Is There a Simple Path To Wealth?

Most people dream of being wealthy.  They  see money as the answer to many of their problems.   

However, dreaming about something and making it real is not the same.  So is there a tried and tested path to wealth that can be followed?

In order for you to become wealthy, you should understand what wealth is, how to create a wealth mindset and why creating a wealth mindset is important.

What Is Wealth?

In simple terms wealth is the value of money and financial assets including property that a person, community or country owns.

We can say that if I have a house, car, clothing, food and so forth, that is wealth. However, wealth is not merely a collection of things; it is a collection of things that are owned.

The acquisition of wealth is the result of the application of knowledge and skills to the development, acquisition, retention, and management of financial assets.

In the modern world of increasing automation and globalization, the concept of wealth has changed substantially.

In the past, wealth was defined by the total value of your physical possessions. Nowadays we can additionally consider the value of non-physical possessions or assets.

These non-physical assets can include:

What Is a Wealth Mindset?

If you Google ‘what is a wealth mindset’ you will get a variety of answers basically saying roughly the same thing. Here is an example:

“A wealth mindset is a set of beliefs, habits, and behaviors that separates the wealthy from the rest. A wealth mindset will guide you to make the most of the money you have.

But it doesn’t come easy. A wealth mindset means spending less, making wise investments, and looking for ways to improve financial standing with minimal risk.”

In order to create a wealth mindset you have to understand that money is just a tool that can be used wisely or unwisely.

Money is just one of many ways to get ‘things’ or services.  For example you can be given, borrow, barter or offer your time and experience in exchange for goods or services.

Wealth is more than just money.  You can have all the money in the world and still be miserable, unhappy and lonely. You can have financial struggles and still be happy, content, and loved.

There are some people who believe that having a wealth mindset means that you spend all your time thinking about money.  They look for the ‘monetization opportunity’ in almost everything they do.  While this might work for some, it can be the downfall for others. There has to be a balance.

It is all about perspective, and a wealth mindset guides you to make the most of the money you have, which, in turn, can lead to greater wealth.

Creating a Wealth Mindset

A wealth mindset requires you to respect your money.

There is a quote by Jim Rohn “You are the average of the five people you spend the most time with.”

Many wealthy people will confirm that there is a simple path to wealth and the first step is creating a wealth mindset.

Too many people are just trying to “make ends meet”. They just want to get by. They may have some savings but not much else. They spend their time working for someone else.

If your job is your only source of income, you’re going to be very poor because if you get fired, you lose your income.

Similarly, if you own a company or are self employed if your company goes bankrupt, you lose all of your assets.

If you have no savings, your only option is to depend on others. This is an unsustainable mindset. You need to get ahead of the game. You need to think about wealth. You need to think about what it is that you desire, and start creating it.

This all begins with creating a wealth mindset. To recap, a wealth mindset is a mindset where you think about wealth and actively work towards creating wealth.

The reason why you need to have a wealth mindset is because if you are just going to live for today and tomorrow, you will never be able to create wealth.

You can also look at it this way: If you are spending everything you make, then you will never be wealthy.

Money can come to you instantly and make you rich.  If you have no idea how to use or invest that money, then it probably will not last – you only have to read stories of lottery winners who a few years later have blown the lot.

On the other hand, there are many lottery winners who have invested their money wisely and have increased their wealth.

Wealth takes time to grow.  If done correctly, wealth growth can go onto ‘autopilot’ and can literally grow itself.

But you need something to start with.  As Jim Rohn said, “Start from wherever you are and with whatever you’ve got.”

This can honestly be as little as 1 penny!  I guess you did not know that you can become rich starting with 1 penny.

Here is an example of how it can be done.

Get a chess board.

On your first day of wealth creation, put 1 penny (or the lowest  denomination of the currency in your country) onto the first square of a chess board.

The next day or week, put 2 pennies and keep doubling the amount on the next square.

Do this on a regular basis.

Here’s the maths behind it.

