Let’s talk about how to become wealthy! More specifically, let’s talk about the narratives and “expert guidance” that tell us there’s only one specific way to become wealthy.
Recently, I was talking to a new client who had been reading all the typical wealth books. And he raised a completely valid concern: Often, these books make you feel like, if you don’t follow their advice, you’re dumb.
I don’t believe that at all! So I wanted to talk to you about how wealth building comes about and why there is no “right way.”
What does “wealth” mean to you?
Many of the financial advice and wealth-building books out there make broad statements on what it means to be successful. But the thing is… success looks different for everyone.
The first thing you need to ask is what financial success means to you. What does it mean to be wealthy? We have to reassess what success actually looks like. I have clients who have made millions, and they consider themselves successful. I also have clients living off of social security income who’d say the same thing.
The marketing ploy of success
A lot of financial advice tells you that success hinges on doing what they did. And then they want to sell you a book.
Now, is their advice sound? Often, yes. But that doesn’t mean that they have the only way to build success! So… what makes someone successful and wealthy?
We do know that there are a few core pieces to success. One is to save more than you spend.
Another is to leverage insurance. Then real estate. But most importantly… a core piece of success is investing.
Investing for long-term wealth
When we look at financial advice, we need to make sure that we’re personalizing it. Yes, there are times when real estate investing is a really smart move. The market is down, you know the investment is going to pay off big time over the next decade or more, interest rates have hit rock bottom.
But just because it’s a good time to invest in real estate as a whole doesn’t mean it’s the right time for you to invest.
You have to take what the experts say with a grain of salt. This is why personal finance is so, well, personalized! It’s so important to have someone on your side who can strategize for your definition of success, while also taking into account where you are in life.
The truth is that there are so many ways to invest for success. You can invest in real estate, you can invest in the stock market, you can invest in a business, or you can do something else.
The most important piece of investing for success is that you make the right decision and investment for you and your family. This means you have all the pieces in order to reach your definition of success in whatever field you choose to invest in.
You need to make sure you have a plan of how and where you’re going to invest in order to reach your goals. Not all financial advice is going to fit you and your lifestyle — and that’s okay! This is where personal finance gets really, really personal.
Other people’s plans might work for you, and they might not. Trust your gut. When you hear advice that doesn’t fit, don’t worry! There’s so much advice out there that you’re guaranteed to find something that works even better for you.