Imagine a greedy old miser, nearing the end of his life. For years he shunned friends and family to amass a fortune, but now, in old age, he sits alone in an empty mansion, cursing himself for missing out on the truly important things in life. No one wants to end up like him. We want to enjoy the love of our family and friends. Only materialistic people with skewed priorities care about being rich. Right?
The burden of acquiring money weighs heavily on anyone without it. People don’t go to work because they like it. They go because without money their families will have nowhere to live and nothing to eat. Without money you have no clothes, no food, no shelter, no life. For money we trade the bulk of our waking hours, 5 days a week, until old age renders us incapable.
Money isn’t everything, but it comes damn close. So with all these reasons to want money, why is the drive become rich associated with greed, selfishness, and materialism?
Why Money Arouses Greed and Resentment
What is the first image ‘rich man’ brings to mind? Think Disney, think Christmas, think Scrooge. Since before we could read we’ve been fed images of greedy misers abusing the helpless and kind hearted poor. Scrooge is only one instance of this popular archetype. Scan your mind for villains and you’ll find that ‘greedy rich man’ is the finest. Nothing inspires resentment better than someone with abundance who craves more, more, MORE.
But this isn’t reality. Real villains are few and far between and as likely to be poor as rich. Money is inherently neutral. The greed that inspires evil deeds originates not in money, but in the perpetrator. Money is as good or bad as the force that wields it.
In addition to media portrayals, there are more tangible reasons that richness inspires resentment. The greatest of these is the division of classes. While some people have relationships with both rich and poor, most don’t. You have your team and you stick to it. Even though most rich people are good folks, some are downright horrible. These spoiled brats (No one cares who your daddy is, and you’re making him look like a fool) create the resentment that spreads to all richness. The relationship between rich and poor is a toxic mixture of hatred and envy; people are forced to pick sides, and as Steve Olson explained, the outcome isn’t pretty.
There is also the wretched plague of materialism. The worst offenders aren’t the rich, but those who live beyond their means. The people going into debt to buy big houses, luxury cars, and plasma T.V.s. It isn’t about what you have, but what you can show. These fools want to be rich for shallow despicable reasons. Unmaterialistic people associate this idiocy with the desire to be rich and label the pursuit of the money unfulfilling. I was a member of this group of unmaterialists until I began to consider money and the nature of employment in a different light.
You Can Buy Time
The popular saying ‘you can’t buy time’ is blatantly false. Employers buy time everyday when they exchange money for labor. You may not be able to buy back time that has already passed, but you can certainly prevent yourself from having to sell your time in the future. Only the rich are able to avoid selling their time for money on a daily basis. Without the pressure to trade time for money, rich people are free to enjoy their lives however they please. If you take nothing else from this article, remember that money is freedom.
This realization led to the formation of my primary life goal: to become independently wealthy. By nature I am not a materialistic person. I care little for extravagance and the admiration of others. My favorite past times are the outdoors, basketball, reading, and collecting books. Old, used books, that generally cost less than a dollar, are more precious to me than any high tech gadgetry. But there is one valuable commodity that I prize above all others. Time.
When I started working full time 7 months ago I realized what it really meant to sell my time. I’m not complaining about my job. It pays well, affords decent hours, and the people are great. The problem is having to be there all the time. Call me ungrateful, but I don’t want just a good life, I want the best life I can muster, and that means having control of my own time.
Making Money Helps Other
After you buy something how do you usually feel? Unless you have spent foolishly and have buyer’s remorse you probably feel good. This is because have acquired something worth more to you than the money you paid for it. Commerce is an exchange of values. The merchant gets your money and you get wonderful commodities. Everyone is happy. If you weren’t happy you’d buy from someone else, which is why companies that don’t provide value go out of business. The success someone has is a direct indication of the value they provide to others.
Becoming rich doesn’t mean working long hours at a job you hate. Many people believe that becoming wealthy requires a high paying job i.e. doctor, lawyer, banker, executive etc. This may be the most certain path, but it isn’t the only one. There are unlimited ways to provide value to others, and the more creative ones are the most explosively successful. Don’t resign yourself to being poor just because these professions don’t fit. If you don’t like something you will never be great at doing it. The key is finding something you love that provides value to others.
