In todays society people are stuck in the “now” but you need to understand that the “now” may not be important “then”. In the “now” the $500 Millionaire sees people do all the wrong things for all the right reasons (then). Entrepreneurs and business people alike grow their business as large as they can “now” so they live a certain lifestyle “then”…sacrificing whatever they need to “now” for “then”. The $500 Millionaire likes to ask those same motivated people, “If you were to sell your life to someone else right now, A) Would anyone buy it? and B) Take away all materialistic and monetary items, how much could you sell it for?” Some things you might sacrifice “now” may not be available “then”.
One thing the $500 Millionaire has taught me is that after a certain point, money is a score keeper. Your net worth really isn’t any more than just a number. On top of that, unless you are the richest, own the biggest, or are the best…there will always be someone above you. Again, this does not mean healthy competition is a bad thing but understand, the dollar amount next to your name or on the top of your portfolio does not determine if you lived a successful life or not.
As cliché as it sounds, happiness is the ultimate currency. This is coming from someone who has been motivated by money since I was young. The reason money is such a powerful thing is because of what you can do with it. As we spoke about in the past blog Money is NOT the root of all evil, Money is just a maximizer of the true characters of the person who possesses it. This is the difference between Rich people (focus on Money) and wealthy people (focus on Lifestyle). Which one are you?
Too many times people are doing the wrong things for the right reasons. Husbands abandoning their wives because they need to work longer hours in order to make their family happy. Mom’s taking work calls over dinner because they need to close that one deal so that they can provide for their family. Parents missing kids events because they need to give their kids a better life than they had. The $500 Millionaire wants everyone to know that the damage you are putting on your loved ones now might NEVER be returned in the future.
Again doing all the WRONG things but for the right reasons. You life is made up many segments of time, and Time is the ONE thing in this life that you can never get more of. No matter how much money you have or how successful you have become, up until this point, you can not get more time. Make sure to NEVER sacrifice your life worth for your Net Worth
It is always easier to remember things in sets of 3’s so here are two different sets:
3 things to always focus on giving to your family and loved ones:
1) Time, 2) Memories, 3) Traditions
3 Things that will ALWAYS limit your Life Worth:
1) Regret over the Past, 2) Resentment and Envy in the present, 3) Fear of Failure
The $500 Millionaire did not get his name because he never focused on money. Money was an important motivator in his life. One thing he understood is once you make money, it becomes very obvious is not the most important thing in his life. Profit is not necessarily meaning you are making large sums of money. Profits is a means to the point of sufficiency.
Live now like no one else so that you can live like no one else in the future. Understand that Net Worth is not the most important thing in life and that you can have both high Net Worth and high Life Worth. You need to make sure you are constantly focussing on each and not letting the focus on Net Worth totally over power the Life worth. There may be days, weeks, or months that you need to dedicate to focussing on Net Worth but understand the Risk vs Reward factor of Net Worth vs Life Worth. Next time you work those extra hours or you sleep at the office, think about what you are giving up on the back end.
For some of us, like myself, this is a hard thing to balance because we want so much out of life. What I can tell you from speaking to the $500 Millionaire as well as many other successful people, none of them ever wish they could have a couple more hours in the office, or one more chance to close a deal. All of them wished they had more time to spend with the ones they loved doing the things they loved to do. Time is precious, make sure you are frugal.