Elon musk

The Wealthy You! – OFFENSE; Wants versus needs.

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The topic of wants versus needs is a topic that is frequently talked about and considered when it comes to one’s own personal finances. Generally speaking, a person’s income is limited and must be divided accordingly to the size of each bill that must be paid, this is the need. Wants tend to come after the needs have been paid, but often times can be far more expensive than your needs. The Wealthy You! – DEFENSE will say to satisfy your needs before your wants (this includes paying yourself as a need instead of a want), because it is basic financial literacy at play in your own personal financial situation and journey. The Wealthy You! – OFFENSE will say to go satisfy either a need or want or both in other people’s lives. Money is a means of exchange and being The Wealthy You! means having an abundance of a means of exchange (among other resources like housing, education, healthcare and entertainment). Abundantly (wealthy) producing a need or want or both for other people and abundantly exchanging those needs and wants for other people’s money is you achieving The Wealthy You! – OFFENSE. Going on the offense; taking the initiative; taking advantage of opportunities are all active approaches to life which is one part to The Wealthy You! – OFFENSE. Your human mind should not be taking a passive approach in your life and body.

All needs and wants that are consumed in one’s own life come from other people. Even if you grow your own vegetables, odds are that you got the seeds from a store, friend, neighbor or someone else. Perhaps the soil was purchased in bags from a box store or provided in bulk from a nursery. The piping that was laid down to move water directly to the plants came from a factory and maybe even was installed by someone else. The house that was built to live in consists of pieces, parts and components from other people throughout the country or world. Someone had to cut the lumber down to size, someone else had to place it in its final spot and attach it to other pieces so it would be secure (just a simple example but also includes healthcare, entertainment, education, and anything else you can think of). This is all work that needs to be done, but is usually done for others. The people doing this work for others are professionals in the line of work they are performing. People will seek those professionals out and trade in their money for professional work to be done.

Why not you? If you can do it for one person, then odds are that other people will be interested in either the need or want that you produce. It is your decision on what need or want to produce, just as long as production is occurring. Make sure you enjoy what you are producing and try to produce it for as long as possible. If you can produce for multiple people and because people tend to consume resources throughout their lifetimes, then you should be able to do it for multiple people throughout your lifetime and even after you die. If you can do this, then you will find multiple people trading in their money constantly throughout your lifetime because you are able to produce a need or want or both for them. And they will seek you out because you are associated with the thing that you produce that they need or want. This makes you a professional. Michael Jordan produced results on the basketball court for about 19 years. Ford is still producing vehicles long after the founder died. Elon Musk has been producing results for Tesla since 2003. Hospitals produce healthcare results and improvements for patients. Farmers produce food. Hollywood produces entertainment. But they do it every day. And they try to increase how much they produce too. Michael Jordan came out of retirement twice. Ford aims to produce more and more vehicles each year, they produce far more today than they did in 1922. Ford has produced more vehicles after Henry died than when he was alive. Elon has led Tesla to increasing amounts of production annually. Tesla has more and more product to share with the world each year. Hospitals are open 24/7 and are always looking into improvements in healthcare for patients. There is constant development in healthcare research and technology and it is constantly arriving in hospitals around the nation, all to improve your quality of care. Think what you want about the coronavirus, but it has forced humans to produce enormous results in respiratory therapy and countless other applications in healthcare. Farmers are constantly looking for more land so that they may produce more of the crop that they grow, more people will be fed as a result.

Imagine if Hollywood stopped producing entertainment. All those hundreds of billions of dollars that people trade in their money for entertainment would disappear because entertainment stopped being produced. Hollywood wouldn’t have anything to trade for other people’s money. People would stop going to movie theaters and blockbuster movies would cease to exist. There would be far fewer options for nightly television viewing. People would occupy their time doing something else because Hollywood studios stopped producing entertainment. Hollywood would quickly become broke, austerity measures would kick-in to place and the population will more than likely vacate the city and look for opportunity to produce something else somewhere else. Absolutely no growth happens in situations like this which means producing nothing will be one of the most destructive causes in your life. A real life example of production stopping is Detroit, Michigan. For the longest time, Detroit produced vehicles and countless other parts for vehicles and transportation concerns. Then one day the automotive manufacturers decided to produce their vehicles somewhere else besides Detroit. Over the course of time, production stopped, money stopped flowing in, people fled the city looking for other opportunity elsewhere, leaving behind crime, unoccupied buildings, idleness and drug use. Buildings fell into disarray due to the idleness. The lives of the people that stayed fell into disarray because of a lack of job options. Production stopped and idleness crept in. Detroit is still smaller than at its peak before production moved elsewhere and was borderline destroyed because they stopped producing their thing. Of course production has to happen, if Hollywood wasn’t producing entertainment, then someone else will step up and produce it instead. Vehicles are still being produced although Detroit isn’t producing as many of them despite more and more vehicles being produced annually.

