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Do You Want to Be Wealthy or Rich?
Wealth continues. Rich slowly sinks.
In business, I believe you have two choices. You can either be wealthy or rich. The same, thereafter, goes for life.
The choice is important because it will help you make decisions along the way.
Rich is money in the moment. You can afford to buy cars, homes and parties. Credit, no problem. Your lifestyle is expensive. But, in some cases, your business brain is one dimensional. You live for the moment. You revel in the short-term cash. You are lottery rich.
Wealth is money that is sustainable. You can afford to buy cars and homes, but you are more conservative with the dollars – choosing to build a strong reserve and rainy day fund. Your lifestyle grows overtime, but doesn’t start with shiny watches and expensive cars. Your business brain is long-term. This is not a business quickie. You are in it. You are in it to win it. You revel in victory, not in money. You are long-term rich.
As a business owner, I think a lot about the above. As a business consultant, I think about this when it comes to founder syndrome. Are you a founder who is always taking the least expensive pathway, even when you know you get what you pay for? Or are you one who takes the right pathway because you know short-term pain will equal long-term gain?
You can also look at the business owner’s running of a business to see rich versus wealth. Do they make the business about their people or all about them? If they were hit by a bus, is there an operational structure set-up to create sustainability of the business or does the business die with the owner?
Wealth continues. Rich slowly sinks.
When it comes to No Limit Agency and 1851, I have decided that reinvestment and long-term wealth is the greatest pathway to being unbeatable. That mindset has been a guiding principal to our successes and a cushion to our failures. Responsible growth is key.
Can a business win if it is a rich business versus a wealth business? Certainly. But for how long? Are they a McDonald’s or are they a Nick’s Burger franchise? When evaluating investments, think about this. Look at the owner and/or the founder’s behaviors. When working with an agency, look at this, too. Find someone who runs their business the way you plan to run yours.
In business, I believe you have two choices. You can either be wealthy or rich. The same, thereafter, goes for life.
The choice is important because it will help you make decisions along the way.
Rich is money in the moment. You can afford to buy cars, homes and parties. Credit, no problem. Your lifestyle is expensive. But, in some cases, your business brain is one dimensional. You live for the moment. You revel in the short-term cash. You are lottery rich.
Wealth is money that is sustainable. You can afford to buy cars and homes, but you are more conservative with the dollars – choosing to build a strong reserve and rainy day fund. Your lifestyle grows overtime, but doesn’t start with shiny watches and expensive cars. Your business brain is long-term. This is not a business quickie. You are in it. You are in it to win it. You revel in victory, not in money. You are long-term rich.
As a business owner, I think a lot about the above. As a business consultant, I think about this when it comes to founder syndrome. Are you a founder who is always taking the least expensive pathway, even when you know you get what you pay for? Or are you one who takes the right pathway because you know short-term pain will equal long-term gain?
You can also look at the business owner’s running of a business to see rich versus wealth. Do they make the business about their people or all about them? If they were hit by a bus, is there an operational structure set-up to create sustainability of the business or does the business die with the owner?
Wealth continues. Rich slowly sinks.
When it comes to No Limit Agency and 1851, I have decided that reinvestment and long-term wealth is the greatest pathway to being unbeatable. That mindset has been a guiding principal to our successes and a cushion to our failures. Responsible growth is key.
Can a business win if it is a rich business versus a wealth business? Certainly. But for how long? Are they a McDonald’s or are they a Nick’s Burger franchise? When evaluating investments, think about this. Look at the owner and/or the founder’s behaviors. When working with an agency, look at this, too. Find someone who runs their business the way you plan to run yours.
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About the Author
Nick Powills
FollowNick Powills, CFE, founded No Limit Agency in 2008 and serves as Chief Brand Strategist for the Chicago-based firm. No Limit is a full-service communications agency that establishes and elevates brands by bridging Public Relations, Social Media, Marketing, Advertising, Digital, and a lot of creativity, to best strategize well-rounded and successful campaigns for 50+ global franchise brands. By presenting visionary ideas and building real relationships, No Limit is able to create effective media branding strategies to help companies grow. Nick currently leads a staff of writers, media strategists, designers, social media experts and digital producers in an office think-tank where brands are humanized for strong, compelling media stories. Prior to starting No Limit at the age of 27, Nick spent four years working at a franchise PR agency where he mastered the art of building rapport with media outlets and creating newsworthy pitches for earned media placements. He holds a Bachelor of Journalism from Drake University in Iowa.
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