The subject of true wealth building is a fairly simple idea that many people would love to read about. Better yet, most researchers find that beyond reading about the subject, even more people would dearly love to master that ability. Yet, I keep asking myself if there actually was a secret to their accumulating so much wealth when so many fail so miserably.
It may be because I tend to see true wealth from a different perspective. My cultural background and upbringing may have a lot to do with it. You see, I view wealth building as an overall human condition of satisfaction. I consider a healthy and happy family a cornerstone of wealth. Money in the bank is only a representation of value. Value is what satisfaction one can get from all that money.
Now, the main reason for my sudden despair was because I asked many questions of people about this subject without due preparation. I took a casual survey and talked to as many people as possible and I was shocked when they typically decried its impossibility. Being a billionaire is only a pipe dream. The life of the billionaires is simply unachievable. I was not prepared for the sarcasm that most certainly being slung at me and the snide remarks was no doubt also obviously very stingingly present.
Suddenly, this apparently obvious popular topic has become far more intricate and did I find contradictions too? A mental block crept in and I found it hard to progress. Or was it because the stories of difficulties people faced vastly outnumbered the ones who have found their way to continued riches? A lot of soul searching began.
I knew that there are many people who have overcome seemingly impossible odds and become extremely well off by any standard. Yet for every one of them, there are dozens of people still struggling for their daily bread. This was when I decided to get a little more scientific about the whole issue and conducted a series of surveys with a very simple questionnaire.
The results confirmed my first impressions that the vast majority of people were simply struggling to make ends meet. The final result showed that there were actually less than 1% of the population that admitted to being significantly well off. There were other interesting facts that was certainly an eye opener for me. The saying about birds of a feather suddenly carried the full impact of its meaning for me.
Looking further into my survey, I found that the answers I received swayed heavily with the cross section of the population and their location. But, with a large enough cross section of the population surveyed, a decently accurate average was achieved. In fact, my simple results were just about as typical as the larger more elaborately funded surveys done numerous times before. Then I compared all that to a venerable and respectable wealth reporting magazines own facts. I received a new lease of confidence to pursue the matter further.
So, I asked myself that question again, is it possible, within reason that someone can become a billionaire? The facts and all my hard work had convinced me. I can irrevocably assert that it is most certainly achievable. To the doubters, then tell me why does Forbes list 1,062 billionaires for the year 2008? Also, the number of billionaires has been rising at a faster rate this 21st century. There were 946 billionaires according to Forbes in 2007.
And what about becoming a millionaire? Well, asking that question in a low income part of the city begets you the greatest sarcastic and negative answers. It was clear to me to concentrate my search for answers in the high income areas. I’ll most likely be given the most accurate and honest answers. After all, they walk the walk and talk the talk as they say.
Let’s take a quick look at the people who should know true wealth building best; the billionaires. The life of billionaires is often open to speculation. Rumor mongers often make a living out of thin air writing to the tabloids about such and such a billionaire and their misdemeanors in life. After all, they too are fair game like celebrities are they not? But what’s the truth? Is it about their mega mansions, their showy designer clothes, their over the top cars, their jet set life styles or their ever present dominant presence? Notice too the bourses of repute, investment experts and life style magazines are constantly monitoring their every move; their every whim and fancy.
Just imagine the lifestyle of celebrities like Paris Hilton and all the attention she gets. Every new thing she wears became the stuff of fashion news. If news of Mr. Warren Buffets latest acquisition ever comes to light, the world will make a headlong rush towards that same investment. Yes, it seems people regard them as some kind of demigod. They should be adored, emulated and given due respect.
There are some things that the billionaires do that always catch my attention. That is their capacity to provide their families with wealth of their own with the corresponding lifestyle. What is noticeable too is their willingness to give their family members the best education possible. Now, when I say education, I mean it to be mentorship, schooling, personal development and teaching their children the ropes of the business. They are ever willing to include their families into their business so that it stays within the family as generational wealth.
