And why you need them all.
three stacks of coins with plants growing out of the top
Image by Nattanan Kanchanaprat from Pixabay
I’m currently reading “The Millionaire Fastlane” by MJ DeMarco and picking out several topics to discuss.
There are many good ideas in this book (that I waited way too long to read). One that stood out recently was how DeMarco defines wealth.
He does not define it in the traditional sense of money, but rather in having three strong pillars that will make your life better.
He calls them the three Fs:
Family and friends
Fitness and health
This makes a lot of sense to me, and it is something I have been thinking about the past few days since I read it.
Let’s look at how each of these pillars makes us wealthy, and why we need all three to consider ourselves successful.
Family and Friends
This one seems obvious, but too many people discard their personal relationships in the pursuit of money.
If you are working 80 hours per week and never see your spouse and kids, then your priorities are likely off. You are breaking the first pillar of wealth.
Humans are social beings, even introverts like me. We need strong human relationships to be happy.
The stories I read from time to time about 80-year-old billionaires who have disowned their families and died alone bring up an interesting point.
Is a billionaire with no friends or family wealthy?
I would say no. They have money and many of the things that money can buy, but they don’t have meaningful relationships that enrich their lives more than material objects.
Ever traveled alone? I have, and it was not fun (for me at least), and I’m an introvert.
I much prefer to travel with my family or a good friend.
That is more important to me than having a few extra thousand dollars in my bank account.
Read also: 10 tips to living a better life
Fitness and Health
What good is money if you are too sick, old, and frail to enjoy it?
One of the reasons that DeMarco wrote his books is to expose what he calls the “slow lane” traditional advice for building wealth.
If you work hard and save 10% of your salary in your 401k, you may find yourself with a comfortable retirement after the age of 65 or so.
But what about your 30s, 40s, and even 50s when you have energy, strength, and a sense of adventure?
Is living like a monk until you can retire at a ripe old age the best way to live life?
Or worse, you can follow the financial independence retire early (FIRE) system and never have enough money to enjoy life. Be strict with a budget from now until you die.
None of those are fun. While I don’t encourage materialism, I don’t want to live in a van down by the river with my four kids or wait to be rich until I’m too old to enjoy it.
I want to have some fun now while I’m in good health, and I want to have the time to focus on my health so that I can continue to enjoy my family and my money for years to come.
Working 80 hours per week for money will not leave you time to exercise and eat well.
What is the point of saving up everything for retirement if you die before you get there?
Many people think that being wealthy is about money, but I disagree.
Freedom is the main benefit of becoming wealthy.
Once you find financial independence, then you no longer have to work a job you hate.
You no longer have to miss your kids’ sporting events or date night with your spouse.
You no longer need to work weekends to put together that report for your boss that doesn’t add any value anyways.
Money is important because it buys freedom.
If you have enough money to support yourself and your family, then you will have the freedom to decide how to spend your time and what to do with your life.
Do you want to travel? You can.
Do you want to spend more time with your family? Do it!
Do you want to exercise every day? Why not?
What about moving to a different city or country? Go for it!
Want to spend your time volunteering or setting up a not-for-profit? Now you can.
We are not free as long as we have to work for money. Even if you enjoy your job, you cannot manage your life working for someone else.
You need to have your own wealth to be free.
Read also: 6 best habits to develop if you want to o be successful
To be wealthy, you need to have three strong pillars in your life:
Family and friends
Fitness and health
If any of these three are missing, then you will not truly be wealthy.
All of these take work. None of them are easy, but if you focus on these three things, you can find wealth.
If you focus on buying or building assets like real estate or a business that can get you the money you need without losing your family and health along the way, you will do well.
That’s the task at hand.
Best of luck, and let me know how I can help!
After struggling to build wealth early in my career while following traditional financial advice, I set out on a path to learn about investing. Over a decade later, I’m financially secure and working towards full financial independence through real estate and the stock market. I have succeeded in building my financial ark to help me weather whatever storms may come.
CONTRIBUTED BY Building Arks with Jason Clendenen
For more information and updates join our WhatsApp group HERE
Follow us on Twitter Here