I came across a pretty disturbing study that uncovered the fact that the richest 85 people in the world own as much wealth as the bottom 50% of the world population. Thats’s right, 85 people own as much as $3.5 billion people!
People hate to talk about wealth inequality for fear of being accused of hating capitalism. I, on the other hand, feel as though it must be discussed because I believe such a great disparity threatens our future security.
After all, when people are hungry, their politeness goes out of the window.
I do believe that people that want to build wealth can do so if they understand how to play the game. Here is my simple framework on how to start building wealth in 2014 in the form of my “4 Ps.”
The 4 Ps of Financial Prosperity
- Potential – I frequently say “If you focus on living up to your potential, you’ll never have to worry about living within your means.” Get intense about being the best at your craft, and you’ll have enough resources where you won’t be worrying about whether you can afford latte today or not.
- Products - The wealthiest people have something to sell. You may beed to start selling a service (i.e .bookkeeping, grass cutting, etc), but eventually you want to sell products that don’t require your ongoing time (i.e. books, courses, packaged goods, etc.)
- People - If you’re trading your time for money, you soon realize that there are only so many hours in the day. You need to have people working for you in order to have a real, scalable business
- Property – Wealthy people own assets that they generate income from. These assets could be in the form of stocks, bonds, annuities, real estate, etc.
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