Today’s letter content is, essentially, what I plan to tell my own children, when they’re old enough to understand the importance of money.
I want to begin by emphasizing that money is NOT the most important thing in life, since we witness countless ultra-rich individuals, who are miserable, go through life’s roller coaster of ups and downs, and then commit suicide, though they have all the material riches one could ever hope for.
In our world, we are exposed to many cases, where individuals are even exceedingly wealthy, so much so that making money adds nothing to their lives anymore. Jeff Bezos, the world’s richest man ever, has a personal worth of $141.3B, which allows him to make ALL decisions, based on the infinite amount of possibilities this world offers.
But, much less is needed, to enjoy this limitless freedom.
In other words, the best way to enjoy life is to have a burn rate plan, which is another way of saying that you should build a balanced life, using your existing financial capability, always aspiring higher, but never envious of anyone else.
When I just got started and my monthly income was peanuts compared with today’s, I was able to save by focusing on the BEST cheap attractions our world has to offer: hiking instead of skiing, walking on the beach in my hometown instead of Caribbean resorts, reading books instead of VIP cinemas, picnic lunches instead of fancy restaurants, and TRX training instead of gyms.
My point is, never, not for a second, live in a restrictive way, but find the most EFFICIENT way to live within your income bracket.
All people have the same innate desires – money grants you ways to express your soul and accomplish more, but it isn’t your master. The captain of the ship is you, but there are always better yachts to set your sights on.
We, as human beings, are subject to three primary motives, which guide us:
- Physical Needs: Our body, properly functioning, needs four things, which are under our control, at all times, and I believe you can learn to fill these needs by making them core habits.
Billionaire or not, give your body its necessary sleeping requirements.
Every year, sleep is ranked No.1, in terms of the most critical way to stay healthy and full of energy.
Before buying a luxury car or jumping on a plane to an exotic location, splurge on a comfortable mattress, which you spend a third of your life on!
Eat only when hungry, not when your eyes get locked on sweets. Most of the nutrition in any of the Blue Zones, which are the areas, where people live longest at full function, consist of mostly water, fruits, vegetables, and much less of fat, carbs, and protein.
Avoid sweets, as the body doesn’t need them.
There is no reason not to enjoy a healthy life, rich or poor. This is mostly under our control in the western world.
The body also requires rest and recreation – when my wallet was empty, in the early days, I used to enjoy the park on a sunny day or a long bath, but remember that your subconscious mind is best at work, when your conscious is resting, so give yourself a daily dose of peace.
- Mental Needs: I am familiar with some individuals, who are obsessive about their body and nutrition, but do not feed their mind at all, so their lives are only partially fulfilling.
The mind of a man is richer than the oceans. We all talk to ourselves from the day we’re born until the day we pass on. Thoughts are like crazy monkeys, which jump around forever, so we must take control of them, so that we can keep the jungle in order.
Stimulating the mind can be largely secured by being around inspirational people, reading great books, and traveling to places, which expand our horizons.
My greatest joy comes from thinking through things. Every day, I devote 30 minutes to deep thinking, and I do it at different times – it could be the first thing I do in the morning, the last thing I do at night, or something I do during the day.
Remember, feeding your mind is as critical as feeding your body.
- Spiritual Needs: One of the greatest joys in life is to use the money you saved for the purpose of giving and spoiling others.
The best way to do it is in a constructive manner. I see too many people, who sacrifice their own happiness to help another, but that isn’t the way.
Become inspired to, first, make it big yourself, so that your loved ones can walk around with a smile on their face and so that you have time to devote to causes you are passionate about.
Money is the tool to satisfy these three needs, and nothing more.
The grander your vision and your plan, the more your budget will become bigger, so take time to study wealth and think deeply.
No one has ever been successful without thinking.
I hope that this letter, which I plan to explain to my own children, has contained a gold nugget, which will push you toward the right path, as well.
Research Partner, PortfolioWealthGlobal.com