You are currently witnessing my first foray into the world of independent value creation. I don’t expect this site to make me rich overnight, but it’s my first attempt at using my passions and abilities to create value. You may say I’m an optimistic fool, but each minute I work on this site I learn more about business and sharpen my creative abilities. Plus, it’s also very fun!
If you want to make the most of your life and attain personal freedom, becoming rich is a goal we both share. Don’t resign yourself to trading time for money just because that’s what most people do. Don’t wait to get going. Start working now. It’s going to be hard and you will need to make sacrifices, but don’t be discouraged. You have everything to gain, all you have to lose is your time.
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I totally agree. Several friends of mine and spent several weeks talking about personal wealth. We came to the conclusion that instead of driving new cars, buying flashy homes, we should spend out youth living as cheaply as possible. Take the money from that and invest. So far, it has been working very well. In a way, it is fun trying to see how little you can get by on.
Compound interest goes both ways, you can pay the bank, or they can pay you. The amazing thing is how very quickly it grows.
“The worst offenders aren’t the rich, but those who live beyond their means. The people going into debt to buy big houses, luxury cars, and plasma T.V.s. It isn’t about what you have, but what you can show.”
HA
You must not be aware of Paul Allen’s yacht:
http://www.yachtcrew-cv.com/paulallen.htm
Sure, blame people in the ghettos are the problem… Never mind the big money psychopaths.
Extremely successful people shouldn’t be penalized for becoming successful. They do so by providing value to others. I believe Paul Allen deserves every inch of that yacht.
I didn’t read where you blamed people in the ghettos. In fact, you didn’t take sides with either the rich or the poor.
That was the whole point of your post.
It’s not how much you have, it’s how you think about money.
How boring are some people? I dont mean to be personal but why is money so the center of so many lives. If only more people read this article and just realize havng money is great but so is having a life worth living. BUt you are really only talking to those people who have the intelligence to think and really get what they want out of life. Of course if I didnt have the funds to afford air-conditioning in Phoenix Im sure I would go into as much debt as possible to get one. We live in a competitive world…get your before someone else does.
The thing is, I think that Id like to have more Friends that Earn Six Figures.
We all need more $ixFigureFriends.com this will launch soon, as a network site for people with aspirations of earning at least $ix Figure$ and dream of $even Figure$.
Love this post, great stuff.
To make lots of profit and be successful in business one has to buy cheap and sell high. This means you cannot become very rich, unless you cheat either the seller or the buyer! This is not easy to do, 80% of people are at least as smart as you.
In a *real* free market economy where violence is not used to usurp wealth, the wealth distribution will be well spread out 10% rich people, 80% middle class people, 10% poor people. The majority middle class people will control 80% of the wealth.
Today about 7% of the people on earth control 80% of it’s resources/wealth, this is making life miserable for 93% of people in the world and it is happening without violence. This means that someone is manipulating the trade in their own favor to usurp wealth isn’t it? We are all selling and buying goods and services with currency then what’s the problem? The problem is the “fiat currency” system, the currency notes that are issued without redemption obligation. Essentially what this means is currency issuer will buy your goods/services and give you a currency note but then if you give the currency back and want to buy goods/services from currency issuer, they
are not obliged to give you anything back. In fact the Federal Reserve Bank does not have anything that has “value” (value means anything that will sustain life) in reserve, all they have is some Gold bars, you cannot eat it, nor can you use it to grow food the primary requirement to sustain life, so gold bars are just a token, which again needs redemption to realize “value”, one token (paper currency) cannot be backed by another token(gold) isn’t it? the whole system is a “BIG SCAM”. Oops! this means people who control “fiat currency” racket can easily become rich isn’t it? The reality is “YES” and it is happening, that is how 7% of the people control/own 80% of the resources/wealth.
It is time for religious organizations around the world to wake up and fight the “fiat currency” problem by starting their own Banks that will issue *real* currency notes with redemption obligation!
Anon,
You are wrong in your claim that someone must cheat to make a profit. Value is all relative, so just because a buyers is willing to buy for more than the original seller sold doesn’t make it cheating. The middle man facilitated the entire transaction.
If you make a habit of trying to cheat people you will eventually get exposed. Business is built upon trust. Cheating doesn’t work.