The Wealthy You! – OFFENSE is about you abundantly producing more for others. We all benefit when you do it and someone has to do it. Whoever does do it though will get the rewards, pay, investment, customers, work, benefits, gold, treasure, and anything you want. But it starts with producing first. Entertainment is produced and then sold, not sold and then produced. Ford makes their vehicles first and then sells them. You don’t go to the store and place an order for a Coke, and then wait for it to be delivered. Coke first produces their beverages, then delivers them to retail locations and when customers buy one of their beverages is when Coke receives compensation for their work. Do more first and then you will get paid more throughout your life.

Become The Wealthy You!

The Wealthy You! – OFFENSE; Produce your product abundantly and share it generously, this is production. Production is the means of wealth. It is hard, damn near impossible to have wealth if nothing is produced.

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Production. Throughout our life we are asked to produce, beginning with the moment we can walk and talk. Because if we can walk and talk, then we can do the chores. Parents ask their children to help with cleaning the house; cleaning the house produces a clean house, washing dishes produces clean dishes, etc. Then as those children age, they go off to school or find a job or another productive use of their time. And during that time in school or at someone else’s job or even their own use of their time, they are asked to produce. In school you need to produce passing grades in order to move onto the next grade or year in college. At work you are asked to produce within that job, regardless of what it is, that is the purpose of a paycheck. You produce for your organization that you work for, then you get paid and receive your paycheck. That is getting the job done and having an impact on the organization you are working for. If an individual gets a job with an organization but doesn’t produce, then odds are they will not keep that job for long term. If you found a productive use of your time that doesn’t fall within the boundaries of school or someone else’s job but is not benefitting someone else’s life, then your time is not being productive. One measure stick of productivity is how many people are seeking you out to help them with any issues or concerns they may have. Farms produce food and people will seek out their food. Doctors and respiratory therapists produce healthcare solutions and people will seek them out for their advice and solutions for healthcare. Lawyers produce comprehension of the law and represents their clients in court and people will seek out their help when they have concerns or problems with the law. Professional athletes try to produce as many wins as possible for their team and fans and those fans will flock to them for entertainment on a nightly basis. NASA produces an economic benefit that reaches all 50 states (National Aeronautics and Space Administration Economic Impact Report, October 2022). If NASA wasn’t producing these results for all 50 states or the American People, would they have the funding and access to all the resources to do what they are currently doing? And when nothing is produced by an individual or organization, absolutely nothing will be given to them in regards to resources that is needed for the work that isn’t being produced. There is no demand for resources or material coming from the people that produce nothing. Then there is nothing for them to trade in for other people’s money (role #1 for money; it is a means of exchange). You exchange in your production for other people’s money. The more people you produce for and serve, the more people there will be that will exchange in their money for your production.

Wealth is abundance of resources, not necessarily just money. A person can become The Wealthy You! without having an abundance of money, so long as they are producing abundantly for their customers or the people they serve. But the abundance of financial resources will come to you in due time as long as the abundant production can be sustained. This is God’s law and God’s law cannot be broken. Abundant production is the opposite of idle hands and idle hands are gifts to the Devil, which will destroy your life (look at homeless people and the production they don’t provide. Their hands are being gifted to the Devil whom has filled their camps and living conditions with disease, trash, crime, destitution, poverty, drugs and the destruction of human life. None of this should be desirable for The Wealthy You!).

