The #1 Wealth Builder with Kimberly Pierce Cartwright & Ed Fulbright On Mastering Your Money
The #1 Wealth Builder
Jeff Bezos began Amazon in 1994. Three years later, he was a millionaire. Just three short years later, Bezos became a billionaire.
Mark Zuckerberg began Facebook in 2004. Two years later, he became a millionaire. In 2007, after Facebook’s IPO, Zuckerberg, age 23, became the youngest billionaire ever, at the time.
In 1956 Warren Buffett had a dream. In pursuit of that dream he started three investment partnerships. At the time, his fledgling dream had only seven investors, which included himself. By 1962 his investment partnerships officially made him a millionaire. He continued pursuing his dream and in 1990 he was rewarded for his pursuit when he reached billionaire status.
Dreams and Businesses are the #1 most powerful way to amass the most wealth.
They are also one of the most difficult ways. The pursuit of a dream is not for everyone. It requires an investment in both time and money. As you may well know, inherent in any investment, is risk. And some people are just not cut out for that risk.
Risk, when it comes to pursuing a dream, takes several forms.
You must devote time, often years, in making your dream come true. There are no guarantees, going in, that you will derive any financial benefit from the pursuit of a dream. This is the #1 Time Risk you take – that all of your time will be for naught. It doesn’t take very long before spouses, significant others or family members weigh in on the prudence of continuing to devote your time to the pursuit of your dream. There is a secondary Time Risk – during this dream-pursuit phase, it is unlikely that you will accrue any benefit (income). Even if you are successful in realizing a dream, it still takes many years for a dream to generate income.
Dreams also often require a financial investment. The #1 Money Risk associated with the pursuit of a dream is that you will lose all of the money you invested, if that dream does not become a reality. Once again, the many voices that make up your inner circle will be asking you to raise the white flag, if your dream doesn’t start to pay dividends.
The secondary Money Risk is that, even if your dream becomes a reality, the money you invest during its pursuit will be locked up for however long it takes for your dream to become a reality.
Despite all of the above, when you realize a dream, the financial rewards are very often huge when compared to the investment. And that payoff is life changing. Money problems disappear, doors previously closed, magically opening up, opportunities to increase your wealth, manifest out of thin air and last but not least – more freedom because you have the money to do what you want, when you want.
Freedom! Sounds nice, doesn’t it?
This significant, down the road financial windfall, and all of the tag-along benefits that accrue, is why the pursuit of a dream business is the #1 wealth builder.
Joining us for this discussion on The #1 Wealth Builder is Kimberly Pierce Cartwright who is the station’s public affairs manager and makes sure Mastering Your Money is available to our listeners. Welcome back to Mastering Your Money, Kimberly Pierce Cartwright.
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