Summary: The 10 Pillars of Wealth By Alex Becker
Summary: The 10 Pillars of Wealth By Alex Becker

Summary: The 10 Pillars of Wealth By Alex Becker

Kindle | Hardcover | Audiobook

PILLAR 1: REJECTING GETTING RICH SLOW

Having a high quality of life is about being happy and content with your thoughts and actions. When your decisions have to be focused around money, you rarely get to choose what makes you happy. Therefore, your quality of life plummets.

When you live life in a get-rich-slowly fashion, you:

  • Are extremely likely to be put in financial hardship.
  • Give up control of your financial future (a.k.a. risks you cannot control)
  • Let 71 percent of your young life be monopolized by work.
  • Lose any chance of obtaining your dream life.
  • Live your entire life under financial stress.
  • Can’t make your own choices because they are solely based around money and time.
  • All for the grand reward of being able to scrape by (or hopefully live comfortably) when you are too old to do what you want in life.

On the other hand, when you live life in get-rich-quickly mode, you:

  • Control your financial future (the opposite of bad risk).
  • Spend your time doing what you want.
  • Have a real chance of getting all (or at least most) of the luxuries you want.
  • Have a chance to escape financial stress.
  • Can make your own choices because they are based around what makes you happy.

 

PILLAR 2: SEPARATING TIME FROM MONEY

Time is the only thing you can never generate more of, and every human has the exact same amount of in a day. To become wealthy, you have to learn how to generate more time by hiring people (and/or building machines), using their time as your own, and using your time to grow the business. If you look at the most profitable businesses in the world, the owner’s time is usually so separated that he does not even have to be there.

Every successful person understands this, and the richest are the ones who abuse it. In fact, the richest people in the world make money from their money and have zero time involvement. Bill Gates, for example, makes billions from his investments, letting his dollars generate money for him. His time is not a factor in the businesses that make him millions. If you don’t separate your time from your income, it will be nearly impossible for you to become as wealthy as you desire.

Keep this in mind so you can keep your time.

 

PILLAR 3: ACCEPTING THAT YOU MUST BE BETTER THAN EVERYONE ELSE

Repeated actions are all it takes to achieve desired goals. The only major hindrance is that actions are controlled by beliefs. The belief that you are great will result in great actions. The belief that you are average will result in average actions.

This is an undeniable fact from which you cannot escape. This is why this pillar of wealth is so essential. There can be no great actions without great thoughts. Even if you have everything in the world going for you, without the proper actions you will never win the race of wealth.

Having one pillar without the others is a recipe for disaster. If you truly live out this pillar without also living out the others, you will end up falling into the pits that have stripped so many millionaires of their wealth.

Thinking you are great without understanding how to control money will undoubtedly result in making bad decisions.

 

PILLAR 4: KNOWING EVERY LITTLE THING IS 100% YOUR FAULT

At any time, you can simply decide to pin your downfalls and mishaps on someone else. Socially, you may even be right, and friends and colleagues would agree that, “Oh, if it wasn’t for so-and-so, your life would be so awesome.” The only problem with this is that this “so-and-so” will never pick up the tab from the damage they have done. They might accept the blame, but they will never truly pay for it.

The only way you can control your future is to take control out of so-and-so’s hands and put it all on you—fairly or unfairly. The burden might be heavy, and you might have to beat yourself up quite a bit, but at the end of the day, you will be the one who dodged countless bullets before they were ever even shot.

This pillar is essential, because it allows you to move forward while protecting yourself from needless pitfalls. Protecting ourselves and holding ourselves accountable does not generate money, though. Actions generate money, and this pillar protects us from losing it all in one quick and tragic accident.

 

PILLAR 5: ADOPTING AN ABUNDANCE MIND-SET

Business can be a minefield at times, but if you never try to cross the minefield because you’re too afraid of what might happen, then you never even give yourself a chance to get to the other side.

Traffic fighters focus on hoarding every penny that they make so they can spend it later. Smart entrepreneurs focus on spending every dollar they need to so that they can make ten dollars off of each dollar in the future.

There is unlimited money in the world, and you can take unlimited actions to get it. The only thing that stops these actions is scarcity.

 

PILLAR 6: FORGETTING “WHAT IF” AND FOCUSING ON “WHAT IS

We will never have all of our what-ifs answered in our lifetime, either because we are too ashamed to admit them or because we can’t think deeply enough. All the people on their deathbeds know the answers to the big questions that held them back their entire lives.

“What will happen if I don’t start my own business? This .”

