Consider these phases in a typical human money-mind evolution:
Life is a blast! Parties, friends, travel, gadgets. This phase, often embodied in young adults, unfortunately is accompanied with a lack of proper money sense. If all the fun was being done without a serious cost to the wallet, it would have been just fine.
Most personal advice shows and newspaper columns address this phase of the human money-mind. The longer that you carry on in this stage, the worse the monetary situation becomes. If you marry a partner who shares those exact characteristics, the slippery slide steepens and you find yourself hurtling down the door of debt at twice the speed!
Bankruptcy may occur, but as is more common, you trudge on saddled with a huge debt, servicing it with massive interest payments. Effectively, you are working for the bank or financial institution to which you owe the money.
Fortunately though, many wake-up before this situation gets too drastic, and instead begin controlling their expenses, and start to pay down their debts a little. You start thinking about investing since you are now enrolled into your company 401(k) and start hearing your friends and colleagues talking about the Dow Jones and S&P 500.
You have stepped into the second phase of human money-mind evolution.
The most common question asked by folks at this stage is:
"Should I pay off my debts (especially student debts) or should I be investing?"
"Should I pay off my credit-card debts or should I buy a house?"
By the nature of these questions, you know that these individuals have become more serious about their money and really wish to do something.
If you remain serious at this stage, you will find your finances improving dramatically over a five to ten year period. Your interest in investing increases and you may start following more radio and television shows on this. You may hire a financial advisor and develop a serious plan.
This stage is an inflection point. Most individuals stop here, since their retirement will be essentially taken care of if they stick to a plan. Plus children's college education is also at least partially taken care of, and they are overall young enough to travel and enjoy some of the blessings of life.
The multi-millionaire candidate however cannot afford to stop here. He or she takes the next step, determined to seek out serious wealth building strategies.
For you to be in this position, you need to understand:
- In giving, you receive - Always seek to provide value, if you provide value, you will get due compensation. Always seek to help; you will be helped in mysterious ways.
- Wealth is a result of human action, and has no upper bound to it - The United States is the richest country in the history of human kind, with a lifestyle afforded to its citizens that even the Kings and Queens could only dream of as recently as 200 years ago. And yet, is this the limit? Not at all. When generations to come will be undertaking interplanetary travel routinely, they will look back at all this as a mere preparatory ground.
- Quality & Trust in all your endeavors is a must in establishing your position as a reliable source of information and service.
This sense, sometimes called the wealth-sense, is the third phase in the human money-mind evolution - and those who develop it, often go on to serious multi-millionaire status. The few exceptions are those who deliberately maintain a modest net-worth, knowing that they can generate money any time they want!