wealth

The Motives to Pursue Wealth

For a variety of reasons, the art of obtaining wealth is commonly misunderstood.

In short, there’s a general assumption by broke people that wealth can only be obtained through earning higher income.

However, this is not factual, and this unfortunate attitude is only surpassed in stupidity by gambling money away.

Perhaps these failures exist due to the lack of independent thinking and the lack of financial education taught in school.

It’s cool that a fancy education (a signed piece of paper) was obtained in exchange for thousands of dollars, but most students fail to understand anything about money at all.

To sum it up, the disrespect towards money and wealth is appalling!

What Wealth is Not

Wealth is NOT a switch that can be turned on and off based off how much income you earn.

People seem to think that you’re all of a sudden rich once a high salary is obtained, but that’s simply not the case.

No matter how much money you earn, there will always be more stuff to buy…

Furthermore, the problem with earning more money is that is causes increased spending.

For example, a higher paying job requires more expensive clothes and more travel, which subtracts from the income earned. Not to mention the influence of the office Joneses.

This is why earned income cannot be associated with what wealth is.

What Wealth is

By definition, wealth refers to an abundance of valuable possessions or money.

Even though I’m not a man of independent means yet, I can assure you that there is no magical secret to becoming wealthy.

Building wealth requires patience, an awareness of investment options, and a high savings rate.

Technically, if you’re able to save 50% of your income per year, you can afford to take one year off work for every year you work.

On the other hand, if you save 10% of your income per year, you’ll need to work 9 years before you can afford a year off.

This is the primary reason why your level of income has NOTHING to do with reaching financial independence!

In fact, people that earn higher incomes are often in a worse position to reach financial independence.

Simply put, their peers drive nicer cars, dress better, and they all spend more eating out.

They become accustom to a more expensive standard of living.

Therefore, they remain in the exact same hamster wheel as everyone else that can’t afford to save or get ahead.

The only difference is that they look flashier, they have higher payments to make, and they have more financial stress, which causes the spending cycle to escalate.

Furthermore, retirement will require more money invested to maintain the same standard of living.

With that said, it may be easier for the individual that earns $50,000 annually to reach financial independence compared to the individual that earns $100,000.

The $50,000 earner has already proven that it’s possible to live off less.

In my opinion, wealth is about having an abundance of assets that affords you the option to work or not.

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Why Aspire To Build Wealth 

Before listing the noble reasons to chase wealth, I will briefly discuss the negative associations with wealth.

For the wrong reasons, the layman seems to think that having money is a bad thing.

Truthfully, the average working citizen is flat-out too stupid to understand money.

Rather than challenge themselves to read a book to learn more about money, you’ll typically find these folks whining about how hard life is.

I mean, we’ve all met someone whose life is a constant sob story – I refer to it as the eventually mantra.

You know, those folks that blame their situation on everyone except for themselves.

Unfortunately, though, you can’t help toxic jabroni’s that feel sorry for themselves.

Worse, these types of people are dead weight, because they don’t want to see you succeed either.

Of course, seeing you succeed would only bring them down further…How tragic…

If you pay close enough attention, you’ll even notice that they’ll discourage successful behaviour, but they’ll encourage you to make the same mistakes as they do at every turn.

Howbeit, my warning is simple: Don’t associate with financial jabroni’s more than you have to, and never allow a broke person to influence your spending or behaviour.

Financial Security – Never Ask for Help!

The driving force behind my quest for wealth is financial security.

To be perfectly honest, I don’t want to ask anyone for financial help!

In my opinion, independence builds character, and I’m proud to be where I am without receiving help.

I’ve never obtained a job through someone I knew, as I’ve always been able to obtain positions through the interview process. I’m particularly proud of this feat, because most seem unable to obtain employment without a recommendation nowadays.

In addition, I’ve never received a dime of help towards education, but I’ll have my student loan paid down to $6,500 by the end of 2018.

On top of that, I haven’t lived with my parents since I moved out for school at 21.

And I’ll never receive help with a downpayment for a home either!

Frankly, everything I’ve done has been solo – the year off, the investments, and my education.

