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- What is "True Wealth?"
Total Read Time = 7 min.
You may dislike me after reading what I’ve written below.
That is fine.
All I ask is you read with an open mind.
Disclaimer:
There is nothing wrong with working a 9-5 job or being a traditional employee. I know working-class people who are in touch with their purpose and live fulfilling lives.
I am NOT a financial expert. Please consult a professional for financial, tax, or legal advice before making any major financial decisions.
This is all just MY opinion.
Growing up, I always believed the narrative society fed me on wealth.
To “live the good life,” I was to…
Study hard & get good grades
Get into a “top college”
Study hard & get a good degree
Go to graduate school
Get a high-paying job at a reputable company
Work, save, and retire at 65
Survive off of my savings
Die having lived an average life
“What are you talking about?”
“Society doesn’t say that.”
“You’re one of those ‘get rich quick’ chasers.”
Yes and no.
Yes, society will never say to your face that following this traditional route will lead to a mediocre, unfulfilling life. But it need not be said. Look around you.
How many of your college professors with all of their “academic tenure” are energetic and vibrant? Do your parents take substances after work to “relax?” If your friends are “working a good job,” why do they feel unhappy?
You probably know people in the working class who feel unfulfilled, tired, and dissatisfied with their work—and to an extent, their lives.
There’s more to life than working a job for 40+ years only to cash out at 65.
And no, I am not a “get-rich-quick” chaser.
I am just a curious college sophomore who observes the world, society, and people around him. I am also a writer who shares what he observes to serve others.
In this Letter, I want to challenge the narrative society—family, peers, school, media, etc.—has placed on us about wealth creation.
I am NOT here to make you adopt my beliefs. You must think for yourself and create your own philosophy of what wealth means for you.
Hope this expands your perspectives.
The problem with working a 9-5
To put it simply, working a traditional job is modern slavery.
What is a slave?
A slave is someone who is exploited for their labor. By definition, they are a servant to a master—a prisoner to a higher authority—an employee to an employer.
If you hear the word “slaves," you may think of the African-American slaves of colonial America. You can see the same concept in our modern, capitalist society.
To become “wealthy,” society pushes us to…
Work a high-paying job (usually a white-collar profession—doctors, lawyers, engineers, etc.)
Never miss a day of work.
Save 10% of our salary.
Invest another 10% into our company’s generous 401k and Roth IRA plans.
Never spend money unless it’s necessary.
Hope our boss gives us “that raise” we deserve.
Miss family events for overtime hours.
Work hard now to play hard later, right!?
Sure. You can follow society’s wealth script for you. There’s nothing evil about working a 9-5 job or being a traditional employee.
In fact, we NEED people to work (traditional) jobs. We need farmers, plumbers, teachers, medical professionals, justice upholders, technologists, etc. Every society depends on its working class to survive.
And some people who choose society’s plan for them do end up becoming rich.
But they do not become truly wealthy.
For those of us who want to live a life of ultimate freedom, fulfillment, and wealth—what society promises if you just save and invest—we must not follow this script.
It’s also funny how “saving 10%” actually makes you MORE poor.
Do your own research on this.
Look at how the average inflation rate in the U.S. is historically greater than the average interest rate of savings accounts (rates change yearly).
You actually LOSE money by throwing money into savings accounts.
And don’t think investing in stocks, bonds, and low-fee index funds will make you wealthy, either.
Sure, investing is a valid way to preserve your wealth. But NOT grow it.
And while investing in the S&P 500, NASDAQ, and other “reliable markets” have been said to be tried and true, there is no guarantee that you will get that “juicy high ROI.”
Sorry college friends.
Investing part of your salary for 40 years will NOT guarantee you are rich when you retire. If you only invest, you gamble with the stock market.
Furthermore, having a high salary does NOT mean you will be wealthy. A high salary is a false comfort as…
Your salary is dependent on your time. Most people cannot physically work for the rest of their lives.
Having a high income does NOT mean you are wealthy.
Now, I will acknowledge there ARE actually people who find their jobs fulfilling. They are in tune with their purpose (more on this below).
I am not demonizing or bashing employment, either. I am just saying how for most people, working a 9-5 does not allow them to live true to their purpose or vision for life.
For most of us, there is more to life than just clocking in and clocking out, logging 40+ hours a week, and doing the same monotonous task over and over again.
If you follow society’s agenda for you, you will live below your own agenda—your own potential.
Mediocrity, my friends.
So what do financial gurus say?
“Work a higher-paying job! Invest 15% of your salary into low-fee index funds! TRY Crypto!! Don’t buy that matcha latte you like at that café. Grind your own coffee beans! Save money here, save money there. If anything, don’t spend money at all! Invest!”
