Financial Success Equation: Financial success ain’t easy. Very few in America experience financial success. It’s a needle in a haystack. The ones who do find financial success in life, however, do so by following a formula. I call it the Financial Success Equation and here it is:
FINANCIAL SUCCESS = PASSION +HARD WORK + OPPORTUNITY LUCK
This Financial Success equation is like a linked chain. You need each variable in order to form the linked chain of financial success. If you are missing even on of these variables you will never achieve financial success.
Financial Success Equation:
- The first variable, the first link in the chain of Financial Success Equation, is Passion. Forget about education, intelligence, genius or creativity. None of that matters when you find passion for something that allows you to make a good living. Obsessive passion overrides all of your deficiencies and renders mistakes irrelevant, except for purposes of better educating yourself in what not to do.
- Passion forces you to a higher level of intense learning and self-improvement. So when you peel the onion of success down to its core, what you find at the heart is passion. Uncovering that passion in your life will catapult you above every one of your peers and set you flying like a rocket ship, so long as the industry or undertaking you are passionate about is in a lucrative field or industry.
- Unfortunately, passion finds very few individuals. Most eke out a living in quiet desperation. When you find your passion, and that passion can be monetized, count your blessings because you are walking along a path very few are privileged to traverse. You have found your heaven on earth.
- The second variable and link in the financial success (Financial Success Equation) chain is Hard Work. You must work hard at the thing you are passionate about in life. You cannot force a hard work ethic. The work must feel effortless to some degree. Hard work must be something that just happens because your passion drives you to work hard. It is virtually impossible to sustain a hard work ethic in a job, profession or industry for which you are not passionate about.
- When you are forcing a hard work ethic, that is when you know you do not have the passion for what you do to make money. Furthermore, working hard in a profession or in an industry that is not very profitable or has low profit margins will never provide the return on investment known as financial success.
- The most important variable and link in the chain of financial success(Financial Success Equation) is luck. Specifically, opportunity luck. This is a type of luck that happens because you have created the opportunity for luck to occur by being passionate about what you do and working hard at it. Opportunity luck is, to a great extent, outside of your control.
- Opportunity luck is elusive. It is luck after all. It does not manifest itself to everyone who is working very hard at something they are passionate about. We all hear the success stories about Bill Gates, Steve Jobs and Warren Buffet. The fact is, however, that you would not know one of those individuals if it were not for opportunity luck dropping into their lives.
- They could have toiled in their passionate pursuit until their deaths and not realized financial success, if it were not for opportunity luck. Just the same, they would not have created the opportunity for luck had they not had a passion and worked hard at it. I am paraphrasing Warren Buffet who stated that he was one of the privileged few who won the luck of the draw.
- Statistically, financial success(Financial Success Equation) will very likely not find you. I can guarantee it will never find you if you are not passionate about what you do for a living because you will never work as hard as you need to work in order to create the opportunity for luck to occur in your life. The point of this entire article is this:
If you love what you do and work hard at what you love, keep swinging.
Opportunity luck only manifests itself to those who are passionate about what they do and effortlessly work hard at it.
Is Financial Success Difficult?
Financial success can often seem like an uphill battle that doesn’t quite pay off. Sometimes, it may take years to break out of debt and start saving money. Still, the reward is financial security and improved circumstances.
Is Financial Success Worth It?
Yes, financial success is definitely worth the effort. There are countless ways to improve your financial situation, and many of them you can start immediately, such as budgeting.
What Are the Pitfalls of Financial Success?
Financial success is about making the right choices and making intelligent decisions in the long run. It may be tempting to overspend or ignore your responsibilities, but it’s important to remember that personal financial stability is worth breaking old habits for. For example, avoiding the urge to place purchases on credit cards and consistently making payments each month is key to financial success.
What Income Is Considered Successful?
To be considered successful, you want to earn more than you spend on financial responsibilities like monthly payments and debt. This can look different for everyone. By having smart financial plans in place, you are more likely to be considered successful no matter the income you are bringing in.
How Do People Become Financially Successful Without a College Degree?
Financial success can happen without a college degree. However, many opportunities are available for those with specialized skills and other certifications like electricians, plumbers, etc. In addition, many employers want to hire those with a strong work ethic and desire to succeed. For those looking for ways to improve their financial position to work hard and stay consistent. It takes time to build up personal finances, but you will achieve the results you want with patience and dedication by staying focused on smart money choices.
What Do Financially Successful People Do?
For those who are financially successful, many actions have led them to that point. However, by budgeting their monthly wages and decreasing debt, financial success comes with patience and time.People who are successful financially are always aware of their monetary situation and stay consistent in their efforts to save where they can. Following the steps and tips above will help you improve your financial success.
Why Is Financial Success So Revered in America?
For many in America, financial success is not just about succeeding in earning more; it’s about the ability to save, budget, and make smart decisions.By having savings and getting out of debt, people can have more freedom to spend extra on hobbies and fund causes that matter to them. In addition, more can be spent on extra activities and items by staying responsible for financial responsibilities.
What Is Your Favorite Book for Building Wealth and Improving Financial Success?
Many books help with understanding the many aspects of personal finance. Of course, it’s difficult to recommend just one book, but if you’re looking for a place to start, The Millionaire Fastlane by MJ DeMarco is a great choice. This book discusses building wealth, avoiding debt, and tips on making smart choices for building wealth.