1 penny for the first square

1 + 2 = 3 for 2 squares

3 + 4 = 7 for 3 squares

7 + 8 = 15 for 4 squares

15+16 = 31 for 5 squares

31+32 = 63 for 6 squares

So, in 64 doublings (chessboard squares), the sum (number of pennies) is 264 – 1, which is 18,446,744,073,709,551,615 pennies.

This equals £184,467,440,737,095,516.15

Obviously the challenge here is finding the pennies when the amount required becomes large (AND fitting them onto the individual chess board squares)!

Give it a try and see how far you can go.  If you don’t give it a try or you are not willing to even attempt it, that shows you how far away you are from attaining a wealth mindset.

The reality is that there is an opportunity cost to starting with 1 penny. This is because if you are starting with 1 penny, then it could very well be that your next step to wealth is also 1 penny or 2 pennies. But if you start with 10 pennies, then the next step may be 20 pennies etc.

This is called the opportunity cost of wealth creation and is something that should be considered when looking for a simple path to wealth.

Creating a wealth mindset IS the most important step to becoming wealthy.

“Where the mind goes – the body follows”

Ways to create a wealth mindset include:

  1. Set goals for what you want to achieve
  2. Focus on what you need to do to achieve wealth, be disciplined and take regular action steps towards your goals
  3. Eliminate things from your life that are not productive
  4. Create a vision board
  5. Stay motivated
  6. Write down your goals
  7. Learn new skills
  8. Invest
  9. Create a plan to pay off any outstanding debt
  10. Learn from those who are already wealthy. You can’t learn how to become wealthy from a poor person, BUT you can see what they DO and ensure you do not do those things
  11. Spend much less money than you receive by creating a budget. If possible, pay for your essentials then treat yourself with 10% of the remainder, save 40%, invest 40% and donate 10% to a worthy charity.
  12. Plan ahead

What Is Generational Wealth?

Wealth building can be a generational process. The name for this is generational wealth.  The “The Great Gatsby Curve” illustrates this well.

Generational wealth is concerned with what we leave behind to our children, grandchildren, great-grandchildren, family members etc.

There is a Chinese saying that goes “Wealth does not last beyond three generations”, The American equivalent is, “Shirtsleeves to shirtsleeves in three generations”.

This means that you should start thinking about future generations and how to ensure that they have what you would like them to have.

Most, (if not all) of the wealthiest families today, stay wealthy as they have a solid plan in place that ensures all of their future generations will be taken care of financially.

You too should be thinking about how to ensure that your future generations will be able to inherit your wealth, so that they can be even wealthier than you.

Your mindset must be focused on your future generations and ensuring they have what they need. This is an important aspect of creating generational wealth.

The good news is that this can be done.

Here is a real example of creating generational wealth:

Shaquille O’Neal

Shaquille O'Neal creating a wealth mindset - generational wealth

Shaquille O’Neal was not born into a wealthy family.  However his skills as a basketball player saw him drafted into the NBA where he earned many lucrative contracts.

O’Neal admits that he spent vast sums on ‘things’ before he was advised by Magic Johnson to use his money wisely.  As a result he began investing in companies such as Google, Apple, and PepsiCo.

Unlike many sports stars who once their careers are over find themselves financially ruined, O’Neal has investments and incomes that has secured his family real generational wealth.

Of course not everyone is blessed with his physical prowess or athletic skills.  However, we are ALL blessed with a skill or talent that we can use to create wealth.  The secret is to find your area of skill and use it to the fullest.

There are many examples of people who went ‘from broke to riches’.  By creating a wealth mindset, there is no reason why you can’t be successful.

A Wealth Mindset And The Racial Wealth Gap

Once you truly adopt a wealth mindset, you can become wealthy despite any real or perceived handicaps.  It may be a little harder, but still very possible.

The racial wealth gap is defined as the difference between the wealth of people of different races.

It’s easy to fall into the trap of thinking that all of the wealthy are white and that all of the poor are black or brown.

what is the racial wealth gap

This is not true. There are wealthy people of every race, colour, creed, religion, nationality, etc. and there are also poor people from every race, colour, creed, religion, nationality, etc.

However, there are many reasons why some black communities are under-resourced and this affects wealth creation.

The first is that large numbers of black people in countries outside of Africa, USA and the Caribbean, often have lower levels of education.

