We face a dual challenge in terms of our finances - building wealth, and preserving ours wealth. It is this latter challenge that sets our clients apart from other investors.
I believe there is a major difference between rich and wealthy. The difference is in duration. How long does the money last? Will it be gone once the person's earning power is gone? Will it be passed on to future generations?
The difference between wealthy and rich is very simple. It's knowledge. Wealthy people know how to make money. Rich people only have money. Once you know how to make money, you can build sustainable wealth. The money never stops coming. If you have a reversal of fortune, it's not a big deal. You just make it back.
we list wisdom and knowledge as the two most important gifts to ask from God.
Wisdom and knowledge can create great wealth for anyone who desires it. Last week, a client of ours came to me and asked what he could do to create wealth. My immediate response was to learn everything he could about wealth. Once he had the knowledge, then he could begin formulating a strategy and work with a coach to build the wealth. But the knowledge needs to come first. Otherwise, if we do happen to get rich, the money is not likely to last.
I am most grateful to my mother who instilled in me an unquenchable thirst for knowledge. This is the greeted gift (other than life itself) that my mother gave me. It's this thirst for knowledge that drives me to teach others about wealth and how to attain it.