Why There Are No Shortcuts to Wealth: A Guide to Building Wealth Through Work
From Sweat to Wealth: The Importance of Hard Work in Building Financial Freedom
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
The Road to Wealth: Why You Can’t Skip the Work
One way to become wealthy without work is to win the Powerball jackpot! The odds of winning the Powerball jackpot are one {1} in 292,201,338. {WINNING IS AN EXTREMELY GREAT DAY} Those are considerably worse odds than being killed by an asteroid impact, which is one {1} in 74,817,414, {YOU WANT FEEL A THANG!}. But even lottery winners must get off their behinds and buy a ticket. The good or bad news, today, you can buy your lottery tickets from your smartphone!
I often hear: “I want to learn how to invest in the stock market or invest in real estate.” What some actually mean: “Tell me what I have to do in 10 minutes, preferably less. And please Do NOT suggest I read books, take workshops, you know, build my competency through WORK.” I understand this fantasy because I have made the same plea regarding losing weight. FYI- My pleas never help me lose weight.
Working Hard for Your Wealth: The Secrets to Building Long-Term Financial Security!
Education is more than attending university, having six debt figures, and being qualified to work at Starbucks. Education is about gaining skills and knowledge that earn you an income. We require education to become plumbers, attorneys, etc. {A prominent lawyer calls a plumber to fix a leak in his shower. After about 25 minutes, the plumber hands him a bill for $200.00. The lawyer, enraged, says: “I’m a famous trial lawyer, and even I don’t make that kind of money for 25 minutes of work!” “Neither did I when I was a lawyer,” says the plumber.}.
RULE #1: EARN MORE THAN YOU SPEND!
After achieving competency in your field, you are ready to earn money. The first rule: EARN MORE THAN YOU SPEND! The excess goes into your savings.
Most Americans FAIL this rule. The choice is yours, EARN MORE THAN YOU SPEND or be BROKE!
RULE #2 BEFORE INVESTING – BUILD FINANCIAL LITERACY THROUGH EDUCATION
I do not understand Cryptocurrency. I need to educate myself if I want to invest my HARD-EARNED MONEY in Cryptocurrency. Without education, you foolishly gamble if you put your hard-earned money into any investment {Real Estate, Owning Your Own Business, Stocks, Bonds, Precious Metals, etc.}.
HAVE YOU HEARD OF THE 10,000-HOUR RULE?
Malcolm Gladwell, in his best-seller book, “Outliers” states: “it takes 10,000 hours of intensive practice to achieve mastery of complex skills and materials, like playing the violin”. How many thousands of hours did Michael Jordon practice basketball? Tiger Woods practice golf. Bill Gates practice programming. I am confident Michael, Tiger, and Bill Gates exceeded the 10,000-hour rule.
IT TAKES MORE THAN 10,000 HOURS – SAY WHAT!
Anders Ericsson, a professor of psychology at Florida State University, research suggests that someone could practice for thousands of hours and still not be a master performer. They could be outplayed by someone who practiced less but had a teacher who showed them what to focus on at a critical moment in their practice regimen.
Most successful people have great coaches. Warren Buffett relied on Benjamin Graham and Charlie Munger. Michael Jordan and Tiger Woods relied on coaches who showed them exactly what to focus on to improve continuously. Who are your coaches?
CONCLUSION BY GEORGE WONG
“In March 2022, I attended two high school track invitationals in Orange County. Hundreds of kids and parents showed up. Each boy/girl’s sprint event had eight heats. At least 80% of the performers had received good coaching at this level. Speed aside, this was evident in their running mechanics. Meanwhile, back in the poor neighborhoods dominated by browns and blacks, there were no invitationals, and only the elite runners went to prestigious regional invitationals. In local track meets in the less affluent neighborhoods, we see kids perform well based on brute strength, with little evidence of any coaching.
Recently we celebrated Jackie Robinson’s 75th anniversary of his entry into major league baseball. It is sad we must still ponder, “the why” and “what if…” about this disparity in youth track and field.
Like everything else {education, jobs, etc.} we have failed many constituencies in providing them the opportunity to be prepared and to get to their starting line prepared. We need to get young folks trained and competent to get to the starting line like everyone else. We have the data to prove the prepared and willing, regardless of color, do fine getting to the finish line.”
They need coaches and role models to show them what to focus on at a critical moment in their practice regimen.
WHAT SUBJECTS DO YOU WANT TO READ MORE ABOUT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
WANT TO LEARN HOW TO BECOME WEALTHY – READ “THE MILLIONAIRE NEXT DOOR
LEARNING FROM INTELLIGENT MINDS – IS MANDATORY!
“WHAT WE BECOME DEPENDS ON WHAT OUR FATHERS TEACH US AT ODD MOMENTS WHEN THEY AREN’T TRYING TO TEACH US”
THE ONE BOOK YOU SHOULD READ…….
FORGET WHITE RECKONING TO ADDRESS RACIAL INEQUALITY – WE NEED GOOD ECONOMIC POLICY!
IMPROVING MY COMMUNICATIONS SKILLS MORE THAN DOUBLED MY COMPENSATION! SERIOUSLY!
BUILDING FINANCIAL FREEDOM/LEGACY TEN DOLLARS AT A TIME!
BUILDING FINANCIAL FREEDOM/LEGACY TEN DOLLARS AT A TIME!
https://wealthbuildingpowers.com/2022/03/14/building-financial-freedom-legacy-ten-dollars-at-a-time/embed/#?secret=K4CqVXPI9P#?secret=oVXzHznVPm
THE ROTH IRA IS SO GOOD. THE FEDS MADE A MISTAKE!
https://wealthbuildingpowers.com/2020/01/13/the-roth-ira-is-so-good-the-feds-made-a-mistake/
A ROTH IRA WILL IGNITE THE ENGINE FOR YOUR KID’S FINANCIAL FREEDOM
A ROTH IRA WILL IGNITE THE ENGINE FOR YOUR KIDS FINANCIAL FREEDOM
KEEP IT SIMPLE STUPID {KISS} – THE S&P 500 ETF INDEX
KEEP IT SIMPLE STUPID {KISS} – THE S&P 500 ETF INDEX
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
RETIREMENT PLANS OTHER THAN THE 401-K TO GENERATE > $1 MILLION PORTFOLIO!
RETIREMENT PLANS OTHER THAN THE 401-K TO GENERATE > $1 MILLION PORTFOLIO!
DO YOU WANT TO JOIN THE 401K PLAN MILLIONAIRE CLUB? {KINDA LIKE THE MILE HIGH CLUB – BUT A LOT LONGER LASTING!}
401-K YEAR-END SALE!
TURNING YOUR STIMULUS CHECK INTO MILLIONS $$$$!
https://wealthbuildingpowers.com/2021/03/22/turning-your-stimulus-check-into-financial-freedom/
SO YOU GOT A HUGE TAX REFUND – NOW WHAT?
SO YOU GOT A HUGE TAX REFUND – NOW WHAT?
YOUR BIGGEST RISK TODAY – IS A LONG LIFE!
YOUR BIGGEST RISK TODAY – A LONG LIFE!
INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?
INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?
FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED – TRUST ME!
https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
THE NEED FOR EMERGENCY SAVINGS – IS MORE IMPORTANT TODAY THAN EVER!
THE NEED FOR EMERGENCY SAVINGS – MORE IMPORTANT TODAY THAN EVER!
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ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