The financial gurus aren’t saying anything better than what society has conditioned you.
They sell you a false narrative of maximum productivity and mediocrity.
If you look into the FIRE (Financial Independence, Retire Early) community, they preach about working MORE than anyone else, investing MORE than anyone else, and spending LESS than anyone else.
They give up their lives to work—in servitude to their monthly paycheck and stock market trends.
Some do get “wealthy,” and instead of retiring at 65, they retire at…55. Wow!
Or better yet, if they really get lucky with their call option bets with Tesla or some tech start-up, and hit gold with some doge-coin cryptocurrency, they will retire at…45. WOW!!!!!!!
When people follow the financial gurus’ advice and actually retire at an earlier age, most are left with an unfulfilling, mediocre existence of having to live below the returns of their investing portfolio.
“Get rich quick” is a fantasy built on a false dream.
“Being on the grind,” investing and not spending, and FIRE are ineffective, weak methods to become rich.
Again, being rich does NOT mean being wealthy.
Still mediocrity, my friends.
Then what do people with financial freedom say?
Don’t be an employee. Be an employer.
Don’t focus on spending less. Focus on making more.
Don’t be Poor Dad and focus on pinching pennies. Be Rich Dad.
Don’t have a single salary. Create assets, income streams, and a business to fuel the life you want to live.
All of this is possible through becoming an entrepreneur/business(wo)man and starting your own business.
Find a problem in a market and sell a solution as a product or service.
There will be risks. There will be failures. There will be blood, sweat, and tears.
But persevere. Focus on solving a need.
And with grit, struggle, and perseverance, the money will come rolling in.
You will achieve financial freedom. You will finally have True Wealth…right?
Let me further question the status quo:
I will not deny it.
Creating a business, being your own boss, and ultimately earning money—more money than an employer could ever give you—does sound promising.
If you want to be rich, society’s plan for you won’t cut it. Investing and all those “get-rich-quick” methods won’t help you, either.
Entrepreneurship—running your own business—will.
But at what cost?
It’s not that business is problematic. If anything, it’s actually GOOD. You are directly making an impact on the world and being paid based on the value you provide, not what your employer thinks you are worth per hour.
But for some entrepreneurs, it’s the mindset of their work that is problematic.
Those who seek to be rich often have a mindset plagued with greed, selfishness, and obsession with monetization. They fall into the toxic hustle culture of making “$10k a month,” closing their next sale or creating another income stream.
Ultimately, most people who get into business fail because they are too fixated on money and results. They work hard, which is good. But their work does not align with a purpose or vision.
Yes, financial freedom is great. It’s nice to not have to work for someone else, sip coconuts in some beach resort in Guam or Thailand, and pay back your parents for all their years of hard work. (Heck, this is what I plan to do myself.)
But is this really what a wealthy life looks like? Is being wealthy really about being rich with all your “cash flow” and “income streams?”
Maybe for some, it is.
Fair enough.
But for me and you, I want us to consider how financial freedom is only ONE part of True Wealth.
Okay, cut to the chase. What is “True Wealth?”
True Wealth is not about being rich. True Wealth is about having…
Purpose: The driving force of your job/business. Your “life’s work.”
This is why I would consider a school teacher with a mission to educate young people or a researcher with a drive to cure cancer as having True Wealth.
Unlike most 9-5 workers, those who know their purpose and work their jobs along with said purpose often have very fulfilling lives. Their job is harmonious with their “life’s work.” If you work a job, I invite you to look into yourself and find your purpose for what you do.
Higher Performance: Being a high-achiever in your goals/pursuits.
When you develop expertise in one discipline of life, you experience much of what it has to offer. That is True Wealth.
Freedom: Financial AND Personal freedom to live your life with no monetary constraints—with control over yourself.
Being free to live the life you want without having to clock in at a job or be told how to live by others is True Wealth.
True wealth is about living a purposeful, successful, and fulfilling life.
I am in no position to say that I know how to achieve True Wealth.
This Letter is not titled “How to Get True Wealth” because I haven’t got there yet!
I will write as I learn and learn as I write for you and me through our weekly newsletter—The Whole Letter.
Your Takeaway Message
Do not adopt my beliefs. Instead, do this:
Consider the narrative society has fed you on wealth.
Consider my philosophy on True Wealth
Create your own philosophy of what being wealthy means to you.
If you haven’t unsubscribed after reading this Letter, I am honored.
Stick around. I will be sharing how I will achieve True Wealth as we move forward together.
Until then, have a blessed day!
—Chris Son