If you’re like most people, you probably enjoy playing a few games.
Games can be fun and enjoyable once you understand what you’re doing and you’re good at it. Otherwise, it can be miserable and frustrating.
Today, we’ll delve into a game that we all participate in, whether we’re consciously aware of it or not. Unlike games of chance, this one hinges on strategy, meticulous planning, and making the right choices.
Three things I personally struggled with just a few years ago. In fact, as recently as 2019, I vividly recall sitting in my room, overwhelmed by the sinking feeling that I had hit rock bottom once again.
Well, it wasn’t quite zero; it was $4,400.00.
However, that was the entirety of my financial resources. Just days earlier, I had to explain to my seven-year-old son why our car was being repossessed. It was a gut-wrenching moment.
Ironically, this wasn’t my first brush with such hardships. Looking back, it felt like my past failures hadn’t imparted the lessons I needed to learn. Otherwise, why would I find myself in similar predicaments repeatedly?
Around that time, I stumbled upon a profound saying: “Life, unlike school, gives you the test first, and then you learn the lesson. If you don’t learn the lesson, you keep getting the test.”
This nugget of wisdom prompted me to dig deep and uncover the lessons I had failed to grasp, especially in the realm of wealth-building.
It took some time, but I eventually discovered that there are formulas and frameworks designed to guide those with aspirations of wealth towards their goals.
My issue back then was simple: I was unaware of these resources. However, as time passed, I stumbled upon a few that set me on the right path, and today, I’d like to share them with you.
It’s worth noting that we all start from different points in life. Some of us have distinct advantages like a supportive family, a quality education, or access to valuable resources. Nevertheless, regardless of our starting point or how many times we find ourselves starting over, as I did, we all possess the potential to excel in the game of wealth if we play our cards wisely.
Defining Wealth on Your Terms
The initial step in mastering this game is defining what wealth means to us personally. The concept of wealth can vary widely, encompassing financial freedom, personal fulfillment, leaving a legacy for our families, or the ability to impact the world positively. Once we gain clarity on our objectives, we can begin crafting a plan to achieve them.
Here’s the twist: many of us stumble at this juncture because we often have no idea what we truly desire.
So, how can we gain this much-needed clarity?
The conventional advice encourages us to step back and reflect on our values and desires.
However, I’ve stumbled upon a brilliant alternative, courtesy of author Mark Manson.
It compels us to answer a different question: “What am I willing to struggle for?”
After all, in life, the most valuable things lie on the other side of struggle. At the core of our human behaviour, our needs are remarkably similar. We can handle positive experiences with ease, but it’s the negative ones that challenge us.
Consequently, our life’s outcomes are not determined by the pleasant emotions we seek, but by the unpleasant ones, we are willing and capable of enduring.
Take exercise, for example. We all aspire to be healthy and have a fit physique, but are we indeed committed to the discipline, diet, and training required to attain it?
Similarly, we view our businesses as vehicles for achieving financial independence, but true success as an entrepreneur demands an appreciation for risk, uncertainty, repeated failures, and the willingness to invest countless hours into something with no guaranteed success.
Understanding the struggles we are willing to endure gives us genuine insight into our deepest desires. Remember that gaining clarity is an ongoing process, and our desires may evolve over time. Yet, by remaining self-aware, we can ensure that we are continually moving in an authentic and fulfilling direction.
Mastering Money as a Skill
The second crucial point to consider is that many of us equate wealth solely with money. While wealth is more complex than a mere dollar figure, it’s vital to acknowledge that money is a crucial tool in wealth-building. After gaining clarity, the next step is to master the art of handling money.
Furthermore, it’s essential to grasp the idea that making money is not just an action but a skill to be honed. Like any skill, it encompasses numerous facets. It goes far beyond sheer hard work, a lesson I learned the hard way.
You could work 100 hours a week in a restaurant yet not accumulate wealth. In my early years in business, I worked over 70 hours a week and earned less than most of my friends in entry-level positions.
Mastering money is about understanding what to do, when to do it, and with whom. It’s primarily about knowledge rather than relentless toil. While hard work is unquestionably vital and cannot be bypassed, it must be directed toward the right objectives.
The ability to communicate effectively, persuade others (i.e., selling), analyse data and make informed decisions, command resources beyond your immediate control, and manage emotions while delaying immediate gratification—all these skills are prerequisites for mastering the game of money.
The Long Game of Wealth
Finally, in alignment with the idea of delayed gratification, the last piece of the wealth-building puzzle involves commitment and perseverance in playing the long game. Genuine wealth takes time to amass, and if played wisely, it can extend across multiple generations beyond our own, provided we lay a solid foundation. Adopting a strategic long-term mindset alters how we approach our current actions and is a fundamental component of wealth creation.
In conclusion, the game of wealth is one we all partake in, but how we play it is entirely up to us. By defining our personal interpretation of wealth, investing in self-improvement, acquiring the right skills, and committing to the long game, we can win our version of the game and create a brighter future for ourselves and others.