What Differentiates the Wealthy from the Poor - The ONE THING!
Sriram Balasubramanian (Sriram Balu)
Head of Sales & Strategy - Maritime | Building "ONE" | Building "Prime ETF"
One thing differentiates the Wealthy from the Rich and the poor:
I grew up in a lower-middle-class family, and no one in my family & friends' circle knew the methods of Wealth.
As motivational speaker Jim Rohn rightly said,?
You're The Average Of The Five People You Spend The Most Time With!
?
With the above, as a kid, I never knew that to up my game in Wealth, I had to look up to people already in a position I aspire to be.?
One day, I met a man (supposedly my distant family relative) who taught me something I could never forget.
He asked me:
"Why do you want more money, and what will you do with it?"
I said:
"I will buy toys, a cricket bat..."
He chuckled, and he got me a cricket ball.?
The next day, he flew to the Middle East for his business. I thought it could be a different Earth where people like him live.
If my memory is correct, he again asked me the same question after about five or six years.
He asked me:
"Why do you want more money, and what will you do with it?"
I said:
"I will pay bills, support my father financially, and make sure we make ends meet..."
He chuckled and gifted me one thousand Rupees, blessing me for all success in life (Indian Tradition).?
I met him again numerous times and always admired his humility, simplicity, and willingness to elevate people around him.?
I longed to chat with him again, and yes, he came and sat near me.
After some casual chat, he asked me again:?
"Why do you want more money, and what will you do with it?"
I said:
"I will buy a superbike, house, car, jewelry for mom...."
This time, he did not smile but looked deep into my eyes.
I apologized to him and asked if I had said something wrong.
He then explained something so beautiful that I can never forget. It helped me to understand the basics of Wealth, and I regret why he explained the concept so late in my life.
领英推荐
The Concept:
When I was a kid, all I knew was toys and games...
So the?Purpose of money?is to buy more of what I know.
When I was a young earner, all I knew was my father's efforts to make ends meet.
So the?Purpose of money?was to support him.?
In my late twenties, I wanted to buy a car, bike, house...
So the?Purpose of money?was to buy things.?
Here is where he stopped and educated me about?The Purpose of Money:
The one thing that differentiates the Wealthy from the Poor & the Rich is their knowledge of?The Purpose of Money.
Neither a?large salary nor spending on luxuries?but the?Purpose of Money?differentiates the Wealthy from the Poor.?
Of course, he explained that many would start with the Purpose of money being to make ends meet. The time when they start making more money, many stop creating new Purposes for Money or get stuck at making ends meet or buying luxuries.?
The learning on?getting RICH?accelerates but?becoming WEALTHY?stops.?
I am glad he taught me about the?Purpose of Money?in my thirties (better late than never) and instilled the idea of becoming Wealthy (not Rich).?
There is nothing right or wrong here, but the goal is to educate the purpose of money to up the game of wealth.
To end with a bit of philosophy:
The goal of a man is to learn the purpose of money until the end of his life only when he realizes there is nothingness in money.
Takeaways:
Before you leave,?subscribe?to the newsletter to get the next?in your inbox for Free!
---
Every week, I'll share tips, ideas, and strategies to help you become more effective in Life, Business, Investing & Wealth. To ensure you don't miss an issue, click the "Subscribe" button in the upper right corner above if you haven't subscribed yet.
If we still need to become acquainted, here's a little more information about me and the things I do in addition to my profession.
A few of them:?
Let's Stay Connected!
Disclaimer - The views expressed in this article are of the author and do not represent the firm's views.