There’s no shortcut to riches
The trick is to accumulate your wealth quietly. It’s what I call stealthy wealthy
Q My lifelong dream is to become a millionaire. It’s not just a fanciful idea because I’ve always been saving to make it happen. As a teenager, I saved my allowance and babysitting money, washed cars in the neighbourhood, delivered flyers door-to-door and invested my birthday money.
My friends made fun of me when they would get together on a Saturday night, while I babysat. My brother used to tease me that I was working while he rode his bicycle around and around the vehicle I was washing — but I was making money while he yattered away.
I’m living on my own now, paying my rent and monthly bills, and I still manage to save money. People still ridicule my frugality, but I see them spending recklessly: they buy new cars on credit, while I drive my 12-year-old, secondhand Toyota; they spend money eating out, while I’m happy to cook at home; and they spend all their paycheque and have zilch for savings. Don’t get me wrong: I attend concerts and theatre, I travel and my friends are certainly happy that I’m the one with the four wheels when we go out. I don’t feel deprived in the least and tolerate the bantering because I have my own financial goal. But there’s a new twist: the people in my life have started coming to me for loans. A cousin recently asked me for money, as well as a work colleague and a friend I’ve known since high school.
I’ve never flaunted my increasing wealth, but they know my goal and how well I have saved. What do I do or say to stop this from happening?
A I once heard a famous comedian tell the story of becoming wealthy as his career progressed, and being asked for money by many people around him. One day, he confidentially signed for a comedy special — with a very big payday — and called all his friends and relatives, asking to borrow $10,000, and saying he was in a financial pickle. All but one said no. The next day, he announced his professional windfall — and this time, no one called to borrow money.
The trick is to accumulate your wealth quietly. You want to be what I call stealthy wealthy.
If you keep it a secret that you are pursuing millionaire status, you can privately go about becoming affluent, without any of the negative consequences that could go along with it.
That is, other individuals requesting a piece of your wealth, just because — in their mind — “you can afford it.” Be clever and avoid those folks who are looking for an easy way to wealth.
There is the risk that the people in your circle will continue to mock you for being a saver, not a spender, but you’re already used to that. This is common practice for those who aspire to riches — but are not prepared to be consistently disciplined like you. They’d much rather take the shortcut by simply asking you for a piece of your wealth.
You are not alone in this dilemma. American media mogul Oprah Winfrey became a multibillionaire thanks to decades of hard work. In a television interview, Oprah shared that she gets asked for money all the time — even by people she doesn’t know. She used to fumble for a response; but as she aged and matured, she learned to give a simple one-word answer: “No!”
I encourage you to practice becoming stealthy wealthy. Just keep working away at your financial goal. Ignore the naysayers and deny the askers.
If you quietly stay in your financial lane, it is inevitable that you will become a millionaire — without having to dilute your diligent efforts with gifts or loans to your less financially responsible friends, family, neighbours or colleagues.
There is the risk that the people in your circle will continue to mock you for being a saver, not a spender, but you’re already used to that
THIE CONVERY, R.F.P., CFP, CIM, FMA, FCSI, IS A WEALTH ADVISOR AT CONVERY WEALTH WITH IPC SECURITIES CORPORATION. SHE IS A FREELANCE CONTRIBUTING COLUMNIST, AND HER COLUMN APPEARS BI-WEEKLY IN THE HAMILTON SPECTATOR. THIE INVITES YOUR QUESTIONS AT THESPECMONEY@GMAIL.COM OR BY VISITING CONVERYWEALTH.COM.