What if the world was full of wealthy individuals?
Isn’t that a funny question as much it would be a funny situation? If all individuals were wealthy there wouldn’t be any poor person on earth. That would nullify the idiom ‘rich becoming richer and poor becoming poorer’. The roads would be full of BMW’s, Audi’s, Merc’s , Limo’s and Phantom’s and there wouldn’t be enough parking spaces so people will park them on the roads itself. No traffic police will stop them from doing so since there will be no ‘traffic police’ – never head of a wealthy sleaze ball working as a humble but not so polite govt. servant. There will not be corruption anywhere or there will be corruption everywhere depending on who is dealing with whom – a wealthy dealing with a wealthier one or a wealthier one dealing with a wealthiest or two wealthiest dealing with one another etc. Everyone will be a master and there will be no servants. Probably we will employ robots on full time to serve us and there will be ‘transformer’ factions and ‘terminator’ factions of robotic labor-class fighting for their rights, liberation and emancipation. There wouldn’t be any GOD, probably, since people will have all they want and no one would have time to think about GOD (going by existential theory that says something comes to existence only when we think of it). And there will be great resource crunch – food, water, fuels, energy and even clean air will be scarce considering the supposed boom in motor cars and increased factory production. And then there will be law-and order problems since there will be millions of celebrities, HNIs and bloated egos and no force to keep them in leash. There will be no morality and people will question the meaning of their existence. There will be no rat-race and competitions where each person tries to become better than the next person. Job-market will collapse, and again, robots might rescue us by doing our dirty monotonous work. Power games will intensify since everyone would want to taste the kick of ever inebriating power of rule. This can go on and on.
But I will say that is how a pessimist might see this situation. Me, being the eternal optimist, will see it the following way;
A world where everyone is a wealthy individual is a place of true equality because equality without economic leverage is a paper tiger. That world would represent true freedom and liberty. There will be less frustration and everyone would feel like they belong here and will own a pie in the BIG APPLE. People will exercise their abilities to full use and bring new meanings to living. There will be scores of new inventions and innovation will be part and parcel of daily living. There will be more artists and art forms and culture and art will flourish. No one will die of poverty and there will be no more ‘hunger games’. There will be no epidemics to hunt the poor children since there will be no ‘poor’ and everyone will have access and affordability to cutting edge medical technology & facilities. There will be more love and there will be GOD (going by the axiom where there is love there is GOD). There will be less cruelty and inhuman acts since everyone will have ample options. There will be no politics as we know it since there will be no weaker sections to exploit. We will invest more in cleaner technologies and healthier business practices since we know that we all are traveling by the same boat – one of the virtues of equality. Human treachery and pain will vanish since we will have the miracles of technology for our assistance. There will be respect between people and no nation will look down upon another nation. People will look beyond money and offices will become places of true creation. We will have plenty of resources and we will import resources from other planets and galaxies. We will look beyond earth and human race will be proud and united in the heritage of what we are.
But logically is it possible for everyone to create personal wealth?
Isn’t this idiotic even to think on the lines of every human being becoming wealthy? Isn’t it a waste of time to thinking, let alone working, in this direction? This hasn’t happened before and this will not happen now and nor in the future. People have always been ways to become rich from time immemorial but only one in a million manages to become a billionaire. Every human being is different – they have varied degrees of abilities, education, understanding, economic back up etc. It surely is buffoonery even to imagine this situation hypothetically. There are sick & homeless people, people with different impairments, people who struggle even to earn their daily bread. There are people who can’t even qualify to get a decent job. How can it be possible? You may argue.
Luckily all it takes to become wealthy is your WILL to create wealth. We have examples of all types of people creating wealth. We have examples of rags to-riches- stories; we have examples of college drop outs making it big. We have examples of physically impaired making it big. We have example of utter failures making it in the end. Wealth creation doesn’t come with fixed rules or entry criteria. It is a game anyone can play. So it is not funny or whimsical to think that everyone can create personal wealth.
The ‘fulcrum’ of life.
Finances, assets, wealth, money, hard-cash whatever you may want to call it, are a very important aspect of life. We must have money, a considerable amount, and in a recurring fashion, to have a good life. And having a good life is the right of every human being and everyone dream to exercise that right. Money is the ‘fulcrum’ of life. It moves life. It creates balance in life. Everyone must master the art of wealth. Creating wealth is in the best interest of humanity.
In fact everyone wish to have wealth, everyone wish to be rich. Some even try to create wealth. But most surrender after a couple of attempts. Most lose their enthusiasm when they see the sheer efforts required to make millions. Most people are afraid to put in the hard work required day and night to create wealth. Most people want richness through very easy ways and there lies a problem. Some resort to short-cut methods which are illegal and live in the hiding even after becoming wealthy. Some fool the establishment and fellow beings and launch fly-by-night enterprises and create scams in the name of creating wealth. Some think everything is fair in love and money- making and adopt ruthless ways to become rich quickly. Many people turn bad in the process of making money since they report to illegal and dishonorable ways of creating wealth. Such rotten apples make a bad name not just for them but for people who are rich through honorable ways as well and paint rich people and the efforts of creating wealth in dark.
There is no short-cut to create wealth thought honorable ways – it is all sheer willpower, dedication, hard work, patience and perseverance. But if you are willing to create wealth you will create it – for you, for generations of your blood-line and for the society, if you are magnanimous.
