Why You Need to Stop Chasing Riches and Focus on Building Wealth w/Doug Holladay

30May

Far too often, we use the words ‘wealth’ and ‘riches’ interchangeably. If they’re not the same thing, which one should we be aspiring to? How can we start taking steps towards choosing the right one and realizing what it can do for us and our families? On this episode, Club Wealth coach Doug Holladay is sharing why you need to be striving to be wealthy.

 

 

You need to build wealth- forget about riches. -Michael Hellickson

 

Three Things We Learned From This Episode

  1. Prioritize saving
    Saving money is more important than accumulating it in the first place. By setting money aside proactively, you save yourself the trouble of needing to look for it when times are tough.

  2. Aim to generate wealth, not riches
    While the two are often used interchangeably, wealth and riches are two different things. Wealth allows you to take care of others, whereas riches are essentially self-serving. Riches are also elusive— difficult to attain and never enough once you start to accumulate them. Aim to generate wealth that will build your legacy, instead of purchasing fleeting and superficial items.

  3. Choose cash over credit
    We live in a society of instant gratification, and the constant supply of credit enables us to buy items out of our price range. On top of this leading to debt, buying things you can’t afford with credit is a bad idea in general. By using credit, you’ll ultimately pay more for something than it’s worth.

 

In a world that values instant results, we’ve started to feel that wealth can be quickly acquired. Where it can’t be acquired quickly enough, things like credit have allowed us to pretend that it can. The problem is, we’re not only spending more money than necessary, we’re striving towards riches rather than wealth. Get out of that mindset today, and start planning your finances with the end goal in mind.

 

Guest Bio

Doug Holladay is a wealth coach at Club Wealth. He’s passionate about helping people to improve the financial area of their lives, and strongly believes that we should be striving towards creating wealth, rather than riches. Doug is the owner and broker at Team One Real Estate in the Treasure Valley.

 To find out more about Doug, head to: https://www.myteamone.com/agents/30253-Douglas-Holladay/

 

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