Tag: Build Wealth

The Cold Hard Truth About Wealth Inequality

Wealth Inequality
Wealth Inequality

What is the concern with wealth inequality? What is the argument? If gender inequality can be defined as allowing people different opportunities due to perceived differences based solely on issues of gender, can the same be said about wealth inequality?

Is the argument that the wealth are provided with more opportunities than the middle class and the poor are? That’s a big copout.

franknez

Welcome to Franknez.com – today I want to educate and perhaps open your mind to what we will be discussing today if you had a different point of view.

Lets get started!

I am excited about today’s blog topic. I absolutely love talking about building wealth and helping educate those who want a bigger life for themselves and their loved ones.

I’ve recently seen something within the community that got me wondering, if you hate the wealthy why are you in a community that wants to make a ton of money? It makes no sense to me!

But, I understand not everyone has been exposed to my content, or other content circulating financial literacy. Here’s what I think about wealth inequality.

Wealth Distribution Just Sounds Silly

Who is going to distribute the wealth? The government? The wealthy person up the hill? No. No one owes the people a distribution of wealth. Distribution of wealth is a communist mindset where everyone gets equal shares and benefits from your work.

But what if you provide more value in the marketplace? Would you be happy earning the same as someone who underperformed? No, you wouldn’t.

Wealth distribution occurs within families and generations or through the work of philanthropists, not within the ordinary people. See, the thing is that wealth inequality is a way for ordinary people to complain about their ‘lack of’ rather than to take responsibility for their own actions.

I mean we’ve heard it all before. The rich should pay more taxes, how do they make more money during economic crashes, etc. To clarify, when you own a business, you’re able to deduct a ton of expenses from your business which means you will either pay very little to no taxes.

Regarding crashes, everything in the markets is on discount. The wealthy take advantage of these sales rather than the online retail sales ordinary people take instead. The wealthy take advantage of these sales (whether it be in property or stocks) and their investments grow as the economy begins to do better.

Is Wealth Inequality A Problem?

It most absolutely is a problem. Ordinary people are not being provided with the financial education they deserve. It’s creating a scarcity mindset which targets the wealthy as some sort of adversary.

Yes wealth inequality is a massive problem in America. Our own people aren’t being shown how to multiply their money or how to start a business. I think it’s time America is known for being an entrepreneurial country where its people know nothing else but abundance.

What causes wealth inequality? Wealth inequality is caused by the absence of financial education, or financial literacy. Most people simply don’t know where to start.

Ditch Old Habits

America needs to ditch old habits. The rich are evil, money isn’t everything, I’m so sick of the rich getting wealthier while the poor get poorer. Then do something about it.

Wealthy people are able to bless the pockets of other people, especially if they deserve it. They’re not cruel or evil, many give to their church or charity of choice. We live in a world where money is ‘access’. Money is access to the type of place you live in, it’s access to the type of car you drive, it’s access to the experiences you decide you want in life.

Enough of this ‘access’ and you have freedom of time. See, most people who build wealth build it so they don’t ever need to worry about money. They build it to be able to give and to take care of their families and perhaps pursue their passions without worrying about money.

You cannot attract money if you hate money. Money is good, money is a blessing. Money is an energy that cannot come into your life if you’re against those who have it.

Wealth inequality is a choice.

Do The Wealthy Really Have More Opportunity?

The fact of the fact is that you and I have the same opportunities to build wealth as the wealthy do. What separates ordinary people from you and I is that they don’t believe they do.

They believe the wealthy got lucky or were born into wealth. According to Forbes, 84% of newly millionaires are self-made, outranking billionaires which shows are about 72%.

The millionaires I follow are all self-made. You have Grant Cardone who’s from Louisiana and started from nothing, Patrick Bet-David who came from Iran as a child, and there’s just so many more!

We all have the opportunity to:

Because ultimately these tools are all used by the wealth to get wealthier. Wealth is created by constantly learning and discipling yourself to progress no matter the setbacks.

Someone who’s built wealth for 20 years certainly has more access, therefore opportunities than we do. However, the foundation to wealth building is there for everyone.

How Can Wealth Inequality Be Fixed?

You cannot fix something that’s not broken. People in America all have opportunity. Period. No matter where you come from or what your story is. Everyone has a chance to make it happen for themselves. Wealth inequality is a silly term. People need to educate themselves first and figure out what in their lives needs to start changing.

Why Has Wealth Inequality Increased?

‘Wealth inequality’ has increased because the school system has not changed. Families are not educating themselves nor are they educating the upbringing. Lack of financial literacy is why wealth inequality has increased.

Financial literacy teaches us the basics of money. It shows us the difference between linear income, royalties, residual income, how to invest, how to manage money, and so much more.

While most people tend to spend their entire income and settle for a mediocre job, people with a wealthy mindset learn how to save to invest, and look for opportunities to increase their income instead.

This is why financial literacy is so important for people who want to grow their wealth. Start there.

Where Can I Learn About Building Wealth?

I pack a ton of information on wealth building using my blog. I provide my readers with information I’ve learned by studying the greatest wealth builders of our time. Knowledge is wasted knowledge unless it’s applied knowledge, as I say.

Once I started applying knowledge, I was able to take my net worth from $0 to $56k to eventually my first 6-figures. Be open to receive, the world is abundant and there’s plenty to go around.

Here are a few people I recommend you consume your content from:

  • Frank Nez (of course)
  • Grant Cardone
  • Patrick Bet-David
  • Dave Ramsey
  • Graham Stephen
  • Andrei Jikh
  • Tony Robins
  • Gary Vaynerchuck

By consuming this content, you will be priming your mindset for success. You will learn that there is no shortage of money, and that mindset plays a heavier role in your journey than you ever thought it would.

