Hello, I hope you're doing well.
I wanted to share this quick financial thought that I am hopeful will add value to your life.
Most people think that wealth-building is only for the rich. Nothing could be further from the truth. While money can certainly give you a huge advantage, it hardly defines where you are going to finish the race.
In my many years of teaching college students, I've firmly concluded that wealth-building is like running a race: The person who is moving forward at a faster rate will typically outperform the guy who is going backward, moving slowly or not moving forward at all.
What does this mean?
It means that wealth-building is like running a marathon. Even someone who starts off a half mile ahead can end up in last place if they are not consistent in their pace.
In other words, a financially intelligent investor who earns $50,000 per year will typically be far better off than a heavy spender who earns $150,000 per year. If you are sloppy with your spending, you're going backward, no matter how much money you had to work with.
After 25 years, the $50,000 per year person is going to own stocks, bonds, real estate and other assets, while the high-earner is going to have shoes, clothes and a mountain of debt. This is how my late grandmother Felicia was able to be the most financially healthy member of our family, despite the fact that she never earned more than $25,000 per year.
The bottom line is this: Wealth isn't just about money, it's about momentum, trajectory, planning and mindset. Be sure that your family is trained on investing, wealth-building, entrepreneurship and cooperative economics to help them get the most out of what they've got. This is a key to becoming wealthy.
