How to create your own wealth?

April 6th, 2022

What is wealth? Is it a mansion overlooking the ocean, name-brand clothing and tons of expensive jewelry? What If you made six figures, and you were able to send all of your children to Yale, Harvard St. Andrews or Lyford Cay? Would you now consider yourself wealthy?

Depending on who you are and where you're from, wealth can take diverse shapes and forms. With that thought in mind, I do believe that a good working definition for wealth is perspective.

If I take a shower and feel I cannot let the water run for as long as it takes to soap up my body would you consider yourself wealthy?

While living frugily is not necessarily a marker of wealth, I do believe that it plays a part in the journey to a wealthier more prosperous you! Ultimately though, excess not frugality is the place where I do believe wealth begins. It is the uninhibited flow of the necessities of life or the basic things that in our mind are the creature comforts we regard as crucial for decreasing the need to break that sweet.

Considering how hard it is to acquire property, it seems ludicrous to think that the average person buys so little assets when the opportunity does arrive may also be a contributing factor in our inability to acquire wealth.

My grandparents worked so hard to purchase the double lot they have. Then in retirement acquired another 60x100 lot. There is also acres of generational property on Acklins. At age 89 grandpa's attitude is- the property is for his children when he dies. And by the way, his children are all in their late 50's- some even in their 60's. My point here is this. The acquisition of wealth is often as a result of inheritance for some people. However, in some families, the transfer of wealth is often done at a time when those who stand to inherit the wealth are not in the best position to grow the wealth they have been left. So time and strategy are important factors in the acquisition of wealth.

Ultimately, I do believe that to ascertain long term wealth, we must work collectively or channel our efforts to achieve that specific outcome. For example, rather than each person in the family buying a single piece of property at 70,000 each, why cant we pool our efforts and buy the property cash as apposed to paying the bank on the property for the next 10 yrs. Then, support the other family member in buying their own.

Overall, the individualistic mentality is hurting us and making the journey to wealth unnecessarily hard. So we must team up to move the dream up!

And if you don't have family like me who do not understand the power of teamwork, try to make sensible, quality friends who do. See you at the top!