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!