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15 Things You Get Wrong About Wealth

2 April 2021

If You Think Being Rich Means Being Wealthy, You’re Highly Mistaken. Here Are a Few Things You Get Wrong About Wealth.

Having money doesn’t equal wealth. You might think the two go hand-in-hand, but they’re as far removed as Kim and Kanye West. Rich means you have cash in your bank account, wealth means you have cash in your unborn kid’s bank account.

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If you think reading this long article is easy, you’re wrong. What’s easier is switching to the video version of this article:

Without further ado, let’s jump right into the article.

1

Wealth Is Not Just About the Money

Aluxers, we know that money can’t buy freedom, but money can give peace of mind and wouldn’t you say they’re basically the same thing?  

So, while you may have an impressive looking bank balance, if the sh*t hits the fan, how long will that money last you? 6 months? 12 months? The pandemic has proven that we can never be sure what the future holds.

Real wealth means that your income will survive despite a pandemic. Your wealth will keep you going indefinitely, and you will sleep well at night knowing that tomorrow will be just like today.

2

Wealth Works for You, Not Vice Versa

We go into detail on this topic in our video, 10 Ways to Make Money Work For You. Here’s what we said:

Assign a job to your money. What do you want your money to do for you? You need to provide your money with a job description, so it knows its purpose. 

For example:

Level 1: You pop your cash into a bank account and earn interest on it. Your money makes a small monthly profit.

Level 2: You buy property and rent it out. The rent covers the bond and interest rate. Here, your money is doing 2 jobs: working as an allocation tool – providing housing for someone and paying off a bond. 

Level 3: You buy ads for your product, track down the profit from ads and reinvest the profit for more ads, and keep repeating. Here your money is being used to generate a constant flow of income while increasing your interest with each cycle.

Aluxers, you are the CEO of your money – now it’s time to play the role and get things working like a well-oiled machine.

3

You Need a Formal Education to Become Wealthy

Aluxers, we know there is a still a huge, fat “look at me, I got my college degree” attached to getting a formal education. H*ck, Lori Loughlin’s fashion designer husband allegedly paid $500,000 to get their daughters into USC as part of the “rowing” team and Felicity Huffman allegedly paid $15,000 to a charity and has subsequently apologized and promised to “try” and lead a more honest life.

Point is that higher education is deemed so important that people are willing to go to these lengths to get their kids into the “best” universities. We highly recommend you watch “Operation Varsity Blues: The College Admissions Scandal” on Netflix.

Some of the most successful businesspeople don’t have degrees:

Bill Gates, David Karp from Tumblr, Pete Cashmore from Mashable and Mark Zuckerberg.

We suggest subscribing to our channel as we feature many profiles of these big names and their journey to success.

4

Wealth Is Also About Networking

You’ve probably heard this saying a few times, “It’s not what you know, it’s who you know.” Forbes.com believes that the saying should be tweaked to “It’s not who or what you know, it’s when.”

They further add that finding yourself in the right place at the right time is when the magic happens, and that’s what networking is all about.

The thing is, if you don’t know the right people, you won’t be in a situation which provides you with the right timing and that’s where wealth comes in.

Wealth attracts the right contacts, which you’ll only meet when networking with the wealthy. But don’t think you can flash your cash, Aluxers, because that won’t work which we’ll explain next.

5

The Truly Wealthy Have No Need to Display Their Wealth

You’re well aware of Bill Gates and Mark Zuckerberg wearing a staple wardrobe, one that doesn’t scream labels and doesn’t require much energy to put on.

Rich people feel the need to display their money. They want to show off their name-brand clothing, their fancy cars and big mansions.

Like American businessman, Robert Kiyosaki, once said, “there is a difference between the two: The rich have lots of money but the wealthy don’t worry about money.” Which would you rather be, rich or wealthy?

Kiyosaki has several fantastic books available for you to listen to on Audible. We recommend FAKE – Fake Money, Fake Teachers, Fake Assets: How Lies Are Making the Poor and Middle Class Poorer. Remember to claim your free listen, if you haven’t done so already, through us at alux.com/freebook.

6

Having Wealth Means Relying on Others

To build wealth you need to work harder and smarter. You need to grow your wealth without being restricted by your own limitations.

You need to use or leverage the resources of others, especially in areas that you’re not good at. The wealthy didn’t get there by themselves. So, whether it’s financial, time, IT, marketing, networking or knowledge leverage – lean in on others to help you build and grow your wealth, and by using their knowledge and resources, you’re helping them grow their wealth.

As quoted on financialmentor.com, “If you aren’t using leverage, then you’re working harder than you should to earn less than you deserve — and that isn’t going to make you wealthy.”

7

Wealth Means Security

Aluxers, how many crazy stories have you heard about Lotto winners who win millions and splurge it and they’re left with less then what they had before they won? Rich people can have a lot of money for a short period of time, and that money can be gone overnight.

The finance twins put it this way, “the difference between rich vs wealthy is that one group of people focus on investing, while the other focuses on spending.”

