What does it take to be poor? Being poor is very simple to achieve. All somebody has to do in order to be poor is to make poor financial decisions over and over again! If this is how being poor is achieved, then is the opposite true? Yes! To become wealthy all you have to do is make wise financial decisions over and over again! For the sake of this article we will label these decisions as “Wealth Enhancing Choices” and “Wealth Diminishing Choices”.
Wealth Related Choices
What are wealth enhancing choices? Wealth enhancing choices are those that give you an increase in wealth.
What are wealth diminishing choices? Wealth diminishing choices are those that give you an overall decrease in wealth.
* Note: Wealthy people have made and continue to make the conscious decision to make more wealth enhancing choices than wealth diminishing ones. Don’t be the person who spends their entire lives battling through all the wealth diminishing choices only to finally discover wealth enhancing ones at the end of their lives. The purpose of this article is to help you, the young entrepreneur, recognize wealth enhancing choices quicker in life.
How To Recognize Wealth Enhancing Choices?
Trial & Error
This is by far the most common method of learning to recognize wealth enhancing and wealth diminishing choices. Although very effective it can be very time consuming and disabling with regards to wealth. In fact, it is a major influencer of why over 50% of new businesses don’t exist after 5 years. They try too many things and reap the consequences of too many errors. Although the trial & error method is a valuable option it is wise to only use it when absolutely necessary and to minimize its risk as much as possible before its application.
Old Fashioned Wealth
We call this next method the “Old Fashioned Wealth” method but it is commonly coined as mentoring. However, we think mentoring can be both negative and positive to wealth. For example, many are financially mentored by poor people and thus they become poor themselves. Old fashioned wealth is being mentored by someone who has mastered the ability to make wealth enhancing choices over and over again and as a consequence acquired wealth.
How To Find Old Fashioned Wealthy People?
Old fashioned wealthy people can be found in all walks of life and throughout all industries. Here is a way to organize your search efforts by splitting it up into two categories:
Old Wealthy People:
Be aware that fancy cars and fancy things don’t always translate into real wealth. In fact, a lot of the times the opposite is the case. A good method of weeding out the fake wealthy people is by first starting with those who have been around awhile.
As young professionals, bridging the gap that often exists between youth and old age will greatly benefit you! An old wealthy person has lived usually 2 – 4 times longer than most young professionals. Take advantage of the experiences gained by these old wealthy people during these years. By becoming very acquainted with the experiences from these people a young professionals will be on the quick road to recognizing wealth enhancing choices from wealth diminishing ones.
Old Fashioned Wealthy People:
Today, probably more than ever, new methods of becoming wealthy are preached to eager listeners. With so many new advances in technology the playing field for acquiring wealth is continually changing. But do not become too focused on the new which may inhibit your ability to remember the tried and true.
The basic principles for obtaining wealth will always be the same. Old fashioned wealthy people use the new advances in technology, industries, and changes in the economy to simply apply the old fashioned tried and true wealth principles that work.
“Get Out There & Kick It!”
Being able to recognize wealth enhancing choices from wealth diminishing choices isn’t enough. Knowing something isn’t what it is cracked up to be. The term “Knowledge is Power” is incomplete. Knowledge without action is futile. So, once you start using the “Old Fashioned Wealth” method to recognize/know wealth enhancing choices make sure you choose them. There is no such thing as becoming wealthy without doing anything.
What You Should Remember From This Article
1. Learn to recognize what works and what doesn’t first from old wealthy people.
2. Learn the old fashioned tried and true wealth principles.
3. “Get Out There & Kick It!” – Knowing won’t benefit you without action.
This article was co-authored by Garret the young entrepreneur and John the more seasoned entrepreneur. John is a seasoned business owner in the pest control business and Garret is an internet business solutions specialist. We hope that this article will help you better come to recognize and act upon wealth enhancing choices.
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Category: Money Basics