Second is that black people, again in countries outside of Africa, USA and the Caribbean, are often over represented in lower paid industries and jobs.

This means that they are less likely to create wealth compared to other groups.  The wealth of a group or a nation is based on how much money the group generates in comparison to how much is spent.

A group that is not generating as much wealth will not have as much money to spend.  The more money you have, the more you can spend.

The more money you can generate, the more you can invest in creating a better future for you and your children.

If one race or community is not generating as much wealth as other communities, then it means that they are not and cannot invest as much into the next generation.

Wealth building is about investment and some racial communities are not making the best investments into their own community.

There are many examples of people of differing races and cultures that have closed the wealth gap that exists between races by creating generational wealth.

You can make a commitment to invest into your children and grandchildren in a way that will ensure they are able to inherit the wealth that they are creating.

You can also invest in communities that are under-resourced. This can be done by donating to projects that are specifically geared towards helping the poorer community.

By donating to projects that help the community, you will ensure that your investment will reach those who need it the most and in turn this will contribute to the overall growth of the community.

Can A Wealth Mindset Help Making Money Online

make money online

Making money online has never been easier than it is today.

You can create your own online business by building an internet marketing strategy from scratch or take advantage of the many online business opportunities that are out there.

No matter what you decide to do with your online business, you will have to start somewhere.

One of the easiest ways to make money online is to invest in cryptocurrencies and blockchain technology.

Investing in Cryptocurrencies

A lot of people can be sceptical when asked to invest in something new.  Let’s face it there’s no track record of performance in a new product or stock.  That means you either do a lot of research or take a leap of faith.

In May 2013 Davinci Jeremie begged his online followers to “Just buy $1 worth of Bitcoin please!”

Had they done so they would have seen their investment return over 50,000%.

Nowadays a lot of people are investing in cryptocurrencies.  Secure platforms such as Coinbase make it easy and safe to buy, sell, and store cryptocurrency like Bitcoin, Ethereum, and others.

If you are new to or thinking of investing in cryptocurrencies, be aware that making money through cryptocurrencies or other investments is never guaranteed. You would be wise to get some advice.

Investing in Blockchain Technology

investing in blockchain technology

As with cryptocurrencies, investing in blockchain technology is gaining popularity.

However the world of blockchain is not something that everyone can understand.

There is a company named Hyperfund who can assist you with that.

They have a simple plan which can benefit you greatly.  At it’s simplest level, they triple your $300 membership to $900 and repay you over a 600 day period. Simple!

There are probably many systems that are similar to Hyperfund, but research has shown that this is currently one of the most reliable and trustworthy.

However, it is important not to put in more cash than you can afford to lose.

That brings us to our next and a very important point.

Get rich quick schemes should be avoided.

What is a get rich quick scheme?


avoid get rich quick schemes

A get rich quick scheme is a way to earn money fast. Usually, these ways involve a scam. They promise to help you earn money usually in very simple ways, but when you have handed over your money it is soon gone and the people who stole your money cannot be traced.

They often promise to make money for you without you doing any work, so you may not think twice about clicking on one of their links and joining them.

Let’s look at a few ways how to spot them!

  • There is usually no ones name on the website
  • The start date of their business will usually not coincide with the date of the website’s registration. You can put the website address into, to find out.
  • They usually offer excellent rates of pay, but cannot prove how they make the money. Remember, what a person says, is not proof. They could tell you anything. Ask for additional proof if you are not sure. If you are still not satisfied, ask for more. Remember you are in the position of power and they want something from you.
  • The company or the individuals in the company have a very flimsy history when checked.
  • Check their published physical address and contact number.
    Go and visit them or call them and ask them many, many questions before handing over your money or your personal details.
  • There are often very few legitimate balanced reviews of the company or scheme, stating the pros and cons. Most of the reviews that you find are all done by existing members hoping to make money by promoting the scheme.

The bottom line in avoiding get rich quick schemes is to remember the old saying, “if it seems too good to be true, then it probably is.”

In other words, it’s important to not put in more cash than you can afford to lose and to never invest in something you don’t understand.