One of the highest-selling sectors of self-help material is the topic of finances. It is an area where many people struggle. People want to know how to create a life of freedom unburdened with money issues. They want to create wealth.
One of the obstacles is that there are a lot of myths surrounding wealth. When we fall prey to a myth, it keeps us from achieving the very things we can. For my 5 Thursday Thoughts, I want to talk about five myths that surround wealth.
It Comes From Hard Work
Work is usually required, but hard work does not guarantee you will be wealthy. As a matter of fact, some of the poorest people in the world are the hardest working people in the world. There are people in third-world countries who work tirelessly every day yet are never rewarded financially. Some of the hardest working people in first world countries are the lowest paid and the poorest in those societies. There is value in hard work, but its rewards are not always financial.
It Comes From Saving
I know people who are great at saving money. They can find a deal, a discount, or a coupon for almost anything they want. But just saving money does not create wealth. I would even add that just putting money in a secure savings account does not create wealth. You are usually creating wealth for the bank with a savings account, but it is not a vehicle for wealth. Being frugal can create margin, but it is not a good pathway to wealth.
It Takes Money To Make Money
This idea is one of the most propagated myths about wealth. Many of the systems are indeed set up to allow people with wealth to create more wealth. The tax code tilts toward wealth-builders and business owners. But it does not take money to make money. The most recent list of billionaires worldwide shows that 84% are self-made billionaires who started their own company instead of inheriting it. It takes risk and courage to create wealth, but it does not require money to start.
It Comes From Intelligence
Intelligence is not a guarantee that wealth will come. It can be a hindrance. Sometimes intelligence balks at risk because those people desire certainty. Now that does not mean you can be ignorant. I believe wisdom is more important than intelligence when it comes to creating wealth. Intelligence is often specialized, which creates certain limitations. Intelligent people who are willing to partner with people of other gifts are more likely to find success.
It Is Inherited
Some wealth is inherited. I want to leave generational wealth for my family. It is also wasted. Later generations tend to squander what has been left. As stated above with the billionaire list, people who start their own companies create the most wealth. Earned wealth tends to be managed much better than inherited wealth. You don’t have to inherit it. We live in a world where anyone can achieve it.
I am thankful for the opportunities this world affords me to create wealth. Wealth is not evil and can be used to benefit the world around us. Start your journey to making a financial difference in the world today.