Summary

The article argues that pursuing wealth for the sake of being rich is a flawed approach to entrepreneurship, emphasizing that true success comes from passion and autonomy rather than the accumulation of money.

Abstract

The author of the article emphasizes that the pursuit of riches for its own sake is a common but misguided endeavor. Drawing from personal experience and the wisdom of Bill Gates, the article suggests that a focus on passion and the desire to create something meaningful is what truly leads to financial success. It highlights that material possessions do not bring lasting happiness, and that the initial excitement of acquiring luxury items quickly fades. Instead, the autonomy and freedom that come with financial independence are the real rewards of entrepreneurial efforts. The article also warns against get-rich-quick schemes, stressing that individuals should focus on providing value and creating something of worth, as this is the path to sustainable income and personal fulfillment.

Opinions

The author believes that a singular focus on becoming wealthy often leads to failure and that a shift in mindset towards passion and impact is crucial for success.
Bill Gates is cited to support the idea that financial success is a byproduct of being deeply passionate about one's work, not the primary goal.
The article posits that material wealth, beyond a certain point, does not significantly contribute to happiness or life satisfaction.
The author asserts that the allure of luxury items is fleeting, and true contentment comes from the freedom to pursue one's passions.
The pursuit of wealth through easy means, such as get-rich-quick schemes, gambling, or speculative trading, is criticized as ineffective and potentially harmful.
The author advocates for creating value and contributing something meaningful to the world as the key to earning money in a fulfilling way.

You’re trying to get rich for 1 wrong reason (why you’ll fail)

Why are you trying to “get rich”?

If you’re like most people, you’re doing it for the wrong reason — and it’s why you will ultimately fail.

Now I know that sounds harsh, but it does come from a caring place.

I spent countless years trying and failing to build businesses focused solely on the goal of “being rich”, and I don’t want you to make the same mistake.

It wasn’t until I shifted my mindset that I finally realized that online entrepreneurship, when done right, actually isn’t really about money at all.

And it was only then that I started bringing in thousands of dollars a month in extra, online income.

Allow me to explain.

Most people are trying to get rich for the wrong reasons. Let me tell you why that will ultimately cause you to fail. (Licensed by the author under the Unsplash+ License)

‘It’s the same hamburger’

Last week I came across an amazing, little-viewed video posted 12 years ago.

In it, tech genius and Microsoft founder Bill Gates is asked what piece of advice he would give to a Regular Joe if they wanted to become a billionaire like him.

Here’s what he said:

“I didn’t start out with a dream of being super rich.

“And even after we started Microsoft and the guys who ran Intel … who were billionaires, I was like, ‘wow, that must be strange’.

“It is (laughter).

“But most people who’ve done well have sort of found something that they are kind of nuts about doing.

“If it’s an area of great impact then sometimes you get, sort of, financial independence.

“But wealth above a certain level really is just … it’s a responsibility that then you’re going to have to a) either leave it to your children, which may or may not be good for them, or b) try to be smart about giving it away.

“So I can understand wanting to have millions of dollars because there’s a certain freedom, meaningful freedom that comes with that, but once you get much beyond that, you know, I have to tell you, it’s the same hamburger.”

There are a couple of unbelievably important points here.

The first is that things — whether it be a fancy hamburger or a sports car — are fleeting.

I’m not building a side business to be able to buy stuff.

At the end of the day, I don’t care about the money at all.

I care about the autonomy.

Humans adapt to their surroundings very quickly, so “getting rich” so you can buy a Lambo or a Rolex only goes so far.

Those things are exciting to acquire, but eventually they just become another car or another watch to worry about.

When I was in my 20s, I really wanted to own a BMW.

But as I got older, I realized there’s no happiness hidden in the trunk of a BMW.

I remember feeling really down one day.

I was driving to work and saw a BMW in front of me. I asked myself, “Would I be happier if I were in that car right now?”

The answer was no, of course.

Let’s get nuts

The more important point Gates made was about how people who’ve done well “found something they’re kind of nuts about doing.”

Most people who become mega-rich didn’t do so because they wanted to be mega-rich.

In fact, the money is a secondary or tertiary thought … or no thought at all in the calculation.

They found something they were passionate about and worked their butts off to bring their vision to life.

They wanted to create something. And they became rich as a result.

They’re also typically very driven, competitive people.

They want to win.

A little while ago I wrote about how another billionaire — Mark Cuban this time — perfectly explained why most people are depressed at work.

When asked if he thought that humans were just naturally drawn to going to work, he responded:

“No, no, no. I disagree completely. When you’re working for somebody, and you’re in that grind — and I was always really bad at this — you’re always obligated to somebody else.

“And that’s the difference. I’m obligated to nobody but myself.”

To Gates’ point about the freedom that the first few millions give, what people really want is:

Meaning
Autonomy

Listen, “getting rich” isn’t a good reason for anything.

Even the top, top people in professions that are primarily focused on the act of accumulating money — stock traders, for example — are OBSESSED with what they do.

They love it … and they want to win.

What are you passionate about? What could you get obsessed with?

Schemes and scams

So many people get caught up in get-rich-quick schemes on the internet or get side-tracked by destructive habits like gambling or options trading because they want to chase easy money.

The people here and on YouTube who say you can make HUGE money NOW with NO EFFORT are liars and scammers.

Get-rich-quick schemes are just that: schemes.

You won’t get anywhere in the long run, and chasing them will probably wind up costing you money.

So stop trying to game the system.

What value do you bring?

What can you start creating today?

Figure that out, and the dollars and cents will take care of themselves.

Friends, thanks so much for taking the time to read! If you enjoyed this piece, please give it a clap or two so others can find it!

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