Webster defines Offense as THE ACT OF ATTACKING.
This may sound intense, but, simply put, the offense of wealth building is an investment in yourself and your future.
You can achieve it by gaining knowledge in your career field, diversifying your retirement portfolio, or finally picking up a side hustle. It’s more than simply earning an income.
It comes down to building a solid income to establish wealth.
There is a difference between income and wealth, although many may argue this point.
Income is that for which you are paid. It’s the vocation you have chosen, the passive income source that you have invested in, or even that hobby that became an income-generating side hustle.
Wealth, on the other hand, is the accumulation of these income sources. It builds up to a place that starts working for you, rather than you working for it.
Now, now… there is a lot of buzz around wealth building being an unethical endeavor to pursue, but before making this statement, hear me out:
Some folks have gained wealth (temporarily) at the peril of others, but it just doesn’t last. We’ve all heard of those Ponzi schemes that convince people to invest in a particular asset manager who can return twice what the market can, or the no money, no risk, no background purchase of a property. But you can take this to the bank: reputations precede people, and slow and steady always wins the long-term race.
What I am speaking to is wealth gained honestly. While there can be a negative connotation surrounding the “rich,” wealth can be a wonderful thing. Wealth can be a means to provide for your immediate family, and you can be a contributor to the heritage you leave behind. It also allows you to be hilariously generous.
I take a firm stance that we are not supposed to make money to simply spend it; we need to use it as a tool, not a means to an end.
But before we go into mastering the offense of wealth building, let me add that I have never met a truly wealthy person who has not had a strong work ethic, been skilled in their trade, was diversified but focused, and who didn’t have strong convictions about ethical means of building their wealth.
Now let’s make it happen!
Two categories to beef up your Offense:
- Vocation: Use salary.com, glassdoor.com, indeed.com, or another source to determine your market value or contribution to your field.
- For example, I am a CFO for a company and have been with my current employer for six years. In totality, I have over ten years in the field and hold both undergraduate and graduate degrees directly applicable to my career field. However, I have not completed my CMA and did not go the public accounting route, so I do not hold a CPA. Depending on the company’s size, they will value my job experience, the MBA I have in Finance, and some intangible aspects of my tenacity, grit, and intrinsic motivation. Depending on the organization, and being that I am in Finance & Accounting, they may also value my top-tier excellent credit score (which might I add, I am not proud of—more to follow). All the tangible aspects factor into the bigger picture for the amount you can expect in the marketplace.
- Investing: Start a business, invest in a crowdfunding opportunity, invest in an investment property, gain education through a degree, certification, or trade school. Investing in your legacy will pay dividends; just be mindful of what your ultimate goals are and whether the investment opportunities directly feed your overall vision, mission, and goals.
Building a great offensive approach allows you to take your income-generating abilities and turn those into wealth.
The Takeaway: Build a strong stream of income, especially that which is passive (something you have invested in that pays a return in the form of rent or a dividend that ultimately increases your income capacity). Ensuring you are protected is incredibly essential.
Call to Action: Evaluate what aspects of the offense of wealth building mechanisms you are excelling at and those that need attention.
