Posts Tagged wisdom
You may not consider yourself wealthy but if you are reading this chances are you have more true wealth than you can even imagine. In addition, you have an opportunity few will ever know, the opportunity to pass on four types of limitless wealth to your heirs. To pass on this wealth you must be purposeful in the legacy you leave, because if you are not you will pass on poverty and hardship to future generations, even if than is not your intention.
For the purposes of this article let us define wealth as a perpetual passive stream of income that meets all of your needs, most of your wants, and allows you to pass on a legacy of wealth for the next generation.
Now that we have defined what wealth is let’s discuss the for different types of wealth and how to build them, enjoy them and leave them for the next generation.
The first type of wealth are your CORE Wealth or Human Wealth.
Core assets are your Values, your Health, your Character, Family, Talents, Habits, Spirituality, and Heritage. It would be impossible for you to be where you are now with out these core assets. Teaching your children how to be happy, healthy, and loving human beings is essential to their prosperity. People who do not enjoy the benefits of being well endowed in these areas rarely find happiness because they are totally disconnected from any core values and family.
The next area of wealth is your Intellectual or Wisdom Assets.
This includes your knowledge, Education, Skills, Systems, Ideas, Methods, Experiences, Reputation and Traditions. It is important for the current generation to teach the next generation how they became successful. Most financial wealth comes from systems, methodology, and connections. People often remark that people from certain families or members of certain groups seem to find success so easy, but that is intellectual wealth in action. To build this wealth make sure the next generation knows what you know. Write it down and pass it on. Mentor the next generation so they can skip some of the struggle and build on a more firm foundation. Do not send your heirs out into the world to start for scratch to prove a point. I have seen my community do this with its children and in the end it killed the wealth of the entire family because time, energy and money was wasted because there was no one to carry on the family legacy.
The next type of wealth is Financial Wealth or the Material wealth.
This includes your Real Estate, Stocks, Bonds, Cash, and other possessions. It is important to note that this type of wealth is just the things not the means to acquire the things. It is because so much focus is placed on this area of wealth that it is said wealth never last more than three generations. Become a student of the wealthy and what they do with their money. Forget about the stock market and all the crazy risk that poor people take. The wealthy use simple income protected and insured method to preserve their well for centuries to come. There are billions of dollars in family trust that can never be squandered because it was built properly.
The last area of Wealth is your Contribution Wealth or Civic/Social Wealth.
This wealth includes your Taxes, Charities, Time/Talents, Family Foundations, and donating your wisdom to others in need. These good works and giving to the community at large keeps you connected to the wealth of the entire community which ultimately benefits you and your family. Not passing on a tradition of giving and contributing to the community lowers your standing in the community. Make giving apart of your children’s lives. Attend and support charity events that align with your values. Feed the hungry and cloth the naked. Don’t wait until you have millions, do it right now.
Core wealth, Intellectual wealth, Financial wealth, and Civic wealth put together almost certainly assure a person will have a wealthy life and each area provides an ongoing passive stream of riches that will allow you to meet all of your needs, most of your wants and leave and even greater legacy to the next generation.
Look at the great families in your community and around the country and you will see them operating in all four of these areas. You will see that their wealth is never depleted because they have passed on much more than money.
If you had to give up one area of wealth and keep the other three, it would be wisest to give up the Financial Wealth because with the other three types of wealth you could get your money back in a very short time.
Wishing your Wealth, Wellness and Wisdom
This is an wonderful idea for recapturing your creativity and peace in your life.
Wishing you Wealth, Wellness and Wisdom
Manager of Wealth
It’s impossible to be in business for yourself since the age of 17 and not take some loses. Setbacks come with the choice of profession. But even after fighting through the storms of several businesses over my career I was totally mentally unprepared for the Tsunami that was 2008.
Going into 2008 I was in a pretty good position. Revenues at my brokerage were around $60,000 per month, I owned three investment properties with plenty of equity, credit was great, I had the best woman in the world, and I was the majority stake holder on three multimillion dollar commercial developments in Atlanta that promised to make me a liquid cash millionaire well before the age of 40. On top of all that my friends and family were all seemingly doing well in their lives as well.
Little did I know that a perfect storm was coming to destroy what it had taken a decade to build.
Within a few short months of the crash of 2008 the mortgage business would be on life support, property values would be trashed, the commercial lending market would freeze making it impossible to complete the sale, and my 7000 square foot home would go from $1.2 million to being worth $0 because the water supply around it was contaminated with toxic gas. Add to that two of my business partners now had wives suffering with breast cancer that would soon take their lives.
Pretty soon there were cash calls, lawsuits, hurt feeling, break ups, unbelievable stress and pain. Not just for me, but for most of America that was being rocked by the same storm. Everybody was looking for someone to blame and I was a big target.
So many days I didn’t want to get out of bed because I just didn’t want to deal with that days hurdles. I was a part of so many relationships both personal and business that were not built for this type of trauma.
By this point your ego is in a fight for it’s life. You’re either going to become bold and put together a plan to rebuild or fold and become depressed. Although I did the former many days when things were not going well I felt like doing the later.
It would have been so much easier to become totally depressed and angry and blame others for the wipeout that I didn’t fully see coming. No matter how crazy my creditors got I never lost it with anyone who owed me money. In fact, I called to say I hoped they would make it through. If I could help them get back on their feet it profited me too, so why trip.
I actively have worked to help my biggest debtors to complete projects they are working on. One, because they were friends before they were debtors and two, because eventually somebody’s got to win and I refused to see a person as a loser just because the economy tanked.
People either believe in Scarcity or abundance but you won’t really know which until trouble comes. Those that believe is scarcity will freak out like the sky is falling and nothing good will ever happen again. Those that believe in abundance with look for opportunity.
If I have any advice to anyone who has taken a major life changing loss that affects you and the people you care about, it’s don’t let your ego and negative self talk throw you into depression. A big lose doesn’t make you a loser. You are still the same person you were only wiser and more informed.
Count your blessings daily and think about everything and everyone who is still in your corner. People really are not concerned with your loss because they are dealing with their own shortcomings.
The sooner you step back out into the world and make a positive contribution the sooner you will be back on top. The people regarded as winners have suffered more loses than most people who never try will ever face.
People have faced financial ruin, death of loved ones, loss of relationships and public and private humiliation. And still they come back.
There is no loss that last for life unless you and your ego buy into it. 90% of this life is mental. At the end of my post I always wish people wealth, wellness and wisdom and I believe setting ego aside and focusing on all the good in your life will bring you all three.
Wishing you Wealth, Wellness, and Wisdom
Manager of Wealth – Mark Fuller