I am aware of the fiat currency system that exists, though I’m not sure handing the power to create currency over to religious organizations is going to solve the problem and close the gap between rich and poor.
“Making” money is by its true nature _taking_ money. Value is based on perception, and sellers mislead buyers.
The last refuge for failed wealth-seekers is the “Tell others how to . . .” business.
I couldn’t come up with a viable business, so instead I start telling others how they should create their own businesses. This then earns me ad or subscription revenues and perpetuates the self-reinforcing myth that easy wealth (or alternatively, wealth gained by “really working hard”) can be had by starting a business. After all, it worked for me, right?
You could be right. But isn’t a revenue producing blog a business? Isn’t writing a skill that gives value to others? It seems that this is a self perpetuating reality.
@John “You are wrong in your claim that someone must cheat to make a profit. Value is all relative”
In a real free market economy when there is large profit in a specific business, then lot of people will enter the same business and within a short time the profit margin will drop. To sustain profit and make huge accumulation of wealth possible, you need to cheat/bend the system, how it is done is what i was trying to explain.
Value is absolute, this is something which the main stream economists like to hide/mislead. What varies is the marginal utility or the perceived value, trade takes place when the “perceived value” is equal. But once the trade is completed one person gets more absolute “value” otherwise capital accumulation cannot happen isn’t it? Fiat or fake currency system is the easiest way to do this….. and it is happening…….. observe closely you will soon understand it……
Anon,
Thanks for the econ lesson but there is a difference between a firm selling a good priced above average cost (making a profit) and an individual saving a portion of their earned wages and investing this money until significant wealth is accumlated.
Even if a company is in the red, the employees can still be contributing to their 401K s or investment portfolios.
And how, by the way, are religious institutions going to attempt to correct a monetary/currency issue?
Value in an economic context is certainly not absolute. “One man’s trash is another man’s treasure” creates an envirment for trade to thrive. What the hell would Bill Gates do with 1,000,000 copies of Vista? Over the next few months a million consumers will decide they value the software more than the $100-$300 they’ll have to part with, and MS will value the revenue more than the inventory. If value were absolue market economies could not exist, and the standard of living of the world’s population would decline.
@Nat “And how, by the way, are religious institutions going to attempt to correct a monetary/currency issue?”
Because that will be the most peaceful way of doing it……
If you want to understand billg scam, he is simply bending publishing/copyright rules. Publishing software all copyright laws of book publishing apply, except the software authors of don’t get the royalty for every copy sold like book authors get……
On second thoughts, if billg is selling software without paying per copy royalty to software authors, then say if you buy a copy from billg, you get the right to make further copies and re-sell it, becuase law should appy same to billg and you isn’t it?
I liked the article - I’m not sure if there was an element of the naivety of youth in there, but it was certainly optimistic - which is good!
@Anon - you are writing nonsense!
You obviously understand the basics, but you don’t understand that it isn’t a straight race. There are generations of rich people - we didn’t all start off with 100 notes and told to get on with it! Remember money makes money - hence the percentages being in their favour!
The second point is that real value and profit is when you are in a niche market. This is generally cutting edge stuff - the businesses that the rich can afford to invest in. You should have been selling PC’s in the early to mid 1980’s to make a real killing in IT - and those that did are today very rich (Microsoft, Apple, DELL etc) or doing something else because by the time the market gets enough compertition to bring prices down, the clever money is already gone and working on the next big thing. The rest of us try and make a living selling what has become a commodity product or service - but its not going to make you rich - unless you cheat!
@f0ul
Even inherited wealth does not last more than 4 generations…..
If you are talking about innovation, yes i agree innovation can help you get rich quickly, but how many real innovators are rich? If you observe carefully most billionaires are accumulating wealth by “bending the rules” their success is where/how they are bending the rules is not obvious.
Economics is zero sum game as long as our food/fuel production is limited. Allowing a small number of people say 7% to control 80% wealth is not a good idea. How 7% people are able to control 80% wealth is obviously not by innovation, but through loop holes in the system like the “fiat currency” and archaic “patent” and “copyright” laws etc., these loop holes should be fixed at the earliest so that the wealth is more evenly spread out in the society.
Health of a nation depends the spread of wealth among it’s citizens.
