As the world is changing, the way we create and store wealth (abundance) is changing. Technology is creating an opportunity that we have never had while simultaneously wiping out jobs and putting people in unfamiliar positions.
I’ll share basic thoughts on wealth building in this new landscape below. I’ll write a more in-depth article soon.
Guilt Surrounding Wealth
Wealth is not dirty; it’s the opposite.
Our heavily biased Christian culture often leads to unconscious guilt around ‘worldly’ possessions. The idea that matter (and therefore wealth) is ‘evil’ manifests guilt if these limiting belief systems are not overcome.
There is absolutely no reason to feel guilty about abundance. A birthright is a Soul having the freedom to express, and if that means you make a lot of money in the process, there is no reason for guilt to hold you back.
Fiat Money
There has never been a fiat currency that has survived. It has a total failure rate – 100%. And yet, humans never learn. ‘Money’ (it’s not money – watch my video about this here) goes through predictable cycles; we are in the latter stages of this cycle today.
What worked 50 years ago – i.e. saving money and putting it into savings accounts, pension funds, and government bonds no longer provides the returns and security it did. Savings accounts offer less than 0.5% in most instances – what a complete waste of time; true inflation is far higher than that.
Wealth Building
The way we build wealth is changing. As technology advances, those that adapt and take advantage of the evolving world will create wealth.
Over the last 6000 years, we have moved through agriculture, land, industry, and now into the digital age. We have young people making millions of pounds by selling digital products on the internet. Investing that profit into cryptocurrency and outperforming every asset class over the last ten years.
Working 30 years and paying into a pension so that you retire comfortably is no longer going to cut it. You adapt, or you are ruined.
Starting a Business
Technology has made entrepreneurship accessible to everybody. What would have cost hundreds of thousands of pounds/dollars years ago costs a small monthly subscription today.
Your barrier to entry is so low that the problem with overwhelm is more of an issue than the fear of failing. You have the opportunity to show your work to millions of people by uploading a video on YouTube.
Equity in a business, whether that be yours or another, is a vehicle to wealth creation that has never been easier to have. With knowledge, expertise, focus and patience, business equity is within your reach.
Cryptocurrency
Perhaps the most significant shift in wealth right now is in the cryptocurrency markets – yesterday, there was more activity in the South Korean cryptocurrency markets than in the stock market. I think this will continue as we move through the 2020s.
Bitcoin has jumped from $3,500 to $60,000 in 12 months. Of course, there is no certainty that this will continue. But I think the movement into cryptocurrency is the most significant wealth transfer the world has ever seen. The baby boomer generation has had their time, and with technology, the new wealth is digital.
A crucial closing point…
As Naval Ravikant said at the end of this Twitter thread – “When you’re finally wealthy, you’ll realise that it wasn’t what you were seeking in the first place. But that’s for another day.”