In so many wealth building magazines lately you will find that the super wealthy build and place family in key strategic locations. A more stylish moniker is used called the Dynastic Wealth. In fact, their strategy is one of the most important and commonly used method to avoid paying crippling taxes. This is a highly encouraged method of reducing taxes in most western economies. In effect, the older generations through the years include a strategy of reducing paying significant taxes legally and also handing the family wealth largely intact to the next generations quite seamlessly.
When questioned how they built their empire, most wealthy people will simply tell you that you have got to start somewhere. Self made billionaires in particular can be quite blunt about their answers. They have every right to be. They will tell you almost as a chorus to stop procrastinating and simply get off your behinds and start taking concrete steps to building what you truly want in life. No more, no less.
My curiosity then extended even further now. I simply had to explore a little more about the dynastic appeal of these super wealthy. They are sometimes called dynasties because of their families great power. They appear almost emperor like. That intrigues me. Emperors and Dynasties remind me of the ancient world and the ancient secrets of wealth and power that they held.
The modern billionaires live in a world where they are exposed to a world of eyes and opinions. Also their interactions also put them into direct contact with the other emperors or their peers of the modern age. The real difference in the supreme power of the ancient emperors is because they exist in relative isolation fro other emperors. They simply call the shots and rule any way they wish. Like today, the emperors of old would be best served to have a very strong family in very strategically placed official posts.
But let’s not forget that even today, emperors do exist. The handful that remain are truly wealthy beyond most peoples comprehension, especially in our times of democracy, they wield tremendous power and will over their subjects. Also, they actually own a tremendous chunk of the countrys wealth. There is a list of 15 monarchs that have any significant financial clout according to Forbes. The Sultan of Brunei is the wealthiest of all although his net worth was significantly reduced recently to $22billion, simply because they own much of the assets of their respective countries inherited from their long standing dynastic wealth.
Admittedly, all that heady billionaire success has been ingrained into my psyche from very early on in my business career many years ago. Is it achievable? I have already affirmed it. But is it really typically possible for anyone to achieve? Well, since there are currently about 6.8 billion people on the planet with just over a thousand billionaires, I would surmise the ratio would be highly against that happening.
However, if the same questions were asked using millionaires instead, then yes. The answer would be a very firm affirmative.
So now let’s get real and focus on what is more commonly achievable by most families. Following the advice of the wealthiest people is a god place to start. They need to make a firm commitment with themselves and their families to practice the wealth building principles that are taught by so many really great advisers and teachers. They are really easily readily available on the internet and a simple research will yield many results. There are perhaps too many results for my liking as I have been a victim of charlatans myself. I was charged a lot of money for obviously regurgitated material from people that have absolutely no idea of what true wealth building is about.
Another word of caution: just as you should spend your due diligence on buying a house, a car or your university education, check them all out carefully before you make your choice or indeed for some, a number of expert choices. These foundations to building your wealth is certainly central to building the lifestyle you truly desire. This can and should hold you in good stead for the rest of your life and that of your children and their children.
Right, let’s get back to a little statistical insight to ease your mind as the reader. How are millionaires made? Is it an achievable goal? Well, I will stick my neck out and say that achieving the millionaire status is not out of reach for the majority of people. This is provided you will put yourself on a program of wealth building which includes doing the necessary things that will keep your family happily together (you know what family disputes and divorce can do to your financial target).
Get yourself onto a program that will teach you to build your foundations of wealth very firmly. You must persevere and never give up.
Another piece of research which makes the great teachers and advisers sigh in disbelief is that people will pay many thousands of dollars for their courses or projects and actually go through the course and simply do not do anything about their so called plan.
When asked, people claim to have all sorts of difficulties and road blocks to their ever executing their planned objectives. Just remember that the only time that you lose is the moment you give up.
If you feel like an excuse coming on, remember these few things I wish to tell you. You have heard of school drop outs who made it big right? Well, I worked for one. He was my first business mentor and a multi-billionaire many years ago. You have heard of the farm boy who became an international business jet setter right? Well, my business mentor turned me into that so long ago. And you know what? That was one of the greatest highlights of my life. Furthermore, I have actual accounts of people coming from extreme poverty and turning their disadvantages into great fortunes. What will be your story?