[…] John Wesley presents Why the Unmaterialistic Should Have the Greatest Drive to Get Rich. […]
Anon believes what he believes and there will be no convincing him otherwise. But, a few comments.
First, all exchanges in a free market are voluntary. I may take your penny for a gum ball, but it may have only cost me 1/10 of a penny to produce. So, I’m richer and so are you. Nobody cheated anyone.
Second, people are “smart” about different things. Because you may end up at the 90th percentile or better in intelligence doesn’t mean you can’t be taken advantage of or, more likely, make a bad exchange, yourself. Even if x% of the population controls y% of the assets, it doesn’t mean that, at any point in time, it’s the same people comprising x%. Free markets are dynamic. There are winners, losers, and, the majority I think, who are treading water but still in the game capable of going either way. Nothing wrong with that—your “powder is dry,” ready to take advantage of a new opportunity.
Third, free markets are not a zero sum game by a long shot. They create value all the time (e.g., software) and, likewise, write-off value (buggy whips when autos were coming into vogue).
John, this article in particular and the blog in general is very, very solid. Thank you for your hard work and excellent writing.
Thanks BillOGoods, I really appreciate that. Honestly, if people didn’t leave kind remarks I doubt I’d still be going. They make up for the negative trolls a thousand times over.
[…] John Wesley presents Why the Unmaterialistic Should Have the Greatest Drive to Get Rich posted at Pick the Brain - Wit and Wisdom for Your Inspiration. […]
@ BillOGoods “First, all exchanges in a free market are voluntary. I may take your penny for a gum ball, but it may have only cost me 1/10 of a penny to produce. So, I’m richer and so are you. Nobody cheated anyone.”
When penny is used as the medium of exchange, if it does not have “redemption obligation” by the “issuer”, then the issuer of the penny is the one who will become rich, cheating both of you and the entire society!
“Real Currency” with redemption obligation in terms of food/fuel/energy is the “primary requirement” for FREE MARKET to exit. If free market exit then wealth will be distributed more evenly in the society. When free market does not exist, there will be an accumulation of the wealth in the hands few……. that is happening today……. that is how 7% people are able to control 80% of the wealth in the world by issuing fake currency that does not have redemption obligation.
If you are in the 7% you want to sustain the present system. If you are in the 93% you want to change the system!
@John Wesley
The comments allow different view points to be expressed, we come and read you blog to learn from it as well as to understand the economic perceptions of people who comment on the posts.
was this the point of the post?….economics,free markets and value? snore!….interesting points on both sides but i think the post is really about our relationship and perception of money…at least this is what i’m walking away with….
john keep it up…i think that you’re on to something….all to often (at least for me) i’ve associated guilt with the desire and the accumulation of wealth…a perception that made me feel bad if i had more than someone else….but money is freedom….and i’ve finally accepted that…honestly ,this post is the finally nudge towards that….i’m a struggling filmmaker….emphasis on struggling….i have the day job because you have to pay the bills right?….well i long for the day when i don’t have to shoot only on nights and weekends….for the day when i can wake and go to a meeting or a screening or a shoot without worrying in the back of my mind how i’m going to pay rent… money is freedom!.AND I’M GONNA GET MINE…
Your right about my intention to deal with the perception of money. Best of luck on your quest for freedom. I know I’ll need some one mine.
I disagree that “people don’t go to work because they like it.” It’s not simply a money issue. Many people go to work out of habit or because they feel they have no real choices. Where people sense they feel unhappy about their job or career, it’s up to them to take steps to change circumstances. Material wealth doesn’t always inspire resentment either. Such wealth may inspire pity where it’s observed that rich people sacrifice relationships and other joys of life for making money. They may behave the only way they know how. Independent value creation strikes me as a great concept. Thomas Dewey said, “The greatest needs of human nature are to feel important, to be recognized and be appreciated.” As each person discovers a talent, contribution or skill within, this becomes the key to personal wealth creation. Money opportunities present themselves to people who follow their dreams and develop their true inner talent.
