Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
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Money talks, and in a world of flashy displays on social media, it's easy to get swept up in the allure of a “rich” lifestyle. We’ve all seen it – sleek cars, designer threads, and nights at the hottest clubs. In this blog based on the newest episode of The Dropout Multi-Millionaire Podcast, let's cut through the illusions and get real about money – who has it, who doesn't, and how you can secure lasting wealth and prosperity. Spoiler alert: That flashy lifestyle isn’t going to get you there.
Ever scroll through Instagram and see millionaire after millionaire, showing off their expensive cars, clothing, and vacations? Ever wonder, "How do they afford all that?"
The truth is, many are playing a game of financial smoke and mirrors. Sure, they drop cash and flex on their socials, but pull back the curtain, and you might find a different story.
In fact, most of these people make a lot of money, but the lifestyle they lead puts them one bad month away from having no cash and being in financial trouble.
The message here is: appearances can deceive, and financial security goes beyond flashy facades.
Let's settle the score between being rich and being wealthy. Making a lot of money might make you rich, but true wealth is about having the freedom to live without looking at price tags or constantly checking your bank balance.
It’s not just about income; it’s about financial security, the kind that lets you live your life without stressing over every penny.
If you become rich, especially if you started out broke, it’s easy to fall into the trap of excess.
In this week’s podcast, Brian shares his story of going from six-figure earnings to several million by selling the businesses he created. Sounds great, right? But after purchasing and maintaining a garage full of luxury cars, a boat, a plane, multiple houses, and gadgets galore, he was left crushed by the hefty price tag of it all.
The more “stuff” you have, the more it costs, and maintaining that lifestyle can drain your bank account faster than you think.
A great example of the pitfalls of excess are professional athletes. In a candid conversation Brian had with Terry Pendleton, the former Atlanta Braves baseball player, the question of why so many athletes go broke was answered:
A significant number of athletes lack a financial background and find themselves in uncharted territory after suddenly becoming rich.
The pitfall lies in athletes thinking they’ve become financial wizards, aiming to transform millions into billions through ill-advised and risky investments. In contrast, Terry had a straightforward strategy – his earnings were parked in treasury bills and bonds, ensuring financial stability post-retirement.
His mantra was clear – make money in your field, and safeguard it wisely.
Now that we know the difference between rich and wealthy, how do we actually become wealthy? Building lasting wealth isn't about overnight success or instant gratification. It's a journey that involves smart investments.
Whether it's in your business, in real estate, or in your skillset in some other field, the key is to make your money work for you. Invest in these assets first to accumulate wealth, and then move on to secure your future by investing in stocks and bonds.
In the end, it's about finding your balance. If you're starting from the bottom, the flashy lifestyle might be a tempting goal. But as you climb, don't let the toys take over.
The goal is lasting wealth, not just a fleeting moment of opulence. So, whether you're eyeing a new car or contemplating an investment, keep the long-term picture in mind.
This isn't about shunning the good things in life; it's about enjoying them wisely.
In the grand spectacle of financial choices, it boils down to this: flash might dazzle momentarily, but lasting wealth is the true star of the show. Don’t give into the temptations of a “rich” lifestyle, and don’t try to have everything you’ve always wanted all at once. Crack the wealth code, and you won't just have a momentary taste of luxury – you'll have a lifetime of financial security.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!