The title of this article speaks to the idea that you should be investing, not saving. The interesting thing is that all of these ideas (saving, investing, income) work together and all of these ideas have to be operating at the same time. Its like the concept of the triple double. Wealth in america comes from increasing your income, increasing your saving and investing your but off. I think. I am not yet wealthy but I have studied the greats and they tend to say a lot of these things. My purpose here is to share what I have read, what I have put into practice and what we should be focusing on going forward.
Increase your income ASAP
When I was working in banking, before I decided to attend law school, I realized that I made a good income but I wasn’t making the kind of money that would allow me to invest how I wanted to invest. I knew that I HAD to increase my income no just decrease my expenses. Grant Cardone says that the very first thing you have to do to obtain wealth is to increase your income. Then increase the amount of streams of income that you have coming in. The first level of wealth is INCOME.
This is why I constantly harp on focusing on high income careers. Don’t work in your passion you need to work in what brings home the bread then use that bread to fund your passion. Your kids can’t inherit your passion. We have been wrongly told that you have to find work that you love but the truth is that you need to get your income up even if it requires doing things that you hate. Immigrants get this which is why they are willing to work in corrections, handle criminal cases and do the dirty work that others aren’t willing to do. Hence why they thrive in America. Get your income up, by any means and then use the excess to put aside with the purpose of investing so you can then live out the passive income your wealth generates. That is how the game is played, at lest for first gen-ers.
In the beginning, when you are in the wealth accumulation phase you HAVE to be taking risk. We have to put it out there and be willing to lose it all. That is how we get to where we can then throttle down and be conservative. This means that you have to be on the prowl for the next big play. Making 10% annually isn’t going to make you a ton of money we need to be searching for ideas that are going to double and triple in value. An example might be virtual reality or some new cancer drug. We have to be on the prowl for the big opportunities.
A great baseball player has a 300 batting average which means he strikes out 70% of the time. But the times he connects he knocks it out of the park. Our problem is we aren’t swinging the bat at all because we afraid of the strike out. The beauty of the game is that strike outs are inevitable.
Strike outs don’t mean you aren’t fit to play the game they just mean that there is a home run coming. Additionally, the times that you do connect tend to far outweigh the times that you strike out. We have to continue swinging the bat and we have to continue investing and not sitting on the funds we have.
It doesn’t take money to make money
It does not take money to make money, it takes courage. You have be in the game and you have to be playing BIG. Make bold moves, make strong moves and make aggressive plays. That is the only way that you can win big. Tech investors often times will invest in multiple ideas because they know that they aren’t going to hit them all but they need to have money in the idea that does hit. Gary V made this mistake when he avoided invested in Uber. He held back and he made sure he never made that mistake again. The only mistake you can ever make is doing nothing. If you joined this investment club you are already a winner because you took the step that most aren’t willing to even make. You embraced risk and took action.
I have said it before but saving is dumb money. There are levels to money and they are often associated with the amount of money you can make on that money. Money in savings is dumb money. Money in the market is smart money and alive money. You need some alive money. If you plan to save money in a 401k or buy a house and hope that it appreciates in value you wont be rich in 40 years you will just be old. The middle class mindset that we are all fed is not the wave. You have to think outside the box and make your money work for you in order to live like no one else. I encourage you to take action today and join our investment club by emailing email@example.com we would LOVE to work with you.
Lets all be Millionaires,