Very interesting piece John. You are familiar with the oft misquoted biblical saying. “Money is the root of all evil”. I actually think it reads “Love of money is the root of all evil” To desire money purely for it’s own ends may well be that to some. But why shouldn’t those who have not, desire money, if only to help them pay the bills, educate their kids, help others or just have a feeling of security. Money, as in a dollar bill or a
£ sterling or a Euro is surely an inanimate object bereft of feeling. For too long most societies in the world have adopted that “guilt ” tag to having lots of money. Surely those who have attempted to garner great wealth in recent years have helped create jobs and wealth for others along the way. If those individuals who have accumulated such wealth have become fixated with hoarding it, then perhaps they have to be pitied rather than be envied. Personal wealth is surely a cocktail of ingredients. Health, spirit, and a bit of money “to pay for the messages” as my mother use to say. I live in Ireland, where to be wealthy was not quite, but almost considered to be a sin. These days the country is bursting at the seams with wealthy people, people who have maintained a link with their roots, people who don’t feel guilty with their new found fortunes, who by their actions have brought prosperity to this nation. Good luck with your postings. Spock got it exactly right. Live long and prosper
Love of money is the root of all evil
To everyone out there reading this, I had the distinct pleasure of talking to john in person last night. he is definately an inspiration, and I think he is well on his way to creating value… I had no idea about this blog, and have been wanting to write a blog myself, so we got to talking about it… well , i’ve been hanging out in a coffee shop in dc for the last 5 hours with nothing but a pen, some paper, and a treo with internet to pass the time, waiting for an appointment… I remembered john’s www.pickthebrain.com and have realized true value from his writing. i’ve enjoyed his thoughtful writing immensely, have realized some ideas for my own life and have even enjoyed the posts from the community that is evolving around johns site.
Nat, it is obvious you stayed awake a lot better than I in econ class. keep up the good work to all. onward and upward.
Is chasing a piece of paper your entire life a form of freedom or does it better represent a form of control? AND why is it that these billionaires (more often than not) continue to pursue money long after they’ve accumulated enough for 10 generations? But your post provides some pretty convincing excuses to ignore the real problems we have here on earth.
I don’t think those billionaires are chasing money. I think they’re doing what they love to do and what they’re best at — giving people products and services they really want.
[…] There is no moral high ground to being poor. Neither there any superiority to being rich. Being rich is worshiped though, and this anti-wealth sentiment is the backlash. I wrote about this a while back. Why the Unmaterialistic Should Have the Greatest Drive to Get Rich __________________ Pick the Brain Getting Smarter Every Day […]
This is quite a nice piece of writing. I admit, one of the biggest reasons I like it is that it resonates well with me. I wish to truly and exclusively own my time someday, and so I, like you, seek to become independently wealth.
People that savagely want money and excessive material wealth, shouldn’t get a dime. People who feel guilty about being middle class, should get everything!
How’s that for idealism?
Seriously, I believe in maximizing earnings. Why? That’s maximizing the good I can do! It’s seems much better than shunning my riches.
The Anon vs. everyone debate was hilarious.
@Bob Dylan, thankyou for the note of sanity, for that is the only reason to be rich. It is precisely why I’m pursuing money now, many years too late.
@anon, Mr Wesley’s article isn’t about greed or becoming part of the global money monster; it’s about having the same benefits that the rich enjoy - having the same advantages the rich think is their right alone. I can’t afford to subscribe to this site, yet, but Mr Wesley has not locked me out of the advantages, so he’s hardly aspiring to follow the greedmongers, is he? Anon bickers with him on futile grounds, then. I can’t back up my convictions any more than you can your own, but I can write it with more passion and detail.
The rich aren’t resented just because of some age-old, stereotypical Ebeneezer. Currently, the resent is more directed at the fact that all this fabulous wealth is not being channeled into eradicating world poverty, hunger and war. That wealth could turn the planet’s problems round overnight, but the rich are too selfish to give it up for the betterment of the planet. Wealthy people frequently cite excuses along the lines of it’s my money, why should I part with it for nothing? Well-off philanthropists like Sting and Joanna Lumley could answer that question most succinctly.