You can overcome the concept of wealth inequality by educating yourself and learning as much as you can. Once I discovered how to increase my income and multiply my earnings, it was my calling to teach you.

I am you.

Help someone in need of help

Franknez.com

If you know someone who cannot stand the wealthy or has a very negative sentiment towards the rich, show them this blog article. Perspective can do a lot great and positive things.

Let me know your thoughts on wealth inequality. Do you agree people simply lack the tools and education to get started? I’d love to know what you think.

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Read: 5 powerful strategies to begin growing your net worth


6 Strategies To Building Wealth At Any Age!

A lot of you are inspired and motivated to take things to a higher level. By now you’ve realized that time is still on your side so you’re willing to take advantage of it. This is the single most responsible action you can take (especially in your early 20s) in order to achieve long-term financial success. Here are 6 proven strategies to building wealth at any age.

6 Strategies To Building Wealth At Any Age!

High Income Skill

Shift your focus on one source of income that will generate you enough cash flow to exceed your expenses. The goal is to earn as much as your abilities, skills, and knowledge allow you to so never stop learning. The value you bring to a company is the key to unlocking a high income skill. Find the average annual income in your country, now raise the bar for yourself and never settle for average. The higher your income is the more asset you have available as a tool to building wealth.

If you’re a business owner, keep selling!!! Increase your revenue so you may increase your income. Don’t take from the cookie jar if you have not increased your revenue.

Staying Debt Free

Staying debt free is an essential building block to building wealth. If you don’t have any debt at the moment you’re already one step ahead, now keep staying debt free. If you are in debt, begin planning to eliminate this burden as soon as possible. It will be a challenge and it will require discipline. Budget where you have to and apply the extra cashflow from you high income skill towards your debt. You will not be able to build wealth while in debt therefore this is a vital step.

Read:Debt Sucks | Here’s How To Pay Off Thousands In Debt

Live Below Your Means

Live below your means to build wealth

Do not fall for lifestyle/income creep. This occurs when your expenses increase as your income increases. The mistake most people make is spending their entire income which results in living paycheck to paycheck. Live below your means in order to avoid this unnecessary stress.

If you’ve earned a promotion or you’ve increased your sales, don’t use this extra money to blow on increasing your standard of living or materialistic things; it can wait. This practice is called delayed gratification. Instead, use this additional money to save and invest.

Saving Money

If the heading of this third strategy made you feel a little uncomfortable we’re making progress. You’ll have to step out of your comfort zone every time you set a new goal for yourself. Put money in a money market or high yielding savings account. Your hard earned money will multiply through compound interest. I highly suggest reading “The Importance of Creating An Emergency Fund and How To Start” to see how saving money is essential to your financial journey.

By stacking up your Richards you are paying yourself first. You’re not giving your money to a,b,c, & d companies anymore. You’re give it to yourself! It’s what you do with this money that ultimately makes it worth setting it aside. Grant Cardone says money is useless unless you use it. So use it by making money work for you.

Investing Money

Now this is the fun part! You’ve established a high income skill and you’re living below your means debt free; now it’s time to put your money to work for you. Do your research like your life depends on it to see which form of investment is best for you. Do your homework and study this as it will require a high level of confidence to buy assets that will both increase and decrease in value depending on the markets performance.

Your assets are your wealth. The more assets and less liabilities you have the more your net worth increases. Stocks can yield enough annual percentage to duplicate your money over a long-term period of time resulting in more assets. The more money you invest, the higher the return. It is important to understand that money you have to invest must be money you’re willing to lose as well. All investments have some sort of risk factor whether it be low or high. For this reason, it is necessary to be out of debt. Any loss you face will be only but a small dent in your pocket. Here are some ways you can invest your money:

  • Stocks / Bonds
  • REIT’s (Real Estate Investment Trust)
  • Real Estate (Property)
  • Businesses (Partnering up with people – Be the capital people need in order to start a business in order to earn a percentage of the companies profit.)

Earn Passive Income

This sixth strategy towards building wealth is a fun challenge. Determine what niche can earn you passive income at all times no matter where you are in the world. Use your high income skill to continuously grow this stream of income in order to provide a consistent cash flow which you can also use to invest. Your business mindset might establish a couple of these resulting in multiple streams of income. As Grant Cardone says, success is taken, not received. Here are a number of ways you can earn passive income:

  • Rental Property (Real Estate, Property Owner, Airbnb, Storage Rental)
  • Money Market Account or High-Yield Savings Account
  • Paid-Out Dividends
  • YouTube (Monetized)
  • Blogging (Ads, Affiliate Programs, Courses, Product)
  • Business Partnership Contracts

For more details on these subjects read: Earn Passive Income With These 5 Guaranteed Strategies.

Be Consistent

Build Wealth By being consistent

Keep increasing your income and continue to invest over a long period of time. Take advantage of your age and think about where you want to be in the next 10-20 years from now because it starts with what you do today. As long as you keep increasing your income, saving & investing, and living below your mean, you will have the power to build wealth at any age in your lifetime.

Yes, building wealth takes time. Nothing great happens overnight. Building wealth is something you must continuously keep working on. Every challenge you encounter will require a better version of yourself in order to find solutions to the problems you face. Your habits, hard work, and financial discipline will determine the course of your financial future. Keep learning, keep innovating, keep making it happen. Your future self will thank you one day.

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