Let’s chat about wealth and property. They are not the same. Wealth implies an abundance of resources and items that are important to us. Prosperity is financial success. It is possible to be rich and still lack wealth and/or prosperity. Money is a medium of exchange. Many have been rich but quickly became broke because of the lack of financial success – or prosperity.
Financial success is about making correct decisions. In my opinion, buying the least expensive item to save money may not be the correct decision. It looks good in the short term but often needs replacement much quicker. My Mom always taught me to buy the best you can afford if you have the item for 5 years. I’ve lived by that and each time I would have to think about what I could afford. She also taught me to have an emergency fund which comes in handy when an appliance or piece of equipment breaks.
Financial Management is all about making wise decisions. You must be diligent and have a good sense of what is necessary. I can buy a Ford Pickup for the field staff or a luxury car for a sales rep. Which is right? It depends. How is it being used? If a sales rep is on the road every day, I’ll need a suitable more comfortable vehicle. However, If the pickup we have is breaking down consistently, then I’ll get the pickup. Needs can outweigh costs. Prosperity is financial success.
And wealth is abundant. I am wealthy. I have a doll collection from when I was very young. I have an abundance of dolls. Plants too, I’ve a surplus of houseplants. And, then there’s my Dr. Seuss collection. I am indeed wealthy!
Be prosperous and wealthy and be happy. It’s not what you earn – it’s what you do with what you earn. Both in business and in our personal lives.