One of the most important shifts I see happening in conversations with clients is the changing ATTITUDE toward building wealth. Wealth is starting to be seen as a tool to enjoy more experiences, design a satisfying lifestyle and effect change. ‘Wealth’ is NOT a dirty word; it supplies the means to do good things.
I’m not in denial about greed, schemes, and the excessive lifestyles made famous by movies like the Wolf of Wall Street. But that is NOT my experience. I empower clients to spend, save and share wealth optimally.
In developing my promise to double the number of Canadian Millionaires by 2030, I dug through numerous reports on wealth, asset allocation and behaviours of high net worth individuals. I noticed a definite movement worldwide towards sharing wealth.
So while we hear a lot of worrisome coverage that wealth worldwide is becoming concentrated in the hands of fewer people (‘the 1%’), there are movements to share this wealth that are finally earning some air time too. I want to support these stories and profiled a couple of these groups in the January 1st episode of I'm a Millionaire! So Now What? (listen & subscribe here).
A shining example of this is the Giving Pledge that was established in 2010 by Warren Buffett and Bill and Melinda Gates. The Giving Pledge is (according to its website) “a commitment by the world's wealthiest individuals and families to dedicate the majority of their wealth to giving back.” The program kicked off with 40 billionaires signing on and has grown to 186 billionaires from 22 different countries. The pledge is just that – a simple pledge – representing a very wide range of gift amounts and supported causes.
Canadians have also signed on - people like Charles and Edgar Bronfman and in 2018, Canadian Garrett Camp, co-founder and chairman of Uber.
We've seen other movements pop up close to home, like Toronto-based SheEO Radical Generosity founded by Vicki Saunders. This program invites donors to commit a thousand dollars a year, over five years, to supply zero-interest loans to companies founded and run by women – a group that traditionally has a hard time qualifying for conventional funding. This pledge is a gift, not a donation; there is no tax receipt.
There are now 3000 SheEO activators working from three countries around the world. They've funded 32 ventures, and those funded ventures have seen triple-digit annual revenue growth on average. The benefactors are all women-led businesses. They receive a loan from the program that must be paid back. The reimbursed loan money is put back into the pool and used to fund more and more ventures.
These activators give generously, and in return they receive the satisfaction of knowing that their wealth is a powerful tool for positive change. In this case, ‘wealth’ is certainly not a dirty word – it’s empowering, inspiring and full of possibility.
If you’re eager to spend, save and share your wealth optimally, let’s start with doubling your net worth! Nine out of ten people who read this won’t believe that’s possible. They refuse to imagine that kind of growth, and their mind is shut tight like a vice.
Well, I’m looking for the one person who is open-minded enough to take the action needed to double their net worth. Becoming and Being Wealthy is a learned skill. Are you that one, imaginative, open minded person? I just cleared time in from now into February to provide an hour to map out YOUR Roadmap to Real Riches strategy. Send us an email; we’ll send you a questionnaire to complete before we set up your time.