This article is the second one of my series “How to become rich and wealthy – The wealth formula”. In this article, we will discover the missing parameters for the wealth formula. Of course, you already know that I cannot give you a guaranteed path or way to wealth, prosperity, and fortune. Hence, I can’t tell you how to get rich right away, either.
Instead, you will find thoughts and reflections on how to build and successfully follow your way. So do not expect the philosopher’s stone here! But you can expect thought-provoking ideas and observations that I have made, and that might help you to achieve your goals.
First of all, you have to know that you have to fill the concepts of “wealth” and the “path to it” with content yourself. Only then can you begin to assess how long it will take you.
These assessments are the first tasks and first steps of your journey, and they are stressful enough. But it is also an excellent opportunity to think about your life, your targets and all the things you want to achieve. Therefore this little venture is worthwhile in any case.
So let’s move on right away. We’ll look at the following items in this article (click “show” to open contents):
1. What we already know – A summary of Part 1
First things first: Congratulations! You have already taken the first small step in your preparations. With the first part, we have dealt with the term and concept of “wealth” which was the first important parameter in our wealth formula.
We have learned what it is actually about when we say that we want to be as wealthy as possible. The desire for wealth can only ever be about satisfying one’s own needs. The wealth that exceeds the satisfaction of needs is wealth for the sake of wealth and serves no purpose.
2. Time cannot be measured without movement
But let us now turn to the other aspects and parameters of the wealth formula.
Many people want to become wealthy as quickly as possible. This desire is, of course, understandable but the risk lies in the fact that a fundamental basic understanding of time is missing here.
You already know that time is relative. But with this statement, I do not mean that time passes subjectively slower at a boring family gathering than at an exciting movie with your friends.
I mean here the relationship between time and movement. It is a fact that in the field of empiricism, movement and time can never be separated. Time and movement are two sides of the same thing, so to speak.
Let’s go a little deeper here.
2.1. To become wealthy requires movement
The question of how long it takes to become wealthy implies a distance between the actual state and the target state. And this distance must be overcome. Hence, we have to consider a specific change of position. And precisely this change of position is the path to your destination.
That said, if wealth and prosperity are still the targets, it means the following:
- You have not yet reached your destination.
- Where you are now is your starting position.
- Where you want to go is your destination position.
- Start position and destination station are not identical, but “spatially” separated.
- You have to overcome the distance between the start and destination positions.
- If you stay where you are, you won’t get any closer to your destination.
We already knew what the destination must look like. And now, we have the next parameter: movement. And the movement represents nothing more than mastering the path to the destination.
2.2. Your movement requires time
So to become wealthy, you have to change your current position. It is also evident that the phase between the change of location from the start station to the destination state is time. So we have now compiled all the essential parameters. The overall picture is, therefore, as follows:
Keep this image in mind, because later we will take a closer look at how these parameters correlate.
2.3 Time is theoretically infinite, but not in practice (for you)
But first of all, let us reflect a little more on the time factor. Time we know by now is the sequence of events and, therefore, movement. There is a cause that is followed by an effect. This causality is one-sided and cannot be reversed. So if you stand on a snow-covered mountain and throw a small snowball down, it can cause an avalanche. But you cannot change the order of these events after they happened. According to current physical knowledge, it’s impossible to travel back in time. Only the time dilation allows us something like time travel (but only into the future and in a small range).
It is also important to remember that time is theoretically infinite as long as objects move in space. For you, however, time is still limited. And as with all things finite and thus limited, time itself has a value. So when you sacrifice time to achieve a goal, you have to put the amount of the time spent in proportion. And that brings us to the next point you need to consider. The cost of time is a factor that can enormously shift the individual parameters of our wealth formula. I have dedicated the coming chapter in this article to this critical aspect.
3. Be aware that your time will determine the path and the destination
You now know all the essential parameters, but you have to consider the following as well: The path to your destination is a calculation with three parameters. If you change one of them, the other change as well so that the formula is still correct. This gives you the possibility to change the individual parameters to influence the destination. Furthermore, if you alter the destination the other way round, the parameters will also change.
3.1 You can determine the magnitude of the individual parameters
So how long it takes to become wealthy depends on how fast you can cover the distance to your destination. The good thing is that you can determine your own speed. You are not dependent on anyone and can decide on your own how fast you want to approach your goals.
If you want to take more time for the same destination, you can reduce your speed. But be aware of the following: If you lower the speed, either the quality of your destination decreases or the time required to reach your destination increases.
3.2 Things you can’t control
In the end, it will always come down to these three parameters and their interactions. If you become aware of how the three parameters are related, you can always change the initial question. You could ask: How do I reach a specific goal (e.g., 1$ million) within a particular time (e.g., in 5 years)?
So all this is possible. But you surely already guessed that the practical implementation of this simple formula could fail because of all the many things you cannot control. And the most crucial element of them is time, which progresses unalterably. You cannot do two things at the same time. You cannot stop time either (see above).
That said, you must always weigh up the value of your actions against the lost time that goes with them. With the graph above, you can easily see that if the distance to a distant target is very long, you have little time. This means that you would have to use all the time available to you to work towards a single goal. And even then, there is a chance that you will fail. At the same time, however, you sacrifice possible other things that would have given you joy or pleasure. Always remember, if time equals money, then money always equals time.
Therefore you should try to keep the value of your invested time as low as possible without this affecting your goal. The next point should provide some assistance in this respect.
4. Set your destination so that you can control whether you reach it
Based on the above, I recommend that you only strive for things whose accessibility you can scale and control. Several aspects can be helpful.
4.1 Use synergies
Use synergies with other goals you have. It does not make sense if you want to achieve several things that require an extreme amount of time and work and which have nothing to do with each other. You can also use synergies regarding individual parts of your path. All this ensures that you use your time effectively. This also lowers the value of the sacrifices you make. You can thereby increase your ROI for both goals.
4.2 Don’t be too specific
Don’t be too specific with your goals. That’s an important point. Instead, look at what you actually want to achieve with these concrete goals. Assuming you have the desire to become president of your country, you would fail with this goal if you do not become president. But why did you want to become president? Did you want to take responsibility, get social recognition, or do something good in the world? You can still achieve all of these things, even if you have not achieved the one concrete goal. It would make no sense to grieve because you did not become president if your actual goals are still achievable.
4.3 Use intermediate destinations
Another important point is that you should take small steps by splitting the big path into smaller goals. That way you will have a lot of success and stay motivated.
How long it takes to become rich and wealthy therefore depends primarily on three parameters (your “destination”, the “distance” there, and “time” you need to reach the destination / overcome the distance). Hence, the distance, the time available to you, and the definition of your destination form the formula to become wealthy!
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