Recently I was at a conference and I was talking to one of the attendees about money of course. We started talking about why one person is wealthy while another is just rich. As we went through each example I realized that it was about a choice. Whether the person wanted short money or long money. Depending on the answers they made choices to make sure that happened.
Understand that those who ended up with short money did not say one day I want short money. What they did was make everyday life choices that led to short money instead of that long money everyone wants. So what is long money? Long money represents wealth and not just being rich. Being rich can easily go away and we see it everyday with millionaires who go broke. Does not matter the industry, they are going broke! That is not long money. That is definitely short!
Let's look at a few examples that the attendee and I discussed. In the world of basketball look at Magic Johnson and Allen Iverson. I am sure that AI wanted long money, but actions he took with his spending habits led him to short money and a bankruptcy. Magic Johnson used his money to learn more about business opportunities that could be put in untapped markets. His theaters and Starbucks were wildly successful and cemented him into the long money category.
Moving to the music industry we talked about Jay Z and T.I. and of course Jay is the one with the long money. They are both great hip hop artists, but T.I. numerous legal issues have led to his position in the short money category. Jay Z has made many business decisions that have positioned him to have long money. From his decisions as a rapper to his clothing line to TIDAL Shawn Carter has made long money his ultimate goal. You can even make a great case about Will Smith who really went to new heights even though he started out as a rapper.
Time to look at the media and talk show hosts. If you know anything about Oprah you know that her actions are all about long money. Her mission to reach the world and change lives has made her make different business decisions than other talk show hosts like Phil Donahue, Geraldo, and Sally. That is why she built a school in Africa, created a magazine, and now has her OWN network! She has that THREE BILLION DOLLAR long money mentality.
In our own lives the difference between us having short money and long money is the decisions we make. The decision to go on multiple vacations each year and not saving for retirement. The decision to not have an emergency fund so whenever an emergency rises we have to use credit leading to a life of revolving debt. Purchasing a home that we can't afford because it is our dream home, but the mortgage payments are a nightmare. Each day we have the opportunity to make the choice of long money. Long money that our family will benefit from for generations. You get to decide today what type of money you want and start walking in that direction.
P.S. If you have not heard I teamed up with Feona of the Coupon Boutique and we did a LIVE WEBINAR and answered a lot of money questions! Watch the video below and to learn more click here