The rich are merely spending huge amounts on superfluous, overpriced toys to fill up their mindless, useless days. They provide only capital, not value. The workers produce the goods, the admen sell the goods, the retailers provide the goods and the owners invest the capital. Not one of these factions can function without the other, yet the division of wealth between these partners is severely unequal. The rich and the laws which protect them are geared to making sure the people who really provide the goods get as little return as possible, while lining the owner’s pocket with the bulk of the incoming revenue. All those whose job is making sure the rich get richer, spend their time trying to extract the cash from said rich - ask the lawyers or read John Grisham. The rich-poor divide IS caused by avarice and selfishness - and it is immoral.
Before anyone throws *reds-under-the-beds* labels at me, I’m none of that, just an environmentalist and equalitist who despises the decrepitude of the modern world.
Thankyou to John Wesley for his superbly provocative and informative article.
@anon. ps. If you think handing world power over to religious organizations is likely to be any less corrupt than having corporate business in control, go look up your history.
Religion has spawned as much if not more misery than big business and was always controlled by rich, powerful men. I refer you to the scandals of the Vatican Bank and the immense wealth controlled by both the Catholic and Protestant religions.
I realize I’m a bit late posting, but I wanted to say RIGHT ON JOHN. Obviously, the world doesn’t work by some preconceived notion of how we want it to, or what we think is “fair” or “equal”. Arguing with reality is awfully arrogant, don’t you think? I applaud John for hitting the nail squarely on the head with this article.
If you are speaking about the USA, yes the rich have “bent” laws in their favor. In fact, they’ve done all of us a big favor by doing such! ANY one of us in this country who really wanted to could take advantage of the financial pioneering done by the rich. But so few of you do, and it’s mainly because of ignorance and being caught up in flawed concepts of what’s “fair”. The world isn’t fair, and that’s totally okay - ’cause it’s REALITY. Denial is a greater evil than money has ever been.
John is right to focus on our perspectives because we are truly the only ones who can keep ourselves enslaved. Four walls do not make a prison, and my 12k a year job doesn’t make me poor. I’m off for another lovely day of cashiering. Thanks, John.
Keep trying, someday you might be able to convince people who have no way of getting money that they should want to be rich. Deluding oneself is easy when there isn’t a glass ceiling stopping you.
You might be right, but it’s also easy to delude oneself into being a cynic.
What Arbiter forgets is that there are hundreds of people now in this country and coming into this country with NOTHING. But, they get a job, any job—sometimes day and evening jobs. They save, often nearly every penny after rent, groceries, and transportation. Then, five or sometimes more years later, they “emerge.” They buy a duplex and rent the top flat. Or they buy a party store in a bad neighborhood and fix it up. Or they start to invest in the stock or commodities market.
As an attorney for 30 years, I have either represented people who have done this (quite a few) or know people that have done it.
These are but a thimble-full of examples of how people with nothing and of average intelligence make it in the United States. It does not happen nearly as often elsewhere, including Canada. Oh, and they don’t need any “convincing” to do what they do.
So, Arbiter, you’re simply too pessimistic. That’s your delusion.
Yes, I agree with the conclusion here that money is freedom, especially because it is weighed against someone, for example, without money, hence, who works, hence who has less free-time, just to begin with. At the same time, money is not happiness. Yes, a wealthy person can become a target for the poor, especially in Latin American countries. The solution to the division of wealth is to somehow pursue what you love, whether you have money or not. Then you are not doing something you hate during the day, rather, you are spending your time doing something you like. So, that is the challenge most of us face…to find “THAT” activity/work that allows us to enjoy our time, WITHOUT sacrificing, or sacrificing as little as possible, from doing thing you don’t like, or being with people you don’t like. Will there ever be utopia in terms of an even division of wealth? Probably not - there will always be the rich and the servants of the rich. So, since only a few souls have majority of the world’s wealth, the rest of us must find work that pleases the soul. This, a rich person cannot never exploit and take away. This is the secret to true happiness, I believe.
Regards, Keith Johnson, Miami, FL, USA
Bingoooo. Keith, you are so right that money is freedom. The corollary to this, just as a footnote, is that government limits freedom through taxes and, if it confiscates private property, like in a socialist, fascist, or communist system, it is taking away all freedom. That government is totalitarian.
George Soros is more able to exercise his First Amendment right to speak because he’s so rich. That’s for sure. Yet, I think you overplay any freedom gap between rich and “poor” in this country and any other capitalist (”free market”) country (i.e., economy).
