Money isn’t everything, but it’s right up there with breathing! – Les Brown
That is a quote that I have heard Les Brown say many times and I always thought it was hilarious! Some people want to deny it or overlook it, but your money matters! How do you make it? How do you grow it? What is it that causes us to wake up every morning and go out into the world and chase it down? Here I will go over a few helpful ideas about money and why you should take your money matters very seriously.
Creating Wealth
Before I go into creating wealth, I will start with this question…What is the difference between being wealthy and being rich? Many people use the terms interchangeably. While there is no one size fits all answer, there are some gleaming differences in the two. I will start with the characteristics of being wealthy first.
Being wealthy can be defined as a person or family who can sustain their existence without having to work. The wealthy make money doing nothing and can maintain their lifestyle without having to physically work or anyone in their household physically working. Wealthy people have systems and operations in place that continuously earns them money. They have money work hard for them instead of the other way around. To make it even sweeter, the money that is working for them grows at an exponential rate.
Usually, what matters to the wealthy is not how much they make but rather how much they keep as well as how long their money can work for them. Wealthy people have excess in order to continue doing the things that they want to do and they do not worry about money. I like to call that living on the left side of the menu.
Can you imagine going to any store and shopping based on what you like and want instead of even thinking about how much it costs? You don’t have to worry about waiting two weeks for your paycheck to clear before you go get that thing either. You go shopping, out to eat, lavish vacations, and visit exotic countries at any time and the cost never crosses your mind. If you live like that, congratulations. You are wealthy.
There are only a few truly wealthy people around the world, and most of them were born into it. Much about what they do is maintaining their status.
Being Rich
Similar to being wealthy, rich can be classified as people who also have lots of money. They have similar expensive tastes, take lavish vacations, and visit exotic locales all over the world. Unlike the wealthy, however, rich people tend to have many financial liabilities and expenses to meet.
Rich people tend to have many bills to pay and they generally worry about money all the time. Rich people have jobs or businesses that they have to work in order to maintain their lifestyles and they do not have several streams of passive income set up. While the rich can afford all the essentials and luxuries of life, they have to ensure that their businesses or jobs are in place to avoid a collapse in that lifestyle.
Rich people normally have acquired their money through hard work and very few inherit it. Sometimes the rich even go into debt to keep up their appetite for the finer things in life.
Now that we have set up the parameters for being rich versus being wealthy, what you need to decide for yourself if which category do you want to be in? Do you want to be rich, or wealthy? Would you rather be somewhere in between? What are your realistic expectations of achieving either? What steps are you going to take in order to reach your goal? This is why your money matters.
No matter what side of the coin you fall on, you need to treat your money as your faithful servant. You control what your money does for you at any time. Your money can either go to work for you. (Investing) It can sit in an area and just remain there. (Bank account) It can also fly out of your hands as fast as you earn it. Or even faster! (Keeping up with the Joneses)
On a personal note, I have always wanted time freedom. Freedom to do what I want, when I want and not have to worry about answering to a ‘boss’. I have always been attracted to earning passive income.
Earning passive income includes setting something up and working hard at it in the beginning, but over time you are able to take your foot off the gas and not work so hard. But this takes time, hard work, and perseverance.
A company like Velovita allows you to work hard at building a team, helping others, and distributing an incredible product. They also have a program where you can retire after 5 years and continue to earn your commissions. What job will allow you to do that?
You also need to manage your money properly. There are many tools that you can use to successfully take care of the money that you earn. For online bank accounts and investing, I like using Stash.
If you like investing into crypto currency, I suggest Coinbase.
Check out both of these resources and make sure you are aware of the freebies that available to you!
Response Magic