EP187: Stop Trying to Get Rich, You Will End Up Penniless
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The reason that most people aren’t financially free is because of this income chain. 🔗
And when one of the five links breaks the whole thing falls apart…so that ends your chance of becoming financially free.
Sadly, by the end of this episode, many of you are going to realize that though you are making great income there’s nothing to really show for in your retirement account because you have been focusing on this part of the chain, and luckily you’re also going to learn the system to use to fix this.
But before we get into that we need to talk about the lies you’ve been told countless times before about creating lasting wealth and how it is simply not true.
➡️ To do that, we need to talk about William Hung.
William Who?
Don’t even fake it, we know you are a fan… 🎤 William Hung grabbed headlines when he auditioned for American Idol and gained sudden fame for his off-key rendition of Ricky Martin’s “She Bangs”. 🎵
That 15 minutes of fame never translated to meaningful or long-term career success in the music business.
This is where William and Rich people intersect.
When we look on social media we are bombarded with photos and videos of people seemingly overflowing with money. 💸
They are driving Bentleys, wearing Patek Philippe watches, and taking exotic vacations on private jets.
Many people who exude this lifestyle are musicians, actors, athletes, and other high-income earners, such as doctors, dentists, lawyers, etc.
This makes me think of a popular TikTok influencer who walks around Rodeo Drive and asks people in expensive cars what they do for a living…
A more interesting question to ask might be, “How long could you keep your fancy car if you stopped working?” 😳😳
Yes, these people are considered rich by any standards, but here’s the catch, they are not wealthy.
Rich people have a lot of money.
But if they stopped working, they probably couldn’t survive more than a month or two at their current spending level.
This is what we call living on the sword’s edge.
And we have statistics to back this up.
According to CNBC, high-income earners are increasingly under pressure with over 49% living paycheck to paycheck, which is a jump from the year prior which was at 42%.
What about you?
👉 How long would you be able to survive in the current lifestyle if you lose your job or your business income dropped? 👈
We get it, we all at times may feel the social pressure to display signs of affluents, like buying a new car or house.
And there’s nothing wrong with that, but the key is how you pay for those items.
If your income is directly tied to you showing up and doing work, then you are vulnerable.
Okay, so at this point you’re probably thinking, man I didn’t realize being rich was such a bad thing.
But what’s the alternative?
Glad you asked, the alternative is to focus on this link in the chain instead, and to illustrate this let’s jump into a famous fable.
Once upon a time, Farmer Jack had a goose that laid golden eggs. 🥚
At first, he was thrilled, becoming the richest man in the village.
But greed got the better of him. Thinking he’d find a jackpot of golden eggs inside the goose, he cut it open, only to discover it was like any other goose inside.
No more golden eggs. 😖😖
Moral of the story: True wealth isn’t about quick riches; it’s about sustainable growth and patience.
Take care of your “golden goose“—be it a job, an investment, or an asset—and it will take care of you. 😬😬
And you can see that the difference between being rich and wealthy isn’t like the difference between saying “tomato” or “tomatoe” 🍅, or garbage vs. the British rubbish.
Wealth is defined by the ability to sustain your current lifestyle for the remainder of your life without adding additional income because you have enough real assets to cover all your expenses.
Being wealthy isn’t just about flaunting a hefty bank account; it’s more like conducting an orchestra where each asset plays its own essential part.
Imagine having real estate investments or maybe even a self-sustaining business all sending you checks while you’re asleep. 💤
It’s financial independence on steroids, effectively shielding you from the financial rollercoasters that make others queasy.
But that’s not all.
This monetary symphony plays so you don’t have to.
Your time becomes yours again, to do with as you please—be it leisure, passion projects, or long vacations.
You’re not just building a fortress of money; you’re creating a legacy that can echo through generations.
And let’s not forget the icing on the cake: the unparalleled serenity that comes from knowing you’re covered, no matter what life throws your way.
Less stress, more freedom—that’s the wealthy way. 😘😘
Now that we are nearing the end of the episode as promised, we will break down the easy-to-follow system you can follow to be on the path to wealth.
1️⃣ Step one is all about becoming an “Asset Conductor,” orchestrating a mix of assets that consistently generate income.
This doesn’t have to be complicated. You could start by setting aside a portion of your monthly earnings specifically for investments.
If the stock market seems too daunting and volatile, remember there’s also real estate—specifically, multifamily apartment investing, which is our jam.
With the right property, not only could you secure a steady rental income, but you’ll also have a physical asset that typically appreciates over time.
2️⃣ The next step is crafting your “Financial Safety Net.” While your assets are generating income, begin building an emergency fund.
Aim for enough to cover at least six months of living expenses. The aim here isn’t just survival during tough times; it’s to allow you to sleep at night knowing that even if the market dips or you hit a rough patch, your basic needs are covered.
3️⃣ Now, let’s talk about the “Freedom Factor.” As your assets grow and become more automated—perhaps through investments in real assets like multifamily apartments —you start to detach your time from your income.
You’ve essentially bought back your own time, granting you the freedom to live life on your terms.
4️⃣ Lastly, consider the “Legacy Ledger.”
Take steps to ensure that your wealth doesn’t just serve you, but also serves those who come after you.
This could mean setting up trusts, educational funds, or simply passing down the financial literacy to sustain and grow the family fortune.
The system isn’t just about accumulating assets – AKA building your wealth; it’s about smartly leveraging it to create a fuller, more secure life.
With less financial stress, you have more mental space to enjoy your time freedom and plan for a legacy that lasts.
These are all the links in the chain that when you focus on them will lead you to the path of long-term wealth. 🧡💛
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