Welcome to the “Building Blocks for Building Wealth”™ series! I’ve been doing quite a bit of research on this topic because that’s exactly what my blog and my personal journey is all about! Before I go any further, I’d like to apologize for my absence and say thank you if you’ve continued to follow my Twitter account, @Yng_Gftd_Brk. Now without further ado, I present to you, Rule 1 in this series: Define Wealth for Yourself.
For me, building wealth is about more than amassing more riches than I could have ever imagined. It isn’t about having the latest model of any gadget or creature comfort (think car or remodeled kitchen). For me, my need to build wealth is a direct result of having been homeless as a child and living in poverty. It stems from the fact that there were most days and nights where things didn’t seem to make sense and we didn’t know what to expect next.
My need to build wealth stems from the fact that I want a secure future for myself and to live a life of relative comfort. These are two things that I wasn’t sure I’d ever have the opportunity to do and the more I thought about what it meant to amass wealth or to live in abundance, the more I realized that traditional rules that show you how to build wealth (save, budget, recalibrate) don’t really teach you the basics of building wealth. With my time away, I realized there are SEVEN basic rules that everyone must really understand if they are to build the wealth that they want.
The first rule is that you have to DEFINE WEALTH FOR YOURSELF.
This essentially means that you have to take stock of (1) what makes you happy and (2) what will support your happiness in the material sense. For one person, wealth is a certain amount of money in a bank account that allows them to not have to work again. For another person, wealth is being able to spend time with family and building memories (this may or may not take a significant amount of money). At any rate, in defining wealth for you, you have to ask yourself AND answer a few important questions. The three questions below have really helped me to start to think about wealth in a different light and I am beginning to realize that my wealthy life may look very different from what’s preached by many people.
- What does wealth mean to me?
- How would my life be different if I were wealthy?
- What can I do today to start living an abundant life?
As always, feel free to comment and share your thoughts and stay tuned for Rule 2: Realistically Examine Your Habits.