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It’s TIME for the UGLY truth - August 2024 (#33)

Heyo dear reader! Your dude Brent thinks its time… to talk about time. I’m going to get brutally honest with you on this one. Time is either your good friend or your WORST enemy when it comes to building wealth. Allow me to explain…

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Motivation

The two most powerful warriors are patience and time.

-Leo Tolstoy

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Money

As I mentioned…. I’m going to get real with all of you. Time is an essential ingredient to making money. I get it, that sucks… why does that suck? Because we want stuff NOW. We want stuff yesterday! And that’s just NOT how wealth creation works. I personally think that patience is one of the least appreciated virtues of wealth creation.

Time is required in virtually any case to create lasting wealth. News outlets and media LOVE to report on people who got rich quick… why? Because it gets views… And because it is SO DARN RARE. In my experience there are two types of people who legitimately have gotten rich quickly.

• First type, is someone who has put in YEARS into honing their craft, their skills, their WHATEVER and it just finally pays off.

• Second type, they just got STUPID lucky. Right place, right time, the heavens aligned for them, or they won the lottery. These people virtually NEVER stay rich.

Once you own an asset or start a business it simply takes TIME, by and large, for any real wealth to come from it. Let me break this down for you by asset class with ROUGH NUMBERS of what I usually see.

• Stocks and crypto: AT LEAST a year before you should expect the asset to make a real move

• Real Estate: At LEAST 5 years before you should expect to see some solid appreciation

• Startup: If you bootstrap, at least three years (if its your first startup) before you should expect a steady paycheck, five years before your not constantly fighting for your businesses’s life, and 7-10 year before you can hope to make serious money from it (of course all this depends on the type of business)

All this stuff just takes TIME. I can think of no better way to drive home my point than this fact. Who has the VAST MAJORITY of wealth? OLD PEOPLE. In fact, people age 65+ have 40% of ALL WEALTH. Keep in mind that individuals over 65 are less than 17% of the population.

Whats the lesson of all this? Start NOW. Stop bemoaning that you didn’t buy XYZ 5 years ago. It’s wasted energy. It is virtually never too late to start and you will ALWAYS be kicking yourself you didn’t start sooner. Do yourself a favor and start your journey NOW. Don’t know where to start? Check out my post on that, which includes a quick quiz.

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That’s all folks!

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