[SERIES] 1/7 Unpopular Belief: You Should Get Rich
I light of the new year, let's do something new.
This week, let's do a 7 part series of posts.
This series will be on 7 Unpopular But Powerful Beliefs.Some of these I've stolen from others. Some of these I've developed myself.This post is about getting rich.
You should get rich!
And use those resources to help people.The truth is that you can't help anyone if you're broke.Just to be clear, being rich means that you have abundant resources. Specifically, I'm talking about money or a money-generating asset.
Getting rich means owning as little "stuff" as possible.
I think you know what I mean by "stuff." I mean depreciating assets. Things that take up space and get less valuable over time.Owning rental properties or stocks that yield dividends are good examples of things that put money in your pocket, making them worthwhile to maintain or invest in.
Getting rich means being expensive.
Money is a great, non-biased way to measure value. If you're expensive, you're doing something that the market is deeming as valuable! We'll talk more about this one in the next post.
Getting rich means you can be generous.
When it comes down to it, money is a lot like oxygen. Without it, it's difficult to survive--as a person or a business. I'm not talking about what's right or wrong or what should or shouldn't be. I'm just talking about the way it is.If you can provide oxygen to people who need it, you can change lives and improve the planet.
2 Minute Action
Take 2 minutes to do one of the following:
- Lookup a high-dividend index fund and make your first deposit.
- Call a friend in real estate and ask them what it would take to get into the rental market
- Look around 1 room in your house and pick 3 things that are taking up space without adding any value to your life. Donate them.
- Raise your consulting fee, rent, subscription rate, or whatever it is you do for money.
The Unpopular Beliefs That Make People Tick
"You're anxious, stop telling me to worry so much.""You don't know what other people want, so don't tell me what to do.""Your writing is too basic, why are you dumbing it down?"
I've gotten criticism for a few unpopular beliefs, like my death bed timer, the idea that you absolutely should get rich, and the fact that I write at a 7th-grade reading level.That's fine.Let me explain why I hold firm in these beliefs.
My Writing Style
I've written and edited academic publications in Developmental Neuroscience and the Decision-Theory literature.I don't use that kind of language here for good reason--only a few people can read it.The average reading level in the USA is a 7th-grade reading level, and I want to reach more people.Not everyone, just more than the people who already know the value of what I'm sharing.The point is to get to the point. We've all got things to do and places to be.Few people want to read some huge wall of text.Most people just want a useful, digestible, actionable nugget every day.
On Getting Rich
I think you should get rich and then spend that money helping people live healthier, happier, more productive lives.In the amount of time people try to make everything perfect and in the perfect way, they could have had a profitable product by now.Apple didn't start by making computers that were deconstructable and recyclable. Patagonia didn't start by making pullovers from only organic trees. There are many examples of this in the world.You start by making a minimally viable product, getting the cash you need to survive and THEN you figure out how to make things even better.Speed to market and profitability will decide how you survive.If your idea/project/business dies or dries up, you can't help anyone.
The Death Bed Timer
I have estimated how much time I have left to live.Of course, it's not accurate because no one can ever know this exact number--but that's not the point.The point is to have an estimate.The point is to look at a number that decreases and understand the reality of my shrinking mortality.Two of the most common regrets of dying people are:
- Not having lived the life they wanted
- Having worked too much
If you're serious about avoiding regret and living a life of purpose and deliberation, you'll do what it takes.Watching my Death Bed Timer countdown is my way of reminding myself to stay the course, make every second count, and keep improving.
2 Minute Action
I want you to take 2 minutes to question yourself right now.Unpopular beliefs are a good way to challenge others and get to the bottom of the truth.They're also helpful because challenging others can help them solidify their point of view.What are some unpopular beliefs you have?I'd love to hear what yours are, so comment or reply and let me know.Just identifying them, or saying them out loud can help you think about how to build a lifestyle or habit around them.
Why You Actually Should Get Rich
I was recently in a meeting with a client who was criticizing the cash flow of a project.Basically, she was saying that we weren’t helping enough people because we were a “for-profit” project.I can see this point of view, I spent some time in academia after all
The trouble here is her assumption that money is the only or top goal.
Money is a tool, just like any other resource. We just get it directly from our customers, and you get it from donors or government stipends.But guess where that donation came from?Someone built a business and then invested the earnings on Wall Street—and then decided to donate to you.If you got your money from the government, the money can from taxpayer dollars.
Here’s the punchline, people:
You can’t help people if you’re broke.In fact, you might not even be able to help yourself.Money is oxygen. It will fuel everything you want to do. It the means to an end—get this inverted and you will be very unhappy.It’s what you want to do with that resource that’s the important part to focus on.Yes. You should get rich.Then take that money and use it to solve problems for people.
2 Minute Action
How are you building your financial security and stability?Take 2 minutes right now to download an investment app like Stash or Acorns or iBillionaire.You don’t have to spend a whole day looking at Black Rock mutual funds. You can do that later over a slow weekend.Just take this moment to consider your financial trajectory and if that maps to your vision for where you want to be.If the answer is “I don’t know,” or “I don’t have a vision,” then you know where you need to start.