Building wealth takes work
By Chuck Bentley
“A recent study by Fidelity Investments focused on what it takes to become a millionaire without the help of a game show, and found that many people have the ability to accrue tremendous wealth…
“Fidelity’s seventh ‘Millionaire Outlook’ study looked at the potential investors have for moving up toward millionaire status. The key group in the study was the ’emerging affluent,’ which would be the people who seem to have both the resources and the interest/ability to live out their seven-figure dream.
“The key finding in the Fidelity study is that the millionaire-wannabees have six wealth-building factors on their side, factors that Fidelity showed were shared by people who had already reached and surpassed the million-dollar dream level.
“Those six wealth-building factors are: time horizon, career, income, self-made status, long-term focus and investing style.”
Here is what I found interesting… “Roughly 80 percent of the emerging affluent have either earned or increased their assets on their own” rather than relying on inheritances and the generosity of their families. As the old commercial goes, they earned it the old fashioned way.
Also, “they are focused on the long-term and making their money grow over time, rather than worrying mostly about what is happening to their money right now. Short-term moves mostly are made because they feel good in the moment, but long-term focus is essential to achieve savings growth over a lifetime.”
These factors align with God’s Word. We are to work diligently and to have a long-term focus. However, what Fidelity’s study does not cover is that true wealth is when we think eternally and lay up for ourselves treasures in Heaven and not on Earth.
There is nothing wrong with building wealth. God never condemns wealth in the Bible, but He does direct us how to use it for eternal purposes and to become “rich toward God.”
Originally posted 4/9/2015.