How To Build Generational Wealth

by Patrick J. Sweeney II

LOOK AT WHAT’S OBVIOUS AND CASH IN ON IT

“Not Bisquick again, noooo mom. Pleaassse. Anything else!” My brother and I whined in unison when my mom said we were having Bisquick pancakes for dinner for the third time in a week. I didn’t realize it but the $1.50 to feed us was all we could afford. We were dirt poor. I decided then, in order to get respect and self-esteem I needed to get rich.

Fast-forward 30 years when I bought my second plane, and a new chalet in the French Alps. What happened between 10 and 40 that made that transformation possible? First was not falling into traps ordinary people succumb to, second was speeding into the future, third was the motivation. Anyone can use these strategies to build real wealth.

People who aren’t wealthy think that their time doesn’t cost them anything and what they own is important. It’s the exact opposite. Time is your most valuable commodity. Nothing else comes close; your car, house, clothes, new iPhone or Jordan sneakers – nothing. Having the courage to say no to material objects now gives you the freedom to get whatever you want later.

“People who aren’t wealthy think that their time doesn’t cost them anything and what they own is important. It’s the exact opposite.”

All your resources should be invested in some way that will grow exponentially. That means getting rid of things that aren’t making you money. The 99 percenters hang onto things that don’t make them money for too long. That mistake is called ‘loss aversion’. Our brain is programmed to preserve our resources, so we put a bigger value on what we already own. If you put the biggest value on your time, then every moment you are either doing something to help you meet your goal or hold you back. Choose wisely.

Anticipate and act. Think about how the future or current events are likely to affect your business or investments. Did you buy Zoom in early March when covid-19 was spreading? I bought it at $80 and it’s worth $266 just four months later. I bought Docusign at the same time. For anyone looking to the future, those two buys were obvious. Anticipate what the future will bring and act immediately. Acting quickly and being decisive creates more data for your decision making.
Lastly, never be afraid to risk it all because you can always start over again. If you’re motivated by a bigger reason than yourself – wealth for your family, wealth to make the world a better place, wealth to end injustice, the world will always be a very friendly place and you’ll come out on top. It takes courage to believe, so learn to use your fear as fuel!

“I bought zoom at $80 and it’s worth $266 just four months later. Anticipate what the future will bring and act immediately.”

Wall Street Journal Best-Selling author, Patrick J. Sweeney II was called “One of the world’s most interesting people.” by Inc. Magazine. He is a millionaire entrepreneur who finished 2nd in the Olympic trials, set several world records, won the Race Across America, has invested in scores of start-ups and has a personal mission to teach the world to use fear as fuel for greatness.
Front cover of Fear is Fuel book
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