If you want to be a wealth builder you need to have a good “why” if you want to be able to sustain the path to building wealth. Your “why” is the reason that you want to build wealth. It answers the simple question: “Why do you want to build wealth?” You can have several whys or as little as just one. Your “why” is derived from your dreams so its important that you take a long look at your dreams and come up with reasons why you want to build wealth. Your dream could be anything: maybe to achieve financial independence, to save up for that new car, or to be able to travel the world someday without the worry of having income. Here are some additional examples of whys that’ll help you get an idea of what they can be. One why might be that you recently became a parent and now that you have a person to take care of you want more financial stability. Another might be that you want to save up and invest for a comfortable retirement. Or a “why” might be that a person wants to save up so they can buy his or her dream home. There are what seems like an endless amount of things that we can buy with our money and therefore there are also an endless amount of “whys” that we can have.
So why is having a “why” important and what does it do for you? Your “why” answers the question on why your willing to save and invest now rather than spend your money on something else. Your “why” gives you the justification to say “No, I’m not spending this money now, because I have a greater purpose for this money in the future”. Your “why” gives your wealth building a purpose and gives you a reason for delayed gratification. Most people do not become wealthy because they can’t embrace delayed gratification. People want things now. That’s why so many people have gotten themselves in such terrible financial situations with consumer debt. In stead of saving up for a purchase and making sure priorities like retirement funds are coming first, they just go out and buy whatever they want whenever they want it. That’s great for retailers but it’s bad for a person’s financial health. When people go out and make too many reckless purchases they eventually start to buy things that they can’t afford. That’s when credit cards come into pay. I’m not saying that buying “stuff” is always bad. I buy “stuff” too. However, if you want to be a wealth builder you need to create a budget, make sure you’re contributing funds to your goals like retirement, and then once all of your priorities are taken care of, then you can buy the “stuff”.
Your “why” is your also a source of hope. It’s incredibly important to have hope when you’re trying to achieve any goal. Weather it’s a health, wealth, or happiness goal your “why” identifies your hope that will keep you motivated to keep on the wealth builder’s path. This helps to keep you from buying those things that you don’t really need.
Your “why” will also help you to determine how much wealth you need to amass. This is because your dreams, your goals, and your “whys” are all interrelated. We know that creating an intentional life starts with determining our dreams so that we can create goals and then a plan to reach those goals. The “why” is the fuel that we use to help us attain our dreams and work towards our goals using our plan. For example, if your “why” is that you want a new car then determining the price of the car will tell you how much you need to put away.
My friends, I would like to encourage you if you haven’t done so already, take some time to reflect on your dreams. Turn these dream into your own personal “whys” and use these “whys” to keep you on track to reach your goals. Think of all the people that your “whys” could benefit: your family, your friends, your community, and your church. Involve these people in your “whys” to make your “whys” that much more powerful.