“What will happen if I am poor my whole life? This .”

More importantly, they are hit with an even more painful question: “What could have happened?” The sad part is that they will never know. It’s too late.

Every successful person is plagued by what-ifs just like every unsuccessful person. The only difference is that the successful people chose to focus on the what-ifs. Because not answering those is far more painful than the consequences of your fear-based what-ifs. Then, they focus on solving the immediate what-is problems in their life one at a time. By always focusing and solving what-is issues, you are always moving forward, which is the opposite of what happens if you focus on negative what-ifs.

 

PILLAR 7: MAPPING OUT ACTIONS THAT ACHIEVE GOALS

Very few multimillionaires make their money in a single event. Yes, there are buyouts that result in hundreds of millions of dollars made in a day (these are the people who become “overnight successes”), but these buyouts are usually the result of hundreds of tiny events (or steps) over many months or years.

For example, a man selling his software company for $100 million is not the result of him selling his business. It is the result of him coming up with the idea, spending six months coding the software, hiring the right staff, buying the right advertising, and dozens of other small things. In order to get to the main event, it’s important to identify the event you want (your goal) but even more so to identify the hundreds of little things, because those are what actually make up the event.

 

PILLAR 8: FOCUSING SOLELY ON WHAT GETS YOU PAID

You won’t see Mark Zuckerberg coding software; there’s no way a single coder could generate a net worth of $26 billion. Instead, you will see Mark finding ways to get more users while leading a team of a thousand developers to multiply the ROI a thousand times on every action he takes.

You won’t see Warren Buffet leading a single company. That would not generate enough money fast enough. You will see him investing and guiding two hundred companies at the same time so that he is reaping two hundred times the reward for his time.

While we can certainly increase the amount we charge per hour or per item we sell, the easiest way to increase your ROI is by hiring other people so we can focus on our main task. A man with a thousand employees (or freelancers) performing actions can create a seismic earthquake-like ripple of ROI, but one man alone can work only as much as he can physically work.

 

PILLAR 9: PEOPLE GIVE MONEY TO PEOPLE THAT GET PEOPLE

This might hurt to hear, but just because you have made some money in business does not mean that you understand people. Most businesses are created around what the owner thinks is best, not what he or she thinks other people want. They might sell a few, they might even make decent money from it, but in reality, the product doesn’t get people excited, and every part of the user experience is confusing or difficult.

To focus more on people, ask yourself these questions about your brand/product vision and your marketing. Vision Questions: Are you the coolest solution out there? Are people passionate about your business? What does your business stand for? Is this the best version of your business you can envision? Would you honestly want to be your customer?

Marketing Questions: Who is your target customer? What’s the best way to reach them? Do they actually respect you? Is your company fun to do business with? Do you explain the value of your product in your advertising? Do you focus on how your product will make your customers feel in your advertising?

Look at Apple, Red Bull, Starbucks, Whole Foods, Comic-Con, etc. All of these businesses/events stand for something. They mean something to people beyond the product. They are a way of life or a feeling. These are prime examples of businesses that truly understand and connect with their customer base.

 

PILLAR 10: FINDING COMPETITIVE FRIENDS AND SUITABLE MENTORS

Trying to become rich without surrounding yourself with other people with the same mind-set is like trying to become good at basketball without knowing any other basketball players. It just doesn’t happen that way.

With the right people in your life, you will be driven to be successful and have the cheat codes to get there. It’s like the steroid shot of success. On the flip side, if you surround yourself with only traffic fighters, you are going to have an extremely hard time escaping your own inner loser. These people will fill you with what-ifs and fears because they know nothing else.

At our core, we humans are merely mimic machines. Our language, our thoughts, our nuisances are all derived from the people we surrounded ourselves with. Yes, at a certain level, we are our own people. But it is undebatable that we are greatly affected by who we look up to and the community with which we surround ourselves.

 

SECRET PILLAR: MAKING THE DECISION TO BE WEALTHY AT ANY COST

Everyone experiences the deep desire to become wealthy at least a few times in their lives. However, less than 1 percent of people will decide to become rich at any cost. Right now is your moment. There is no statistic that applies to you. There is nothing too big for you to handle. There is nothing you want that you can’t have.

Every wealthy person on the planet has had this moment, whether they wanted more, were fed up with their boss, or just got sick of being poor. Every wealthy person has been where you are right now.

The only thing separating you from them is to truly commit to becoming wealthy. If you are truly committed, no risk will be too daunting. No action will be too tiring. No challenge will be too great.

Kindle | Hardcover | Audiobook