Wealth, work and wait

A person complained: “A thief broke into my house last night...he started searching for money, so I got up and searched with him.”

If it were me, I would do the same thing: search for the money others think I have.

Now listen to this story: After years of scrimping and saving, a husband told his wife the good news: “Honey, we’ve finally saved enough money to buy what we started saving for in 1979.” “You mean a brand-new Cadillac?” the wife asked eagerly. “No,” said the husband, “a 1979 Cadillac.”

In my younger years, a widely watched weekly television program, “Lifestyles of the Rich and Famous,” captured worldwide attention. The program, hosted by Robin Leach and later complemented by Shari Belafonte, left a lasting impact on viewers.

The weekly shows featured opulent mansions, luxurious yachts and celebrities adorned with sun-kissed tan while leisurely lounging by the pool. Robin Leach’s distinctive baritone voice resonated, articulating the aspirational theme of “champagne wishes and caviar dreams.” The program lasted over a decade and captured a broad audience’s fascination. It became a cultural phenomenon during its extensive run.

This appetite and aspirational dream of many has not gone away. Although the program has disappeared, it has been replaced by modern-day streaming features with “Rich,” Bling,” and “Crazy” in their titles and which are highly viewed because the fascination with the wealthy will always be there.

I have always been fascinated with how wealthy people build their wealth. After reading tons of articles and volumes of books and observing people who are rich, I can only come up with one conclusion–the wealthy work hard on building their wealth. How they work and what they do differs, but the one thing they all have in common is that they work hard to do things that set them up for better things. In other words, they do not view work as mere labor but as investments.

If you were to look at the wealthy today, the things they own and the accouterment they enjoy may look enchanting to onlookers, but those who are in the know understand that their path to getting there may have been thorny and unglamorous.

To accumulate wealth involved a lot of work unless you were born to inherit into the family who owns a vast business empire or what the K-dramas describe as “Chaebol,” meaning a rich business family or monopoly, which most of us do not.

The years required to build a comfortable life of wealth will take years of discipline and frugality. I have also known many genuine rags-to-riches stories, and though they may not be featured in the “Bling” movies, they are comfortable with what they have built. They live on the philosophy that while they may not have the power to impact the wealth of their ancestors, they do have the power to impact the wealth of their descendants.

Another observation I have is that many wealthy folks have been willing to do what most people dislike doing. Working late into the night, sometimes missing their PTA meetings and shunning invites to social events unless to do business or networking. They wake up early in the morning, even on the weekend, to get to work or they delve into their work while their friends spend a Friday evening with other friends in a bar or something.

These people take the long view. They understand that to have the things others would not have tomorrow is to be willing to do the things others would not want to do today.

One more observation, and perhaps I speak out of experience this time. Wealthy people today value freedom more than money. They can now afford to give out money and help those in need because they have the freedom to do so. They are not imprisoned in debt because they have lived disciplined lives within their means. And though they have increased their means, they do not live a lifestyle beyond it. While money may have come from work, freedom comes from discipline.

For mortals like you and me who didn’t grow up with a silver or golden spoon, we realize that sure and steady wealth building would require years of hard work, discipline and frugality.

Money alone doesn’t buy happiness, but can essentially buy freedom when managed correctly. So it is still hard work.

Discipline, frugality and the knowledge and application of correct money management. No “Blings,” no “champagne wishes and caviar dreams,” just a meaningful sense of fulfillment that the wealth is worth the work and the wait.

(Francis Kong’s podcast “Inspiring Excellence” is now available on Spotify, Apple, Google, or other podcast streaming platforms).