different depending on what stage of action you’re in. At first, we have to sit still, focus, and think of the future. In the next step we may be making phone calls and filling out college applications. It all comes down to making sure we have what we need to thrive. That means sometimes the action we need to take is simply taking a step back to refocus and recharge.
Putting it all together…
There is a massive difference between building wealth and “getting rich”. When we only pursue riches, we put ourselves in a temporary mindset in which we cut corners and look for the quickest fits. There’s no real power in getting rich. When you score big once, you can lose it just as quickly. If we want to give ourselves (and our families) true stability and opportunity, we should seek to build wealth instead of just getting rich.
Establish a self-belief system and start embracing both your right and your ability to build wealth for yourself and your family. You have to believe in yourself in order to create the opportunities you need to thrive. Reshape your perspective. True wealth doesn’t come by cutting corners or get-rich-quick schemes. It comes by wholeheartedly pursuing your goals and opening every door you possibly can. See the difference between riches and wealth, and focus on embracing your right to sit at the table. Feel what it’s like to be wealthy and allow these experiences to motivate and inspire you. We can build a legacy that changes the course of our lives and our happiness. To do that, though, we have to take smart and valuable action each and every day. Are you ready to move from scarcity to a place of abundance? It’s time to invest in yourself.