Of all the writing I’ve done, what I’m going to tell you today will be a first for me. I write this to you now as what’s probably the most personal, direct message I’ve ever written: I am exhausted and relieved, drained yet utterly exultant. I’ll go ahead and get to the point: my wife just gave birth to our third child.
After two boys, I finally got my princess, and she’s gorgeous. The wife is doing fine, the baby is healthy, and I’m very grateful…
You’d think I’d be used to the whole process by now, but I had a hard-hitting reminder of how much of a grind the process of bringing a new person into this world really is. It brings up the same exact emotions in me every single time: fear, helplessness, and uncertainty regarding the outcome.
But you never really get used to it, do you? You take the classes and read up on it, you get the best doctors, you stand by their side until they basically kick you out of the room… yet you ultimately have to accept two inevitabilities: uncertainly about the future and lack of control over the outcome.
In the end, you move forward and prepare for the best no matter what…
It’s sort of like any great thing in life. New things in life come with fear, uncertainty, and doubt, especially when it comes to building your wealth machine, however that might look to you.
The birth of a child is a beautiful moment – the greatest possible reward after the months of stress and worry (not to mention the physical travails, which my wife deserves a Presidential Medal of Honor for handling with unbelievable courage). It’s clear as day to me now: bringing a new life into the world is the ultimate expression of excruciating pain for deferred gratification for an outcome that’s more than fulfilling.
Building wealth and prosperity for yourself and your family is really no different. The get-rich-quick schemes and the short-term gratification values promoted by ethically-challenged advertisers will inevitably veer you off of your truest, best path – which is to steadily build the best possible life through learning and consistent effort over time.
All of this requires discipline and patience, but few truly worthwhile things in life will be achieved without those traits. Growing my relationship with my wife and raising our children together has been challenging at times, but it’s been my proudest achievement, and this newest addition to our family only motivates me to become a better father and provider.
But it also brings all of the old fears and doubts back – they never go away completely, though we can learn to manage them. Uncertainty about the future means that all wealth-building strategies involve risk: investing your time and/or capital could possibly bring negative returns.
You’ll never swim if you don’t jump in the pool.
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We can’t control whether an economic recession might occur this year and wreak havoc on our investment portfolios, our businesses, our job security… And in all realities, if you aren’t preparing financially, you’ll be more sensitive and less resilient in a recession because you haven’t built yourself a foundation.
As I sat helplessly awaiting my third child’s birth, I felt those feelings again – but then I remembered that there is no reward in life without some risk. We can and should mitigate the risk – put the work in, do our due diligence, and control what we can – but at some point, we just have to let things play out as they will.
Especially for investors, this means knowing and accepting the risk-reward profile ahead of time, conducting thorough research (which I’m glad to help out with, since I’ve got a terrific research team on my side), diversifying your holdings, and giving your investments enough time to work themselves out in your favor (and having a plan in place for when they don’t work out in your favor).
It also means having multiple sources of cash flow – this is true whether you have a household of one or a family of ten to support. Any single source of income can fail, and you need to have a Plan B and Plan C in place, with at least some of your income sources making money for you passively and consistently.
You can’t control everything about the outcome, but you can control your own actions: this is true no matter what your life’s goals are. Your time, effort, and self-discipline will be the final determinants of your success and prosperity – patience and perseverance will be rewarded, though not necessarily when you want or expect it to happen.
With a healthy child and inexpressible pride and relief, I tell you now that when you stay on your true course and take control of your destiny, life will reward you with unimaginable riches – some financial, and some much better than that.
In the midst of all of this news, I’m diligently working on an announcement that will blow your minds and be a 2019 game-changer here at CrushTheStreet.com.
Chief Editor, CrushTheStreet.com
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