We’ve complicated what should be simple. I’m here to destroy a few myths so you can make more money (without the nonsense or guru talk).
Money can be used to buy wealth. And true wealth is the freedom and time to do whatever the heck you want.
Here are the overly recommended things you DON’T need to build wealth.
Writing a gorgeous little morning journal
If you go on platforms like X, you’d think writing a journal could cure world hunger and bring about world peace.
It’s ridiculous how overrated journalling is. Sure, it can improve your life for a while, and of course, writing is a helpful habit. But journaling by itself has nothing to do with wealth.
It’s a distraction.
Cold showers (that make willies shrivel up)
This one confuses me too.
Social media has this obsession with cold showers. Every guru and their mother are jumping into cold plunge baths and taking selfies.
Cold therapy has its place. It’s a 0.01% life optimization. But it’s got nothing to do with building wealth.
You can be wealthy and take warm showers like I do. You can hate the cold and live in Jamaica in the blistering heat, and still be wealthier than the X digital nomads and their laptop lifestyle tweets.
Making your bed first thing in the morning
I did this since I was a kid…and at 18 I was still broke.
A mythical spirit animal doesn’t come down from the sky and bless your #AmazingLife if you make your bed. If you’re making good money you’ll be too busy to make your bed.
And if you’re trying to achieve financial freedom and understand leverage, you’ll likely value your time more and outsource the bed-making to a housekeeper at some point.
Real wealth is never making your bed again.
Reading more books
This one kills me.
I love books too. I could read Harry Potter for the rest of my life and die happy. But reading by itself doesn’t make you wealthy. You can read about other people’s lives, or you can take action and learn from experience.
If you’re not intentionally reading about information you need right now, it’s likely a form of procrastination.
“Just one more idea, Timmy…then I’m ready to start, I tell ya.”
Truth: start before you’re ready.
Stop thinking success books about Elon Musk and Warren Buff Man Buffett are going to make you wealthy. They won’t.
If all you had to do was read, 99% of us would be millionaires with Lambos and Calvin Klein underwear model lovers.
A crypto portfolio of high risk go-to-$0 assets
I have wet dreams over crypto.
I wish I could marry the Bitcoin creator, Satoshi Nakamoto.
Here’s the truth no one wants to hear: 99% of crypto is a scam. Most crypto projects are ponzi schemes and rug pulls in disguise. And most of us can’t decipher the few good cryptos from the thousands of bad ones.
It’s why I mainly invest in Ethereum, Bitcoin, and Solana. And any money that goes in is money I can afford to lose forever.
The moment you think you’re the Wolf of Wall Street and are going to beat all the “dumb money’ with your brilliant new crypto discovery, you’re screwed.
Crypto has wrecked more people than it’s created wealthy people.
Quitting all TV and streaming forever
Netflix can light your free time on fire, sure.
But the idea you can never relax and watch the latest movie ever again if you want to be wealthy is odd. I’ve made generational wealth and I sometimes watch movies.
It comes down to balance. If you’re watching 10 hours a day of Netflix then probably stop. If you watch it occasionally it’s fine.
Netflix won’t murder your family or get you fired from your job. Just don’t use Netflix as a way to numb pain or distract yourself from your goals.
Quitting alcohol and getting addicted to lemon water
Some of the wealthiest people I know are drunks.
A few of them are even overweight slobs, and they’re fine with me saying that. When did it become crucial that everyone have 6-pack abs, stay sober, and have a gym membership in order to build wealth?
I don’t drink. I dislike it. But it doesn’t mean everyone has to never drink again if they want to build wealth.
Alcohol can be a great liquid to get conversations started. I even used alcohol in my banking days to help loosen the lips of my competitors so I could learn about their customers.
Money and wealth are attracted to great ideas and people who take action, not sober people. Giving up drinking doesn’t pay you passive income.
Building wealth all boils down to this
To build wealth you need the following:
- Multiple streams of income
- At least one passive income source
- A portfolio of diversified financial assets
- A network of others who are also building wealth
- A consistent habit of taking risks
- A basic financial education
- And to run a business or own part of someone else’s
Everything else is B.S. It’s just clickbait designed to distract you from the truth and complicate what’s actually piss-easy.
So tomorrow morning…
Crank up the hot water in the shower, don’t make the bed, watch Game of Thrones, mute the crypto influencers, slam down a beer, enjoy life, and live as if every day you’re slowly dying.
Maybe true wealth is being a contrarian. Maybe true wealth is doing the opposite of what 99% of the gurus preach from their Lambos.
This article is for informational purposes only, it should not be considered financial, tax or legal advice. Consult a financial professional before making any major financial decisions.