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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; Putting those ideas, thoughts, dreams and new or different ways of doing things in place, i.e. trying them or stress testing, is the road to production. Lots of your ideas, thoughts, dreams, and new or different ways of doing things will fail, so enjoy the process in abundance. You will need the abundance and want the wealth.

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Every organization that provides a product or service to the public has undergone rigorous stress-testing of their products. This includes seeing how much physical stress a physical object that is produced can take before it fails and falls apart (how many times can a hammer hit a nail before the hammer fails?). Organizations that provide services undergo routine exercises and drills to stress-test the employees and the organizations policy responses to any given situation that they may encounter. The purpose of doing all these stress-tests is so that every organization can provide a quality product or service to the public with confidence that it works. That is the point of stress-tests and if this step is skipped then no one would know about the quality of your product and will be questioning the product itself.

But how did those organizations create those products to be stress-tested in the first place? You have to start somewhere and you need to have a tangible product that can be produced before it has the ability to be stress-tested. Usually it comes from people operating in a space that is a self-interest that they are pursuing. And why are they pursuing it in the first place? Because it’s interesting and is worth the investment of time every day to pursue it. During this process, products will be created and will undergo the stress-testing phase of becoming The Wealthy You!. Once a product has sufficiently passed the stress-test phase, then production can start. The point of production is to produce that product in an abundant and systematic way so the quality will be the same in each unit/product produced or service rendered to customers. Once production has begun, don’t ever stop producing and produce it abundantly to share with as many people as possible. There will always be a buyer, but you must have your quality product produced first before a buyer will buy. The more you produce and the more you share with as many people as possible, the more people there will be trading in their money for your product, literally for as long as you produce (money is a means of exchange/sharing). Imagine Ford not producing their trucks or Mustangs or only producing 10 a year, they wouldn’t have a presence on the roads and no one will know about them. Or Tesla not producing their Tesla vehicles, luxury electric vehicles wouldn’t be a thing, let alone Tesla themselves. What if farms stopped producing food? We would all starve. Or doctors and other medical staff stopped producing/sharing their talents for their community. Medical care would collapse and lives would shorten. Don’t ever stop producing, because the moment production stops is the moment you begin to be replaced. And we all suffer when your products, talents, and services aren’t shared with society and your community in abundance. But we all benefit when you do share your talents, thoughts, ideas, dreams, and products with as many people as possible.

During this entire process, you will have ideas, thoughts, dreams and new ways of doing things that will not pass your stress-tests. This is a pivot. Do you believe in the product? If so, then change the product in the area where it failed the stress-test so the next iteration will pass that part of the stress-test. This is a product-pivot. If the belief in the product seems to vacate your heart, this is also a pivot, but it is known as an idea-pivot. Your ideas should pivot to a completely different product that can be produced and stress-tested. Sometimes this new product will be in a completely different space or industry. Or maybe it’s a different product in the same space or industry. Pivots aren’t your failures, it was the products failure. Pivots can be struggles for us, but struggles are growth and growing pains, and the problems of growth is better to deal with than dealing with the problems that comes from contraction and poverty.

Do this abundantly, this is a part of becoming The Wealthy You!. It is impossible for you to become wealthy if you do not abundantly pursue your self-interests and share it with the world. With as many people as possible. The more abundantly ideas you produce and pursue and consistently and constantly share it with the world, the wealthier you will become. It comes from abundantly producing the thing that interests you and has passed all stress-tests it went through.

The Wealthy You! – OFFENSE is a simple and basic lesson of economics. The definition of economics is the production and consumption of goods, resources and services. To have an economy, a nation must produce goods and resources. The more that is produced the larger the economy. Money is used to account for the value of the production that nation produces. How does a nation produce? You!!!. Whatever you produce abundantly and share with people, that value you create will contribute to your nations economic development and total economic value. For a country to have a strong economy; its citizens must produce for others. For a billion-dollar business to exist and continue existing; it must produce for others. For you to become The Wealthy You!; you must produce for others. Create the image in your mind.

Next on The Wealthy You! – OFFENSE; Collect additional incomes by providing needed products or services for your community and for others. Look for solutions to problems that plague society.

Become The Wealthy You!

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!