Building Wealth 101

(Friday Filosophy 12/16/22)

Happy Freakin’ Friday!

Welcome back to another edition of Friday Filosophy, the weekly newsletter that Bob Burg once said is, “the most insightful, mind-bending, stroke of genius updates ever put out since the earth’s crust cooled.”  Steve Keating also said, “Randy’s Friday Filosophy is undoubted the best writing since Marcus Aurelias.” (Okay they didn’t actually say those things, but they could have been thinking them.)  Each week I challenge you with a question, idea, or topic you may want to think about. Today the subject is one we explore frequently: building wealth.

One of the things I often tell the softball players I coach is what a simple game it is.  At its essence, it’s a game of see ball, hit ball. But everything is predominantly mental, and we sometimes make up all kinds of stories that distract us.  Earning money and building wealth is a lot like that for many people.  They make up stories that sabotage their chances: You need money to make money, you need the right education, you have to be born on the right side of the tracks, etc.

The reality is much different.  Think how many millionaires and even billionaires never went to college. The huge number of gatekeepers and challenges that are now eliminated by the Internet and technology in general. In terms of building wealth, there has never been a better time to be alive in human history.

In softball, the mantra is: See ball, hit ball.

In building wealth, the mantra is: Solve problems, add value.

You can try to guess what the next trendy NFT or shit coin is going to be, or you can find an actual problem to solve.  If you can make someone’s problem go away, they’ll gladly trade you money for that.  And the amount of money is relative to the size of their problem that you make go away.  People will pay a manicurist to make a hangnail go away, pay a dentist more to cure an excruciating toothache, and pay a surgeon yet more to remove a tumor.

You can attempt to guess this week’s lottery numbers or find a way to add value to something. Any time you add value to an equation, someone or something will reward you for doing so.  That might mean simplifying a process, improving results, or lowering costs.  If you can show Amazon how to save 20 cents on every package they ship, the total number is significant, so they would pay you a lot to learn what you know.

The sooner you stop ascribing prosperity to luck, accident, or chance – and proactively find ways to solve problems or add value – the sooner you will manifest more prosperity in your life.

CRYPTO UPDATE: In November I told you I was moving out of all crypto investments and promised you an update with the reasoning behind the move.  Because of all the chaotic disruption happening in the space this week, I moved up the process. I did an extensive essay you can read here: RIP BITCOIN

Or if you prefer the TL;DR on the podcast: Why I Left Crypto

Apple: ow.ly/fQ2k50M3Fp7

Spotify: ow.ly/9HvF50M3Fp8

Anchor: ow.ly/3euH50M3Fp6

YouTube: http://ow.ly/sOsi50M3SZI

Please be nice to yourself today and enjoy the weekend.

Peace,

-RG

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