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Building Wealth: Choosing your Path to Wealth and Happiness  

This is a two part article on the principles of wealth building.

It is often the case that wealth and happiness are paired together, as if one lead to the other. However, if you think about this for a while you will realize that building wealth and happiness are really only related to the degree that you want to relate them.

Although wealth does not necessarily equal happiness your meaning of happiness will be supported by your level of wealth in all areas of your life.

So let’s start here: what is the definition of wealth? According to the dictionary:

• Abundance of valuable material possessions or resources

• The state of being rich; affluence

• All goods and resources having value in terms of exchange or use

• A great amount; a profusion

But more importantly, what is YOUR definition of wealth?

We generally equate being wealthy with being rich. And that means all the bling-bling and rich people stuff you see on TV. The cars, houses, yachts and all the other material abundance that we associate with being rich. But beware, being wealthy and being rich are not the same thing.

So if you want to accumulate wealth and live a wealthy life, what would you have to do?

Think about what the answer to this question is for you. For me, being wealthy in the context of my life and family would include the building and accumulation of financial, spiritual, mental, health, physical and emotional resources that are valuable to ME (key point). That would be true wealth for me and my family.

So when I choose to pursue wealth creation I do it with the purpose of using it as a medium to enhance the other areas of my life. This is going to allow me to live the life I want to live and to live on purpose. At least, that is the plan!

So now ask yourself: Why is building wealth important to you?

The Paths to Building Wealth

You and I are very lucky; we live in an age where the resources for pretty much anything you want to be, do and have are abundant. On the other hand, because of this abundance, wading through the endless amount of information and resources available is the most challenging part.

The more you start learning about how to build wealth the sooner you realize that basically there is more than one way to "skin a cat". In other words, there is no one way to achieve wealth and happiness.

That’s a good thing, because each of us is good at different things, we are in different situations and we all have chosen different paths. However the fundamentals of building wealth don’t vary much regardless what approach you choose. So you look for those paths that are more suitable or attractive to you for a reason that is important to you.

One word of caution, though…

Do your research, learn, ask and become informed. But make a decision; choose a plan of action and STICK WITH IT. I cannot overemphasize this enough.

You will be faced with many options and you might want to follow one then go with the other and then switch to the next one and so on. This is a big mistake when building wealth because it dilutes your effort.

Building wealth is hard, requires focus, effort and concentration. If you are constantly jumping ship to the next best and brightest looking opportunity you don’t stick long enough with one to make it work.

“Being rich is having money; being wealthy is having time”

Margaret Bonnano

Building wealth takes time; true wealth is a lifetime pursuit. I have seen the awesome power of diligently investing month after month for 12 years into a well diversified investment portfolio. Had I been shifting from investment to investment every other month my results would have been very different.

I often wondered if I was doing the right things since my results were not immediately evident and through many of the market usual ups and downs it seemed I was doing the wrong thing. But I learned that you have to constantly remind yourself to stick with the principles and look at the big picture instead of looking at present moment input only.

The economic meltdown of 2008 and 2009 are a great example of this. As I write this I am probably as worried as you are about all the economic downturn. I will be honest in saying that I am having a tough time staying with my investment strategy both in stocks and especially in real estate. But then again if you study history, we have been here before in some way shape or form.

So now, more than ever I am being challenged to stick to the principles and act accordingly. My results probably won’t be seen for years to come but changing my plan now in a reactionary response would not serve me well either when focusing on building wealth. We will see...

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…thanks, my friends.

Go to Part 2 - Build Wealth: Choosing your Path to Wealth and Happiness…>>

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