What is your ’cause’ (or purpose) for building wealth?
In the audio below I chat about your cause (or purpose) for building wealth and the power of increasing your cause in relation to the amount of wealth you want to build. You will see that if you don’t keep increasing your cause, it’s very easy for your wealth building to plateau. There’s a reason for this.
Understanding why your cause (or purpose) for building wealth can plateau.
Take for example if you have $10 saved and increase that by another dollar then that’s 10% increase of those savings. If you have $100 saved and increase it by a dollar that’s a one percent savings of that hundred dollars. Add a dollar to a $1000, that is 1000 of a percent and so forth.
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What we see happening is that there’s a geometric inverse relationship between your cause for building wealth and increasing your wealth and what that value of a dollar is. Not understanding this will cause people to end up getting to a point in their wealth building, where it will plateau.
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As a result they begin feel, well I don’t know where to go from here, and might well end up buying some toys that end up in the garage or in the backyard gathering dust or rust.
So, it’s very important to think of increasing your cause for building wealth.
Know that it could simply be starting off with paying off the mortgage and having some savings to have a reasonable lifestyle retirement.
Increasing your cause or purpose for building wealth.
But then it could grow into, I’d like to do this or that, and also help the kids getting through university and maybe help them in saving for a deposit for a home.
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Your cause for building wealth could just keep growing in this fashion. It doesn’t have to necessarily be starting a foundation, but you will find that by keeping the interest and increasing your cause or purpose in life that it is the factor that causes you to just keep going. And growing!
We’ve all had times where we have had goals and achieved those goals but were left with a bit of an empty feeling, in that you thought you would feel better than this, by achieving this goal.
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💡 The purpose for increasing your cause for building wealth.
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But, what you’ll tend to find by having an ever increasing cause or purpose, you get to a point of achieving that goal and that’s one step that leads to more momentum to keep going and you just keep moving forward because your cause for building wealth is ever increasing.
Your inspirational cause or purpose for building wealth.
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Let’s just say I came to you and said “Listen, you know I’ve got a few bills to pay, can you help me out and so I can pay my bills.” The likely response to that maybe, “Mate, I’ve got my bills to pay. See you later!”
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But, if I came to you and said, “Listen, there’s a couple in the street that have just had a young child that’s been found to have a rare disease and they don’t know how much longer the child may live. They’re looking to start a foundation and research into the cure for this disease.” Now you would be more likely to contribute towards that sort of cause than just to somebody personally. After all, if you don’t think beyond yourself, you can’t get beyond yourself. So, it’s very important to keep increasing your cause for building wealth.
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💡 I hope in sharing this that it’s been of some benefit. We find it can be an important factor in people building their wealth long term.
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Having had clients that have achieved some level of what I will call financial independence, but feel like they’ve stagnated, I thought this discussion could be really important in taking you to the next level.
Your family could be your cause for building wealth.
I could give you an example that’s probably in a lot of peoples hearts. It is sometimes that cause could be elevated by simply asking someone, if you had 24 hours to live, what’s not done or what’s left to be done? That can normally trigger something from within.
Alternatively, you may find it might be a wish of a parent that may not have been achieved or got to where they would’ve liked to in life, or have a burning desire that they’d like to leave something or to leave some sort of legacy.
And, sometimes it’s wise to ask your parents if they have something that they would’ve like to have completed that they haven’t in their lifetime. That sometimes can be an area worth picking up, because in that respect, I know that’s dear to my heart, and is part of what we are about.
💡 Give some thought for your cause for building wealth.
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It is so worth investing some time and thought into. You will achieve more and your life will be so much more fulfilling and enjoyable.
Love to have a chat about your cause for building wealth and assisting you to do that in any way we can.
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❇️ If this is something you would like to implement or you need help getting clear on the right strategy for you, contact us. Now is absolutely the right time. Call us on 08 7111 0022 or email to book an chat here
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Arthur Panagis
Author, Founder, Wealth Coach and Financial Strategist
B.Bus (Accountant)
Grad Dip (Financial Planning)
Professional Certificate in Self Managed Super Funds
ASX Listed Equities Accreditation
Tax (financial) Advisor
REMEMBER, action is power!
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Disclaimer: This article is factual information only. It is not intended to imply any recommendation about any financial product(s) or to constitute tax advice. The information in the article is reliable at the time of distribution, but may not be complete or accurate in the future.
