In 2017, the U.S. added 700,000 new millionaires to its population. In 2009, there were 6M millionaire households in the U.S., whereas today there is a record number of 15M such families.
In other words, in this past decade, 9M households have joined this group, a 150% growth in the number of rich families.
The numbers speak for themselves – people are swimming in dough, and the trend isn’t stopping for anyone or anything.
The question that each person must ask himself is what can he do to reach this status himself, if he decided to? In other words, is wealth a matter of committing and executing, or is it mostly a matter of luck and chance?
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My own journey to the 7-figure threshold has brought about several insights, which I’d like to share with you:
- Definition of Success: Getting what you want. There is no other way to put it.
- Cause of Success: Applying a sufficient amount of effort in a proven manner to a specific endeavor.
- Monopolized Opportunities: There are no industries or professions, which are blocked by others, but at any moment, according to the needs of society, there are shrinking sectors and booming ones.
- Key to Success: There are thousands, if not tens of thousands of talented singers, yet only a few dozen ever succeed. It is the same with many professions. I’m sure you’ve seen incredibly gifted lawyers, yet they’re stuck in firms, which are going nowhere. There are car mechanics, which have the Midas touch and can fix anything, yet their shop is at the end of a ghost town. Having well-developed skills is not the key, then, but applying these skills properly is.
I’ve found that the characteristic, which allows people to execute their skills in a manner, which brings wealth and constant advancement to their experience, is called Poise.
Succeeding depends upon your ability to convince yourself that there are no obstacles, which can’t be overcome, so that your mind is solely focused on achieving milestones and on reaching goals.
No escapism from reality is contemplated, only confident thoughts, revolving around the idea of patiently powering through each new challenge.
I used to call it the Ant Mentality, since the ant is only aware of the fact that she will reach her destination, no questions asked.
- Environment: The most common mental trap people fall prey to is that they think their environment isn’t the right one to allow them to become wealthy.
They believe that in their family, or in their neighborhood, or in their city and even in their country, wealth isn’t possible.
To become successful, only two choices stand before you:
- Move to a different environment, much more favorable.
- Make the best of your existing surroundings.
Whichever decision you make, do it now.
The definition of wealth, in my book, is the art of maximizing present circumstances, for the purpose of transcending above them.
That is the essence of wealth.
Sit down, as you finish reading this letter, and write one thing that you desire achieving. Accept the fact that YOU can do it, notwithstanding who occupies the White House, what the national deficit is, whom your current boss is, or any other external circumstance your conscious mind floats in front of you, as a perceived obstacle. These are all thoughts, which should have no bearing on the trajectory you’re going. Discard them as mere residue from your past-self. Do not entertain them. Affirm that no one can or will take success away from you, since your goal doesn’t conflict with or rob anyone else of what they have. Then, transition into the mode of commitment. Think only about achieving this goal, putting all else aside. This is the state of mind, which is called poise. Then, think about your immediate environment and how it can assist you in reaching your goal, in exchange for your valued addition to it.
That’s all there is to the art of success.
Research Partner, PortfolioWealthGlobal.com
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.
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