Lists ranking the world’s wealthiest people are delusional. At best, they provide estimates of financial net worth. At worst, they don’t provide the proper framework to understand wealth.
True wealth isn’t just based on dollar amount. It is based on the resources necessary to make things happen.
Money is only one dimension
Financial wealth is a source of power, but only one of many – something that is terribly important to remember as you bootstrap companies, deal with bank and VC rejections and sacrifice money opportunities for future growth. I shared some of these ideas in a recent keynote at the American Society of Journalists and Authors conference in Austin, Texas.
For instance, socialite Kylie Jenner’s one brief social media post criticizing Snapchat’s new design sent Snap’s stock down 6 percent. Her infamous family may have money, but what people often marvel at is their social wealth. It is an entirely different kind of strength.
In another example, Black Girls Code is creating a pipeline of young women able to imagine, found and, yes, program their own future startups. They are building the wealth of independence. It is a generation that won’t have to be dependent on outside (and often overpriced) coders to make their entrepreneurial dreams real.
Figure out your wealth areas
As you take your business to the next phase, let go of the financial wealth you may lack and focus on the other wealth you already have on hand. Is it a powerful network? A variety of skills? A unique background?
Money provides only one dimension of power. The wealth you already have, the one you take for granted, should be where you plant your foundation. Then the money will come.
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