And which would make you feel more secure? Certainly, the investing. And there’s the key difference Aluxers. Wealth provides you with security, and that security is worth the sacrifices you’ll make to get there.

If you want to read up more about how wealth can make you feel secure, check out Purpose of Wealth (2): Security

8

Wealth Is for Everyone

A common area that people get wrong about wealth is that it’s not for them. They truly believe that they will never be wealthy, that they don’t have the means, knowledge, or support to get there.

We’re here to tell you that you can be wealthy. You need to create a wealth-building mindset. If you have a fixed mindset, you believe that you’re exactly who and how you are, forever, and that you can’t be or do anything else.

If you have a growth mindset, you acknowledge that you’re a work in progress. You embrace change and challenges and aren’t afraid to try and learn new things.

A prime example is bitcoin, and we know that committing into bitcoin can be daunting, we’re here to help you out. We’ve built Bitcoin Essentials. In our opinion, it’s the best blockchain and bitcoin resource for those of you who want to get started with crypto but have no idea where to begin.

Got to alux.com/bitcoin and enroll now!

9

Wealth Provides a Portfolio

Investopedia.com published an article titled, “Four Steps to Building a Profitable Portfolio,” where they share insight into the importance of portfolios.

As they said, “a well-diversified portfolio is your best bet for the consistent long-term growth of your investments.”

To be successful and to accumulate wealth, you need to have a well-maintained portfolio. Your portfolio needs to reflect your future capital requirements, which circles us back to point number 1… peace of mind. And that’s what well-maintained portfolios offer the wealthy.

10

You See the End Result, Not the Journey

Aluxers, it’s easy to look at the super wealthy and feel envious of their success. And there’s no doubt about it, some were born into wealth, but most worked to get there.

We don’t always see the “failures” or setbacks they experienced to get to where they are now.

JK Rowling pitched Harry Potter to 12 different publishers … they all rejected her. Stephen King’s Carrie was rejected 30 times and Thomas Edison created 10,000 prototypes of the electric bulb before perfecting it.

You’re still on your journey, remain focused and you will get there.

11

You Need Money to Make Money

Wrong! We’ve proven that time and time again. Our video, 15 Ways To Start A Business While Being POOR, provides everything you need to know about starting a successful business with no money.

One of the suggestions was, start with nothing, but start selling anyway. We said…

You don’t need a car to have the largest taxi network in the world, just ask Uber. You don’t need a hotel to be the largest accommodation giant in the world, look at AirBnB. And you don’t need a single product to open an E-commerce platform.

Forget warehouses, forget transport trucks, forget packaging or even support staff. All you need is a supplier. Find a product you believe there is a market for, and sell it.  

Build a website, and spend some money on advertising or leverage your network to get some free advertising and if you work hard enough the sales will come in.

Once the sales come in, you order and the supplier ships directly to your customer.

Shopify is a powerful e-commerce platform that supports over a million independent businesses. Find out more about them at Go to alux.com/sell and start selling today.

12

Having the “One Day” Mentality

Aluxers, this one is self-explanatory. We all do this. We say things like, “when this month is over, I will start xyz,” or “As soon as I have this degree, I will begin this project.”

Start now. The only thing standing between you and building your wealth is you. And only you can change that.

Author Karen Lamb once said, ““A year from now you’ll wish you had started today.”

13

Having True Wealth Enables You to Give

The beauty about wealth is that you can give… not only to causes close to your heart, but you could uplift an entire community.

Some of the wealthiest people in the world are also the most generous. Many have pledged their wealth to the Giving Pledge when they die. People who’ve committed to this pledge include Bill Gates, MacKenzie Scott, Michael Bloomberg, Elon Musk and Mark Zuckerberg.

Aluxers, on a side note – even if you’re not a wealthy person, don’t ever let that stop you from giving. We have so many ideas in our video, 15 Small Acts of Kindness that Make the World A Better Place.

14

Creating Wealth Ethically Is Possible

We can’t stress this enough Aluxers, if you grow your wealth ethically, you will be able to enjoy the fruits of your labour so much more. You won’t be anxious and worried that someone will find out what you’re doing on the sly. You will be able to set a good example for your peers, colleagues, friends and family.

You can inspire others to do the same and you can rest easy at night knowing that you’ve taken advantage of the system, taken more than you should have and not played fair. We are Aluxers after all, and that is not what we’re about.

15

Redefine Wealth

David Hoffmann, co-founder and CEO of GlobalTQM, says the following about wealth on cnbc.com.  “Real wealth isn’t just about having a lot of cold, hard cash. It’s also proportionate to your happiness, health and overall quality of life.

So, don’t just focus on what’s in your bank account. Set aside time to take care of your mind and body. Stick to doing things you’re passionate about. Surround yourself with positive energy. When you do all these things, money and success will eventually follow.”

And Aluxers, we couldn’t have said it better ourselves.

Question:

Aluxers, do you believe that money changes who we are? Or does it just bring out the real version of ourselves? We’d love to hear your thoughts!