Nobody is forcing anyone to work for anyone else and you are compensated according to the market value of your talent or the expertise you provide to the market in a free market economy. So, any freedom “gap” between say, wage earners and the rich is far, far more narrow in a free market economy than the same relationship or the government-citizen relationship in a non-capitalist economy. George Soros may be able to pay for broadly disseminated speech, but I can buy a $500 computer and get an Internet connection and challenge him.
I think you probably agree with that, but I wanted to address it just in case.
You can even skip the $500 computer - just visit your local library. In an age when knowledge is power, we are all completely without excuse so long as we can spend a little time in that most wonderful of places. And trust me, even if you think you can’t, you probably can.
And you could do more than challange George Soros. You could search for and discover, for free, the kind of knowledge that makes him wealthy. If you want to be wealthy. Most people really don’t, for the same reason that most people do not exercise. I generally chalk it up to mass insanity.
You’re absolutely right about being able to buy time, I’ve heard of rich people who spend only 1 hour a week maintaining their income, and they have more free time in a month than the average person has in 5 years! Sounds quite a bit like Steve Pavlina’s posts about how to make money without a job.
I completely agree that the economy is not zero-sum. I’m trying to start my own video game business and people can choose to buy games from me if they believe it’s worth the entertainment. When both parties win, technically, yes the total amount of dollars in existence does not change, but the value of those dollars rises.
Yes, understanding that wealth creation isn’t a zero sum was a turning point in my life. It’s inspired me to start developing different income streams. Steve’s articles about not getting a job were definitely an inspiration. It makes so much sense, but most people don’t look for alternative ways to make money.
Best of luck with your video game business.
Can I, like, borrow a dollar?
It’s true, that money is only as good as what you do with it. Money is valueless without intention, even if that intention is saving the money for when you might need it… It is intention that has real value, the intention to build a structure, the intention to write a song, the intention to employ others or to cut down trees to make paper… ideas and intention are the true wealth of the world and money is merely a tangible representation of that. So, it is important to step back from the idea that “get the money” is what’s right, and realize that “help the world somehow” is the real way to be rich. People like Paris Hilton… they are not rich. They have money. It’s cotton and linen. Someone like Ms. Hilton uses her money to just pass the time in her meaningless existence, so, you could say that her money actually has a negative value. Since without it, she would find life much more enlightening and versatile, and she might actually have to do some abstract thinking instead of concrete drinking… i would say the less money she amasses, the wealthier she will be (in the heart, mind, etc)
I want to be self-sufficient so that i may do as i please (have freedom) not simply so i can “be a rich guy”. I want to have the freedom to work on my own projects, without having to put them down ’cause its “time to go to work”. I want to sell things other than my own time. Your writing is of value. Thank you for it.
Knowing i’ll never get around to writing on it, a topic suggestion you may or may not enjoy elaborating on is the relationship between humor and intelligence … i notice a lot of really intelligent discussions get to be so serious that i just wanna stomp on my own foot. *throw some laughs in, ladies and fellahs!* I think often humor conveys a message more quickly than elaborate sentences. How funny someone can be is often related to their ability to free-associate and directly linked with their amassment of knowledge. My spell check is telling me “amassment” isn’t a word, but i submit that it is. I think that’s like, a gerund or something? But for real, can i borrow, like, five bucks…? I’ll pay you back Thursday… i swear…
Please punch into the net - Money As Debt - and watch the video. It explains the money game perfectly.
Kyle, ma man, that’s all pretty good stuff. Thanks for the reminder about humor—it pays not to lose sight of the fact that it might be the most important element in human persuasion. One thing though: You know about good intentions and the road to hell, right? Action, not intentions, have built Western Civilization, and some personal fortunes along the way.
Wow, lots of great conversation here.
My 2 cents worth:
1. It’s been said that if you divide all the money up evenly amongst the global population, that the money will find its way back to the same people in the same proportion in about 3 months (or so!). Because it’s more about your ability to handle the money (i.e. your financial education) than it is about the money itself. Hence the lotto winners who end up in debt within 2 years.
