11 Jan Are You a Wealth Creator?
It dawned on me recently that not everyone understands what a “wealth creator” is–and why I decided to focus this blog on this group of readers.
The New Year, while we’re all thinking about the road ahead, offers a great opportunity to explain.
What is a wealth creator?
Merriam-Webster doesn’t have a definition of “wealth creator.” Even Wikipedia doesn’t have a “wealth creator” entry. That’s not surprising, since it’s not a widely understood concept.
The dictionary defines “wealth” as the abundance of valuable material possessions or resources. A “creator” is one who brings something new or original into being. It’s the confluence of these two concepts that makes for some interesting dynamics and unique needs.
There are many people who have wealth; in fact, they may be in the second or third generation of a family well-versed in the issues of family wealth management. These are not the wealth creators I’m referring to.
The difference is between having wealth and making it–and living with it for the first time. It’s not a small distinction. The needs of and issues facing those with long-standing wealth and those who are wealth creators are very different.
Five wealth creator traits:
- Wealth creators generally didn’t come from a life of privilege and money. They are usually the first generation in their families to have significant wealth.
- They may have received wealth that’s disproportionate to their input into a business or activity. They may be what have been called “accidental millionaires.”
- They often have a desire to integrate their personal history, values, and perceptions about money into a new reality that includes expanded choices, opportunities, and risks.
- They enjoy the benefits that wealth can provide–but as the wealth grows, they can feel an increasing sense of stress, worry and complexity.
- They are smart, articulate, goal oriented, and value the time and freedom to pursue passions and a life of significance.
So does this sound like you? If so, you may be a wealth creator. That’s a compelling thought, a unique and useful way to view your life, circumstances and challenges.
In a blog posts to follow, I’ll talk about the unique needs of wealth creators, the common problems they face, and some of the approaches that help them accomplish lives of success, security and significance.
In the meantime, I hope you’re enjoying and thriving in the New Year.