I prefer it solo, and I’ll continue to operate this way because I have the utmost respect for independent people.

Simply put, too much help creates a weaker backbone for when real life issues occur.

I will NEVER rely on others for financial help!

Financial Independence – Own Time

Of course, financial independence and owning my time is just as big of a motivator as financial security.

If you’re a regular reader of this blog, you would know that my ultimate ambition is to reach financial independence by dividend investing.

Someday I will work from home as a full-time blogger and dividend investor, which is why I’m willing to make sacrifices now.

Through testing blogging and investing during my mini-retirement, I was able to come face to face with a fulfilling career.

Ultimately, my year off confirmed that financial independence is a noble reason to pursue wealth.

Success – The Best Form of Revenge

Truth be told, I am currently focussed on gratitude, positivity, and I’ve been making an effort to avoid engaging in negative behaviours.

I also don’t care for revenge.

This is really me saying that I’m focussed on what’s important to me, and I’m focused on the way of the future.

Everything in the past is so far in the rear view, and I’m extremely thrilled at the unique opportunity to commit to the pursuit of financial independence.

Not many people my age have the freedom, extra cash flow, and time to pursue FI.

Frankly, that’s revenge in itself.

To Give Back and Help Others

On a more positive note, the opportunity to give back and help others should be a huge factor for everyone’s pursuit of wealth!

For example, imagine how great it would feel if you were able to help a friend or family member in a time of need.

Perhaps they need a place to stay for a while, or maybe you can help someone out with cheap rent.

The options to give back and help others are plentiful.

Furthermore, wealth provides the opportunity to donate to meaningful causes.

To Constantly Invest and Full-Time Blog

Although this point goes hand in hand with financial independence, it’s important to have a clear vision about how you’ll spend free time once wealth is achieved.

Otherwise, having wealth is purposeless!

In my case, I’m fortunate to have found two hobbies that I thoroughly enjoy.

When I refer to having no choice but financial independence, it’s not that I’m upset about work.

It’s just that there’s other work I’d rather be working on – blogging and dividend investing.

On the investing side, the reason I’m building a cash flow machine is to have constant income to allocate and reinvest.

On the blogging side, I want to publish 1,000 posts all-time, I want to write all the ideas out of my head, and I’m interested in taking a business-like approach to blogging.

Legacy, Legacy, Legacy, Legacy…

Admittedly, there’s one glaring flaw in my plan for building wealth.

I don’t have any kids nor do I plan on having any, so I’ll have no-one to pass on a legacy.

With that said, legacy and ensuring financial security for your family is a huge reason to obtain wealth!

Just think, all that money you’re wasting could be going to your kids…

Be that as it may, my plan is to include money in a will for any of my brothers children, should they have any.

And if they don’t, I plan to seek out a personally important charitable cause to donate to.

wealth

Concluding Thoughts

In conclusion, this post was intended to point out noble causes to pursue wealth – the wealthy are not all Wall Street schmuck’s.

Although I’m not wealthy yet, the likelihood of becoming wealthy increases with every sacrifice I make.

Ultimately, I’m in a great position to pursue wealth because I’m a carless, childless, houseless, and generally an independent fellow.

Fortunately, though, the sacrifices I’ve made have seemed more like optimizing life as opposed to limiting it.

Moreover, it’s time to stop demeaning people that worked hard and made sacrifices their entire lives to achieve wealth.

And it’s also time to stop thinking that it’s impossible to obtain wealth for yourself.

Questions for the readers: What motivates you to pursue wealth? Any changes you would make?


10 COMMENTS
  • Anthony
    Reply

    Dude…I feel like I was sitting there with you while you were writing this! 🙂 Very good post!
    When I’m coming from nothing, the pursuit of wealth is something very enticing and exciting. I think that motivates me to keep going. But I agree on how it’s easy to compare yourself to the world around you and live up to expectations. I also think that the image of wealth is real struggle for people. It’s easy to get caught in it but having a strong, PRACTICAL plan is important to grow wealth. Hopefully, there’s a happy medium where I can have the comforts that I want, while growing wealth that I need.