2. Re: Paul Allen’s boat - hey, it’s keeping 60 people gainfully employed!!! How many of us can say we do that? Not to mention everything else that his company has done to produce jobs, provide standard software etc… not wanting to get into a debate about Linux vs MS or anything tho
3. Read anything by Dan Kennedy in regards to business & money. It’ll change your tune if you’re open to actually learning new views. Suggest the “No BS guide to entrepreneurship” or “No BS guide to business success” (from memory).
4. The notion of “have to buy low & sell high” made me squirm, after knowing many people who have built personal wealth without such a base model.
I’m not denying that people do run their business this way (hence the existence of sweat shops), but I think to make it a blanket statement is just a little simplistic
5. Buying time is the key for me. There are so many ways to do this today (develop information products, subscription websites, using e-lance where possible for such things, start a part-time service business) that I think for many (myself included until recently) it’s just too easy to be blinded like the preverbial deer in the headlines. Read all the books, get head knowledge, but no application…
What’s working for me - choose ONE approach & stick with it. Study it & master it. Don’t be blinded by the next “big thing” or “quick money” path, or you’ll end up confused, frustrated, & worse off (after spending money on such programs without having the focus to make money back).
Been there, done that, got the DVD.
I’m now a big fan of Michael Masterson’s (www.earlytorise.com) “chicken entrepreneurship” approach - keep your day job, study & work efficiently after hours / weekends, & only leave your job once you’ve got financial reserves, paying clients, and confidence & evidence that you can operate full time in your chosen venture.
Cheers for the great site, I’m finding it very thought provoking.
i agree with u, and this site, for me is very very great…
Rubbish. There are always some jobs that contribute no good to society as a whole. I’d call it an evil, but it is the most banal of evils. In just one example, house flippers. There’s even a television program to encourage this activity. Usually, speculation carries some virtue. The would-be speculator find a commodity or good in one area, and either contracts a number of existing services, or creates new jobs in order to transport the good from where it is less valued and stores it in an accessible way where it is valued. With untransportable goods, speculation just serves as pure grift on the output of society as a whole, not to mention the “grift tax” burden on future homeowners. The grifters are then able to take any unit of universal exchange and use it to consume valued services, or worse, finite resources. If it weren’t for transactional taxes to the state, there would be no benefit at all to society. John Locke puts the betterment of the public good as a prime justification of the institutionalization of protection for private property. Likewise, with extractive industry, it is vital to lawfully, and conscientiously leave, “as much and as good” to protect the physical common good. Private enterprise should always be civicly minded, whether enshrouded in law or not. In fact, in my experience, it’s easier to do it that way. You certainly sleep better at the end of the day.
Gonads, can’t understand how flipping houses could be rubbish?? What was rubbish was the house I helped a friend with recently.
Let’s walk through the scenario and how many people it helped.
Crazy cat lady tried to sell home, no correction HAD to sell her home but nobody would buy it. She was getting desperate.
My friend steps in, buys from crazy cat lady so she pays off her mortgage and gets enough money to do what she needs - value created for her, house sold with money left over!
2 real estate commissions earned, broker earns money, both agents earn money, agent’s staffs earn money. (and the settlement attorney, and the mortgage guy…) (and the guy that printed the pamphlets, and made the lawnsigns, and the ink, although their portion of this particular pie was alot smaller…)
Friend takes house and awards me $9,000 contract to paint it.
In the process I bought alot of paint. Paint guys win!
I earn a profit! = value added.
I pay 4 painters for a week and a production manager’s salary and have money to contribute to my office girl who also needs to eat! = value added!
2 other trades got to come in after me, they all get to eat!
Finally, we’ve transformed a nasty old house into a beautiful, practically new house and brought this house up or beyond the standards of the neighborhood.
Friend finds somebody that would love to live in the house now, best value they could find - value added!
New agents get their commissions! (and attorneys, and brokers, and mortgage guys all over again)
Now my friend profited over $80,000 on this deal, of which much of that went to the government to feed alot of other people.
And the rest of us put our profits in the bank where it was then loaned out again to more industrious people in the marketplace that could do such wonderful things as successfully flip a house.
I don’t know about you , but I see nothing about that transaction that brought no value to society…. and I didn’t even skim the surface of how it made everyone else’s lives more valuable around it to have a nicer house in the neighborhood and where all that new found resources just went back into causing good for other people…..
just my 2 cents!