There aren't many people on this earth that wouldn't mind being wealthier. On the surface it always appears that life would be better if only we had more money to spend. Yet those who have plenty of money are not exactly clicking their heels every single day from joy. Take Patrick Kennedy for example, the son of Edward Kennedy. At 38 years old he has plenty of money and enormous political power. Throughout his life he never had to work at a tough job for wages, yet he could probably afford to buy anything he ever wanted in life. Recently after two car crashes, he checked himself into the Mayo Clinic to get help for his prescription drug addictions and depression. In a recent press conference he admits that he's been fighting depression and addictions since he was 15 years old. All the money and power in the world could not buy Patrick peace of mind and true happiness in his life.
Similar stories of the rich and famous have been repeated over and over throughout time. It almost seems like beginning your life with unlimited money can almost be a curse for self destruction. Keep in mind that all stories of the rich and famous don't follow the same path. I recently watched Donald Trump's grown children in an interview and they all seemed very well adjusted, intelligent and productive citizens that any parent would be proud of. In the interview they stressed how their father made them earn their own money and insisted that they act like any other respectable citizen, regardless of their family wealth. They were well educated spoke mannerly and acted quite humbly and normal for kids of a billionaire. Thus there is hope for the very wealthy!
Today's lesson is about philosophy. It's for all of us who were not born into mega-wealthy families like the Kennedy's or Trumps. It's about how we can create OUR OWN PERSONAL WEALTH without the help of rich relatives by creating value for others. I believe wholeheartedly in this philosophy would like to share it with you.
Many individuals I know get up every day with the intention of making as much money as possible. They stay up at night dreaming and scheming about how to get their hands on more cash, with the hopes that more money will lead to a better life. They sincerely believe that being able to buy the many material things they presently lack will make them a happier camper. Too often they don't have the patience to wait until they have the cash to buy stuff, so they buy in advance on credit cards and dig themselves into credit debt that forces them to think about making more money all the time. These individuals rarely accumulate wealth during their lives.
Throughout my own lifetime, I can honestly say that I did not get up in the morning with the intention of making more money to buy more stuff. I have owned and used credit cards for 38 years, and have always paid every balance in full. It didn't make any difference how much credit banks would give me. I always bought what I could afford and never paid interest on any credit card purchases. That's one of the reasons I was not obsessed with money. I was never past due on a bill and never had anyone have to ask me to pay them a dime. Lesson one only buy exactly what you NEED and can afford. Pay all your bills on time and in full if you want to accumulate sustained wealth.
Secondly, my philosophy was always to create value and serve others with extreme pride and distinction. If you are working for an employer strive to be the best employee in the company. In doing so you will create value for your employer and its clients, and will more than likely be paid at the top of the company's compensation scale. Instead of spending time dreaming and scheming about making more money - INVEST your time gathering knowledge, learning new skills and creating value for your employer, in order to EARN MORE MONEY, ONLY AS A BY-PRODUCT of your value in the marketplace. In every company I worked for since graduating college, I became one of the top earners in each company, by following this simple philosophy.
When you become a top earner, you MUST SAVE and invest those extra earnings wisely to create sustained wealth. If you take those savings and start a business use the same philosophy in your business. Don't obsess about how much money you can make every day; week; or year. Instead be obsessed with creating value and providing GREAT SERVICE for your clients. Keep investing in your knowledge, skills, systems and efficiency and do the same for your key employees.
Strive to differentiate your company from your competition and make your customers feel good about buying from your company. This creation of value will bring any company extraordinary returns. The by-product will be that your company will become one of the top earners in your industry and you as the shareholder will make more money and have more to SAVE and invest wisely, en-route to creating sustained wealth. All this can be accomplished without ever obsessing, dreaming or scheming about how much money you can make today! Creating value and providing extraordinary service can be a key ingredient to creating sustained wealth.