Step 1 to Creating Wealth

Thank you for joining me today. It's Brian Gubernick, and welcome to the No Days Off podcast, where we believe every single day represents a new opportunity to get better. Let's get into it. Today we're actually going to be discussing wealth and really what I believe to be Step 1 to increasing your wealth. See, I think we all aspire to be wealthy, right? What— let's define wealth. I define wealth as doing what I want, when I want, with who I want. Doing what I want, when I want, with who I want. That is the ultimate definition for me of wealth, which is really interchangeable with the word freedom. So I view wealth as, as freedom. Now when I say wealth, I'm also talking not just about money, but I'm talking about health and other areas of my life. Where am I creating abundance? Where am I creating freedom? We default to financial, we default to money, and for sake of today's conversation, I think we'll be a little slanted towards money, but I think wealth in all areas of life. So if that's how we define wealth, what is the first thing that I think we can all do to increase our wealth? It may seem rather trivial, it may seem rather simple what I'm about to say, but in the spirit of No Days Off, we're going to talk about those things that many may seem, see to be simple or trivial, but maybe overlooked from time to time. So I I think the first thing, the biggest thing we can all do to increase our wealth in all areas of life is to create awareness, to create awareness. Let's talk about financials for a moment. If you want to increase your wealth, then you have to make financials, money, your wealth, your net worth top of mind. It is, it has to be top of mind. It has to be something you're thinking about on a regular basis. Now, I don't mean obsess about, but I mean bring awareness to it so that you can think and take action if and when the time is, is required to do so. So I think the greatest way we can bring awareness to our wealth, our financial wealth, is by tracking two things. Number one, our net worth. What do we have and what do we not have? And what's the difference between those two things? Assets minus liabilities is our net worth. So what is our net worth? And number two, I like to look at my passive income number. How much money am I earning passively, right? These two things, uh, net worth and passive income, lead to wealth for me, which again, I define wealth, financial wealth, as freedom. And the simple thing, I think the big takeaway here is these are, these are the things I'm doing. I'm not necessarily saying they're the right things, But the key thing here is to bring awareness to what it is you have, and then set goals as to where it is you want to go. See, the interesting thing about financial wealth too, it's great to track what you have when it's on the rise. It's even more important to track what it is you do not have when there's not much there. See, the greater awareness you bring to it, the more likely the, the, these numbers, you know, where you're at or where you're not at, is to influence your behavior, maybe even change your behavior if that's required. So if I'm thinking about my net worth on a fairly regular basis and I see a financial opportunity or something I perceive to be an opportunity, I may seize that or maybe skip it because I know where I stand and where I want to go. If I want to increase my net worth and I'm aware of my net worth and I'm purposeful around it, and there's an expenditure that may not be necessary, if I'm aware of where I'm at and where I want to go, I may choose to skip it. The point here is, the big takeaway here is awareness, right? Like, we have to know where we're at. And there's this funny thing that happens when you're thinking about it on a fairly regular basis. It will influence your behavior, and that awareness is so key. So many of us in this country, in this world, uh, that aspire to be wealthy don't know what it is we have and are not regularly visiting our statements to do the analysis. Now, same thing goes in all other areas of our life, right? Think about your health. How wealthy are you with respect to your health? Well, you need to have a baseline awareness as to where you stand. What's the optimal body weight for you? What's the optimal body fat percentage for you? How much muscle do you have? You know, how, how are you in endurance or strength? I think we have to bring awareness to these things because absent awareness, we have no idea as to progress, if progress is being made, if we're moving forward, if we're moving backward. So for some of us, maybe that's getting on the scale every day. Others, maybe that's not the play, but maybe there's something else you're measuring. For example, if you're into endurance, what is your 5K time? What is your 10K time? Are you aware of where you're at? And then do you have something to compare against? So in summary, today's conversation around wealth, wealth in all areas, uh, in the spirit of No Days Off, I think we all have to get better at creating more awareness around where we stand. So that's the focusing question today. What can you do to create even greater awareness around your wealth, your financial wealth, your health, and all other aspects of your respective world? What can you do to create more awareness? Is it a regular visit to your net worth statement? Is it looking at, is it logging into your bank account every day? Is it getting on the scale? Is it, you know, maxing out on certain strength exercises on a monthly basis? Doesn't really matter to me. What matters to me though is that you create some awareness. That's all we have for today, the No Days Off podcast. Thank you so much for listening, and remember, Every single day brings a new opportunity to get better. So let's go get after it. Thank you.