What is the secret to becoming a millionaire?
Most people believe you have to “strike it rich” to become a millionaire. They think it is all based on income. And, for some millionaires that is true. But, the vast majority of millionaires didn’t get rich off of a very high income or a sudden windfall. Most millionaires became wealthy by earning and saving over a long period of time. I know that sounds boring, but it’s true.
Why Wealth Needs a Purpose
What if you want to become a millionaire now, so you can live the good life?
You probably won’t stay rich for very long, because your wealth doesn’t have a purpose, except to be consumed. That’s what happens to athletes, musicians and lottery winners. They are often bankrupt within a very short time after becoming wealthy. The only thing worse than starting out poor is ending up poor.
In order to preserve that wealth, it must have a purpose. And, that purpose must be more important than the wants and needs of daily life. That purpose must be stronger than the lure of gold or the jealous look of a neighbor. Otherwise, your wealth will quickly disappear, taking all of your hopes and dreams with it.
The Value of Life
I’m a little bit emotional and reflective today, because I am heading to the funeral of one of my coworkers. She is the one I wrote about in my last post, who died of cancer. The point I want to make is that life is valuable. And, it’s fleeting. A good life should have purpose. It should have direction. It should benefit all who come in contact with it. A life without these things is hollow and superficial. The same can be said for money.
My Purpose for Wealth
My entire life’s purpose right now is to achieve financial freedom. Every day I work, every paycheck I collect and every dollar I invest is a step closer to my goal. My dream is to wake up in the morning and be the master of my day. I want to eat breakfast with my wife and decide if I want to go to work or to go on an adventure. I want to see places I have never seen and to do things I have never done. I want a lot more beautiful moments and a lot less stress. And, I don’t want to wait until I am 67 years old to get there. I have worked very hard for the past 30 years and I’m starting to believe I deserve it. Wealth is the vehicle that will make this possible.
I’m still about ten years away from living my dream. But, it’s getting close enough that I can start to see it. One thing that brought my dream even closer was in reevaluating the concept of retirement. I had always thought I would work until I was older and then retire. Instead, I am beginning to realize that it makes more sense to semi-retire at an earlier age. This will allow me to keep busy and creative, but retain the flexibility to enjoy my life.
What’s your Purpose?
OK, now it’s your turn to dream. What are you going to do with your gift of life and the prospect of wealth? How are you going to change the world and make it better for others? How are you going to overcome obstacles and reach all of your goals? Life is short and the clock is ticking.
What’s your purpose for wealth?
“Wealth is the ability to fully experience life.”
Henry David Thoreau – American Author
Many of the concepts I learned for accumulating wealth came from the book The Richest Man in Babylon. Most of what I learned about the wealthy came from the book The Millionaire Next Door. The ability to visualize and enjoy my dreams came from the book The Type Z Guide to Success with Ease. If you haven’t read these three books, I highly recommend them.
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