    1. graham@reversethecrush.com
      Reply

      Thanks for commenting brother! I agree that the journey to wealth is exciting. That’s an excellent point about the image of wealth being a struggle for people. But like you said, that’s why it’s important to have a practical plan in place. In regards to a healthy medium, it is possible but it comes with trade-offs. Like maybe it’ll take you an extra year or so to reach your net worth goal, but perhaps it’s worth while if the comforts improve life. That’s the best part though, you get to select the journey. Thanks for stopping by! 🙏🏻

  • Mr Defined Sight
    Reply

    Good stuff man! Glad to see you cranking out the content again. Interesting point about the legacy. I guess everyone is different in that regard. You will have a long time to figure that part out and it will become clear at some point what you want to do with your wealth. We have a child so while we work towards our own independence, building something for him also is important to us. It’s also a reason why we won’t be quitting terribly young but I wouldn’t change it for the world.

    Take care my friend!

    1. graham@reversethecrush.com
      Reply

      Hey Mr. Defined Sight,

      Thanks for commenting! I’m happy that I’ve been able to write more lately too! And that’s true about having time to sort the legacy side out. I’ve still got many years of this journey to go. Perhaps legacy is one of those things that will become clear with time. And that’s awesome that you’ve created a life that you wouldn’t change for the world. I respect that! And really, that’s what makes life interesting. The journey and the use for wealth is different for everyone. Have a great week man!

  • Tom @ Dividends Diversify
    Reply

    RTC, As the saying goes, it’s not what you make, it’s what you have. FI to me is having the freedom to do what I want not what someone else wants me to do. Gotta have plan though on how to spend one’s time, in my opinion. Tom
    Tom @ Dividends Diversify recently posted…Blogroll PleaseMy Profile

    1. graham@reversethecrush.com
      Reply

      I appreciate the comment, Tom! And I like your definition of financial independence. It’s about having the freedom to choose the work you want to do. I also agree that it’s important to have a plan for your time. Otherwise, what’s the point? Thanks for stopping by!

  • Caroline
    Reply

    Hi Graham, I don’t think I need an “abundance of ..money” to be financially free and happy, so maybe I will never be “wealthy” in that sense.
    Caroline recently posted…Being 21 With $30,000, Who Wants To Play?My Profile

    1. graham@reversethecrush.com
      Reply

      Thanks for taking the time to comment, Caroline! You raise a great point that almost defeats the idea for this post lol. In reality, I don’t plan to be a multimillionaire either. At least that’s not my goal. I’m more focussed on saving enough to be financially independent, so maybe I won’t be considered wealthy either. But I guess it depends what you define as an abundance. Based off your $1,000 in one month of dividends, though, I think you’re getting close to my definition lol Hope you’re having a great week!

  • MrDoublingDollars
    Reply

    Hell yeah! I love when you write posts that just toss the whiners to the side like this. 😀

    I have earned everything I have by myself after leaving home at age 17. But you know what? I am basically just one year out from retirement. Boom!

    Not the retirement where I don’t do anything, just the retirement that I do what I want to do because I am already set financially.

    Oh, and I know I haven’t been as active on my site as of late – but that is gonna change! Also you should make an account on Steemit.com and post your blogs there too. It really has a lot going for it, they have their own versions of YouTube, Instagram, and Twitter as well as the blogging platform. More is coming every day.
    MrDoublingDollars recently posted…Hustle Tip – How To Make Money Going ShoppingMy Profile

    1. graham@reversethecrush.com
      Reply

      Hey Mr. Doubling Dollars,

      I always appreciate the opportunity to hear your thoughts on posts like this!

      That’s seriously impressive that you’ve been independent since 17! And that’s epic that you’re only 1 year away from retirement! Awesome work man!

      That’s the best type of retirement! You still get to be challenged and fulfilled by your work, but you eliminate all the stress and bad work.

      I’m glad to hear that new posts are coming as I enjoy reading your blog for motivation. I took a bit of a break in December too. But I’ve been focussing on getting back on track lately. And thanks for the tip! I’ll look into it. Have a good one man!

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