72. You Have To Get Rich Before You Build Wealth

Why did you decide to start your business? Did you start out with a desire to completely change your financial situation and build wealth? If so, today’s episode is essential listening.

The good news, if you have set up your own business, then you’re on the right track. Unlike full-time employment, you don’t have to grind out years and years of service before you get a seat on the executive board. Entrepreneurship gives you a fast track when it comes to getting rich in a relatively short space of time. However, getting rich and building wealth aren’t the same thing.

A lot of you may already be successful in your business. You may already be rich. But building wealth is an entirely different thing altogether and requires a separate set of skills. 

Take buying a home, for example. This is probably the first “wealth” asset that you’ll want to acquire. But, in order to do so, you need to be making a certain amount of money from your business. To be approved for a mortgage, you may need to prove that you’re earning at least $80,000. And that’s not all! You need to have another $80,000 in the bank to afford the down payment. Can you see that getting into the wealth game carries a price?

If you want to play the game of building wealth (and you weren’t born into a wealthy family), you need to get rich first.

Key Highlights of the Episode

This episode was extremely actionable and insightful. Here are a few key highlights:

What does it mean to be rich? – Being rich can be both in terms of mindset and being financially rich. The two are not mutually exclusive. If you’re making over $100,000 a year then you can consider yourself rich. What does it mean to be wealthy? – Being wealthy goes far beyond being rich. When you’re truly wealthy, you will have such an abundance of financial wealth that the generation that comes after you will be taken care of for life. How to build wealth – Once you’re earning enough money to pay for the lifestyle you want, you can begin to build wealth, by taking your excess profit and investing it in assets, such as property, stocks, and investment funds. But, to begin to build wealth, you have to get rich first. The power of leverage – You can get rich incredibly quickly. My signature program, Services That Sell, has had countless members who are making big bucks from offering their services. However, the next step is to take what you’ve already got and leverage it. This is how you can multiply your earnings. And lots more! Tune in now.