According to 24/7 Wall ST, as of June 8, 2022, the top 5 wealthiest Americans in American history are, adjusted for inflation in 2022 dollars:

  • # 5: John Jacob Astor (1763-1848) $159.1 billion. First multi-millionaire in the United States. Produced results in fur trades and real estate for other people which earn him the majority of his wealth.
  • # 4: Sam Walton (1918-1992) $194.6 billion. Founder of Wal-Mart. Wal-mart is the world’s largest company by revenue at approximately $570 billion in annual revenue. They grew to that size by producing results and serving their customers.
  • # 3: Elon Musk (1971-present) $207 billion. Founder of Zip2, PayPal, Tesla and SpaceX. Each of these organizations produced work, products and technology that has advanced industries and society. SpaceX and NASA work closely.
  • # 2: Cornelius Vanderbilt (1794-1877) $ 236.4 billion. Built his wealth in railroads and shipping. Funded the initial gift to found Vanderbilt University in Nashville, Tennessee.
  • # 1: John D. Rockefeller (1839-1937) $ 291.8 billion. First American billionaire and is the wealthiest American to have ever lived. Began as a merchant that dealt in food items like meats and grains, and then switched to the oil industry. Founded Standard Oil, which standardized the quality of oil production and then soon controlled 90% of America’s oil production before the Supreme Court used anti-trust laws to break the company up.

All of these people produced results, products, technology and services for as many people as possible. People made those individuals wealthy because they provided and produced for people in the first place. That is becoming The Wealthy You!

Next on The Wealthy You! – OFFENSE; It is all a personal decision. Everything. Including what you do with your time, what your income is and how much you want to be worth; this is your net value. It is your decision to bring that to reality every day. It happens every day, not tomorrow.

Become The Wealthy You!

https://www.nasa.gov/press-release/nasa-s-economic-benefit-reaches-all-50-states

30 Richest Americans of All Time

The Wealthy You! – DEFENSE

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This week on The Wealthy You; making it a habit.

Make what a habit? The things that you want to keep in your life, every day. Make a habit of kissing your spouse every day; make a habit of cleaning yourself and the parts of the world you occupy every day; make winning and building wealth a habit. Habits are something you practice or carryout every day and that is hard to give up. This can also include negative or bad habits such as smoking, drinking too much alcohol, driving faster than necessary, reacting emotionally or something else that you have identified as a potential bad habit in your own life. Habits can be a driving force in your life, they help build your daily life and routine and will also make people associate you with your certain habits, whether those are good or bad habits.

I personally had the habit of smoking cigarettes every day, about a pack a day. I smoked so frequently during the day that when I was around my co-workers they all knew that they risk smoking more than they usually do during the day because cigarettes are social and I was such a heavy smoker. I maintained that habit for about 9 years. Until I figured out how to break that bad habit, cigarettes controlled my life, the place I would spend my time, the amount of money I had to spend just to keep them around me, the scent of my clothes and car and my breath. It was a habit that I generally considered to be a bad habit that controlled my life. That is a common example of bad habits. But good and productive habits can be formed in your life too.

An example of a good habit can be winning. Have you ever noticed that people who win tend to continue winning at life. You can’t win everything all the time in life, but these winners go from endeavor to endeavor and keep winning like it is a part of their life and that it is hard to give up. They don’t know what losing is because they keep winning. They ingrain it into their life from a very young age, that is when their winning ways begins. And starting at a young age means starting small too. The first wins they experience in life are easy wins; wins that are easy to achieve, accomplish and accumulate. And with each win the next challenge becomes more challenging and more challenging, then over the course of as little as 5 years, wins start to become obvious and a routine, habitual part of your life. Imagine 50+ years of winning in your lifetime. This can include building wealth, a billion-dollar business, maybe multiple billion-dollar businesses (if you spend your life building a system that provides a product or service to as many people as possible and this has in-turn made you a billionaire whom owns a business that is worth billions, makes you a winner. When this happens, then you are sharing it with the world and you will have made winning an habitual process that you exercise every day.) Elon Musk owns Tesla, SpaceX, The Boring Company, and possibly others, these are his products that he works on every day in which he intends to share with the world and he hires others to help him share those things with the world (he is just one example but similar examples exist everywhere). If he didn’t want to share Tesla cars with the world then he wouldn’t be selling them to the public at large.

