“So, what is the key to wealth?” I had to ask my wealthy friend after our conversation had seemed to go on forever without him getting to the point.
His answer was so simple, it almost escaped me.
At the time I didn’t realise how profound it was.
And when you read it in just a moment you may be tempted to dismiss it as too simple or too obvious. But as I have become wealthier and wealthier over the years I have discovered that it is the simple things that are most often overlooked as people believe that wealth has go to be complicated and hard to get.
Because wealth seems to be so hard for them to attain they dismiss the most simple of ideas as being too easy.
Before you discount it though, take a look at the lives of successful people. People who are not only rich but happy too.
Their lives seem simple.
They don’t seem to work that hard (although obviously work is necessary if you are going to become rich).
They seem to be able to fit in enough time for work, family, play and friends.
They are constantly presented heaps of opportunities and offers but seem to stick to what they know and can do well.
They have discovered that simple things done well, done with passion and done often are the most rewarding, both financially and personally.
And so in my ignorant and non-educated state I was all too ready to dismiss the simple wisdom that was offered to me, and yet it has stayed with me throughout my life as the one, only and most undeniable key to wealth.
“Knowledge,” he said, “That is the Key to Wealth.”
“Is that it?”
“Yes,” he replied. Sensing my disappointment he went on, “It’s not just knowledge but what you do with it.”
“Every day people lose money through lack of knowledge and gain money because of the knowledge they have.”
“People get paid for their knowledge. They go to school, go through training courses and apprenticeships to get jobs for pay. If they know how to build a house, they get paid. If they know how to run a business, they get paid. If they know how to nurse or teach they get paid. But people forget the fundamental rule that it is their knowledge that they get paid for and they stop learning. They forget that when they got a skill and learnt how to apply it their pay and their wealth went up. They get too busy to keep on learning and applying their new knowledge.”
“What can you do?” he asked.
And that got me thinking.
The only answer I could come up with was, “Well, not much at this stage. I have too many problems in my life.”
“And there is your problem.”
“You will never be wealthy with that attitude.”
“There is no problem that has not already had a solution found for it.”
“No idea that has not had a way to come into reality.”
“No success strategy that has not already been discovered, tried, tested and perfected, that has not been recorded somewhere. All that knowledge is just waiting for you to learn and to apply.”
“Each great business, each great product, each great income producing asset started in somebody’s head as an idea.”
“Without that idea, it would never have existed, and the income that it produced would be locked away somewhere else.”
“Wealthy people know that it is ideas that can be brought into reality that will make them rich.”
“Look at the wealthiest people in the world. They have invested in their own or other people’s ideas – their applied knowledge. The businesses that have made them such a success, the investments that have done so well for them, were all ideas in somebody’s head that were thought through and brought into reality through applied knowledge.”
“Wealthy people understood this early. And once they have become wealthy are happy to pay for people who have great knowledge and great ideas.”
“They started with something that they could do well, and was interesting enough to them that they were able to stick at it and find a way to be rewarded for doing it.
“Not only did they develop their knowledge into a skill, they developed it into a love. In fact they became so in love with their idea, so enamoured with it they were able to focus on it with joy virtually every waking moment of the day. They loved their idea so much they were prepared to protect it when it was attacked, nurture it and watch it grow, work on it, with it, and recruit people to help with it and never give up on it, no matter how tough things got. They were so excited about their idea everything they did to make it into reality was so much fun they had to keep doing it. They were so enthusiastic about their idea, and so persistent in its selling, it became contagious and other people got infected and interested in it.”
“Knowledge applied is the key to wealth.”
“Fall in love with knowledge, learn how to apply your ideas in a way that people will reward you for it, and wealth will become inevitable for you.”
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Extracted from “From Broke to Multi-Millionaire in Just 7 Years” by Peter Spann
Harper Collins Publishers – 2001, 2004
Peter Spann is a business coach, writer, presenter and investor.
Click Here to learn about my business services.
His goal is to help people make their dreams come true.