So why so many people fail in the attempt to create wealth?
Probably the answer lies in the definition of ‘wealth’ itself. Wealth is anything valuable, has long-term market value and has great desirability and durability. Wealth is different from richness. Richness is short-term, immediate assets where as wealth is long-term recurring assets. There are different types of wealth: Wisdom, Love, Knowledge, Health, Family, Material Assets, Contacts, Bank Balance are all different types of wealth and all are needed. And, as you may have noticed, all are need to be acquired patiently and maintained well for the upkeep.
Prosperity is a combination of all the above types of wealth in the right proportion. So a wealthy individual without wisdom might not be enjoying prosperity. Same goes to a millionaire who bereaves good health.
People fail to create wealth since they do not understand the true sense of it and misunderstand wealth as just expendable income. Wealth is not expendable income. It is a long-lasting investment that produces recurring income for generations and is supported by well intended efforts, hard work & grit and safeguarded with respect and honor. Wealth needs a wise head to understand, a rugged body to create and a honorable hands to maintain. When people approach to make wealth with hasty approaches and greedy heart they fail.
So what is the right way to private wealth?
Wealth Creation is a long-term process and here are a few of the steps involved;
Self Discovery – all wealth creators’ start early towards the path of it. It is important for an individual to know what she/he is made of and what strong and weak qualities they have. It is very important to let go of the weak areas and build on your strong abilities. If you are weak in mathematics and strong in social sciences rather than worrying about your lack of excellence in mathematics you must set your eyes on making it big in social sciences. This process of analyzing one’s abilities and weaknesses is true self-discovery. If self discovery done at an early age one can speed up ones movement towards wealth.
Make you’re ‘Blue-Book of Ideas’ – It is impossible to create great wealth from traditional structures like doing a job or taking the family business over from patents or becoming a reseller or agent etc. Only innovative ideas have the potential to create great wealth. All of us get ideas at times. It will be a good habit to make and maintain an idea-book where you jot-down all your ideas as they come. What you will write on this book will become your ventures in the years to come. If this habit is also started at an early age it will accelerate your movement towards wealth generation path. It also important to have faith ones instincts and have courage to follow the path your heart leads you to.
Know what is practical and what is not – wealth generators are almost always very practical people. They are not blind about the flaws of their ideas and nor are they too passionate to forget the economics of production- distribution or profit loss. They acquire this ability to separate the practical from the whimsical from their experiments with the market. They start toying with market forces at early stages and get their fingers burnt. But their keen ability to assimilate theoretical situations makes them learn from their mistakes and take practical lessons on what and how of profit & loss.
Plant the seed – once you have grown a ‘haunch’ about one of your ideas is time to convert it into a venture and take it to the marketplace. Market place is where you generate your revenues and make profit or loss. You draw a business-plan and make a business model out of your idea and work a business environment around it. You understand your business-ecosystem and study the vendors, suppliers and make your offering better that anything which exists in the marketplace. You make a business proposition and show value to your customers. You then make your economics and put the profit-loss equation and dynamics in place.
Weather the storm, water it, give it shade, and protect it – no business is easy business. Every business has its own challenges – finding customers, arranging finances, finding suppliers, tackling competitors, dealing with taxes and other statutory regulations, fire-fighting unaccounted emergencies etc. Every day will look a different day and every challenge will look a new challenge. It takes physical/ mental energy, endurance, patience and will power to take your new venture from month one to month two etc. But you must overcome all that because growing a business is not a cake-walk.
Does it produce sufficient fruits for you and others? A business thrives on revenues and generating revenues is the primary function of any business. But, a business will not turn profitable from day 1. So, when is the right time to do a reality check and see where your business is heading to – the profit way or the loss way? I think six-months after you started out should be an ideal time to do this stock taking. Once you sense heat and activity around your business you must step-up the momentum and start acquiring more customers and increase your production. But if you don’t find great action around your business and the revenue is down then you should give it a dead-line to turn it around – another six months should be fine. If there is revival it is time to scale up else you should take the hard step to shut-shop.
Plant another seed – I don’t think there was ever a wealthy individual who succeeded in creating wealth in the first attempt itself. Wealth creators do not get emotionally attached to their business ideas. They always have a stock pile of ideas and when one does not work they take the learning and move onto the next. So without feeling pain or depression about your failed attempt you move onto plan your next and plant the next seed and go back to step e and continue.
Continue the process till you unearth a seed that produce sufficient fruits for you and others – If you have what it takes to create wealth you will not tire, you will not turn negative, you will not lose enthusiasm, you will not feel ashamed of your failed attempts …you will keep your focus on the wealth to be made and your right to afford a good life for yourself, your family and your affiliates. Then, you will, of course, wealth will emerge and you will taste the sweetness of success!
So, like I said earlier, patience, hard-work and perseverance is the name of the game. You are like a farmer when you enter into the path of wealth creation. You bet on the uncertainties, you take calculated risks; you don’t stop working once you plant the seed. You don’t relax once you see your crop growing or you don’t get disappointed when you see weed feeding on your crop –you take action to better your crop and protect it. You don’t stop at one bad season. You don’t prepare for the harvest before it is time but wait patiently for time to work on your crop and turn it into full, ripe produce. That is the art of wealth making.
Everyone can make wealth and everyone should make wealth and help the world to become a better place.