Becoming The Wealthy You! and winning will become much easier once you establish them as habits that you practice every day. On the defensive side of building The Wealthy You! means getting into the habit of paying yourself first and foremost with every dollar that you are able to put your hands on. The absolute minimum is 10% of your income should be paid to yourself first. Because without you, absolutely nothing will ever get done in your life. Another way of saying this is, you are your greatest asset in life. Assets are things you want to acquire in becoming The Wealthy You! and to continue to feed and add too. Getting in the habit of doing this everyday will also help make winning a habit in your life. Even if you have just one source of income from a job that you go to everyday, get in the habit of paying yourself 10% first before your other bills.

Get in the habit of paying yourself first. Get in the habit of building The Wealthy You!. Get in the habit of winning. And get in the habit of collecting assets, wealth and value. Every day. You may discover that it could be one of the most entertaining and enjoyable things you do in life. And you get to do it every day, unlike vacations which always end after a short period of time.

Next week on The Wealthy You!; the importance of emergency cash.

Become The Wealthy You!

The Wealthy You!

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Rules of the Game

I am beginning a new blog program called The Wealthy You. The intent of this program is to create The Wealthy You. It is being designed in a way that feels like a game. A game complete with rules, offense and defense, and a point or purpose of playing and winning. There is always an incentive to play games, even when nothing is on the line when playing with friends or family, playing a game just to exercise your brain is incentive enough to play.

In todays inaugural post we will go over the rules of the game, the rules that are built and designed for you to see continued success, not just once but every day of your life. The rules of The Wealthy You are fairly simple, they have been known in society for thousands of years. Names may be different and change over the years, but the rules are the same. The rules for our game are the roles that money plays in society. There are three main ones; medium of exchange, accounting of value, and the ability to store value.

Let’s go over all three of them starting with medium of exchange; most people understand the exchange part of money, that is shopping. We all shop for things everyday. We buy groceries, cars, homes, appliances, clothes, heat and cold, electronic devices, tools, gardening equipment, and entertainment because we need them and we want them. Without the use of a medium of exchange, exchanging would be trading or bartering. We would trade our cows for someone else’s horses, for example. What would you trade for someone else’s land or house. What could you trade for someone else’s labor to do something that you may not be good or effective at doing. You would have to trade something of value, money becomes a generic means of exchange that everyone would accept for payment. Not everyone would accept a horse in exchange for groceries, but grocery stores will accept money in exchange for their groceries.

The next rule and role of money we will cover is the ability money has at accounting value of assets or liabilities. Without money how could you say Elon Musk is worth over $200 billion dollars? Without money how could you say the least productive people in society are worth nothing? Our worth would be found in our ability to find food and shelter everyday. It is quite possible that we would all be living underneath rocks each night instead of in a bed each night without money. Everything you see in society has a value, and money will put a numerical value on that thing you see, this can include real estate, stocks, bonds, collectibles, items on store shelves, cars, businesses, franchises, professional sports teams and anything else people will produce in society will have a corresponding value attached to it. Money will account for that value.

The last rule and role of money is the ability to store value. We do things and stay productive, we work, we serve the people, we all do things for an income to support our life and to be happy and healthy. What we do with that income when it finally falls into your lap is the important work. You receive your income, then you pay yourself, pay your other bills, and then what do you do with the extra income that hasn’t been spent yet? A lot of people would use that extra income to acquire liabilities, this will lead to a feeling of living paycheck to paycheck. This includes a new car and car payment, maybe another car with a corresponding car payment, maybe a larger house, credit cards and personal loans. This is effectively storing your extra money in liabilities, things that drop in value or take money out of your pocket. Money can also be stored in real estate, stocks, bonds, collectibles and anything you can find that will put money in your pocket or rise in value, those are called assets. Assets are ultimately what you should want to own, not liabilities.

Remember to keep the roles of money in your mind every time you have made the decision to make a financial transaction, that is how the rules of The Wealthy You are to be followed. There is nothing in the Universe that can replace the role of money in society, use it to your advantage.

Every friday will be a new blog post that expands upon this game. Next week we begin The Wealthy You – Defense.

Become The Wealthy You