1 min read
Pursue wealth, not status.
Wealth comes with assets. Status comes with liabilities.
Wealth is something you only need to obtain once. Status is a constantly moving target.
Wealth gives you freedom over your time. Status demands your time.
Wealth gives you the ability to stop moving and notice the world around you. Status requires you to keep moving, to keep up with the ever-changing trends.
Wealth has a natural tendency to grow over time. Status has a natural tendency to erode over time.
Wealth gives you the freedom to pursue your true interests. Status gives you no freedom, merely fleeting attention.
Wealth means nobody can tell you how to spend your time. Status means you must spend time working to earn an income to pay for your liabilities.
Wealth is real. Status is largely something you imagine in your mind.
Wealth leads to financial peace. Status leads to constant anxiety.
Wealth allows you to give back. Status encourages you to accumulate things you don’t need.
Wealth remains accessible to you no matter where you go. Status disappears when you’re in a place where nobody knows you.
Wealth gives you the option to pursue work that provides an income. Status forces you to pursue work that provides an income.
Wealth helps you leave a legacy to your children. Status helps you leave a garage full of outdated material things to your childen.
Wealth gives you the free time to make memories with your family. Status gives you the honor of working late nights at the office.
Wealth comes with autonomy. Status comes with restraints.
Pursue wealth, not status.
Zach is the author behind Four Pillar Freedom, a blog that teaches you how to build wealth and gain freedom in life.
He quit his day job as a data scientist in 2019 because he was able to earn enough income from profitable websites to replace his salary. He now teaches people how to start and grow their own profitable websites from scratch in the Income Community.
Zach's favorite free financial tool he's been using since 2015 to manage his net worth is Personal Capital. Each month he uses their free Investment Checkup tool and Retirement Planner to track his investments and ensure that he's on the fast track to financial freedom.
His favorite investment platform is M1 Finance, a site that allows him to build a custom portfolio of stocks for free, has no trading or maintenance fees, and even allows him to set up automated target-allocated investments.
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Very interesting thoughts as always Zach. I’m not into status at all. However, I don’t think they have to be totally mutually exclusive. Tom
Great post, Zach! Another difference: wealth often exists in anonymity; status craves fame. Keep up your great work!
My old 9 to 5 gave me an unavoidable status because it required me to testify before congressional committees and be on television news shows and write Op Ed’s. My side gigs are in the same political and business circles so I find it useful to keep my brand alive but the humorous thing is that those people think I’m driving the same kind of expensive sports cars they drive when I’m driving a $7,000 model that is so rare they don’t know it is ten years old. They think and have complimented me on my $3,000 suits that are actually off the rack $250 ones that only look nice because I get up at 5 in the morning and run a bunch of miles to stay lean. They assume I live in a million dollar mansion like they do when I live in a 200K paid for modest house out in the woods. Ironically I do the reverse of stealth wealth, I am wealthy and I appear to be spending like I’m wealthy but in fact I’m spending very little. All they ever have to judge my “status” by is my car, my clothes and my cell phone. Those all look like they cost a lot more than they did!
This is great, Zach! This is almost like a personal finance poem, if I can say that. It’s an interesting comparison. I agree 100% that pursing wealth is the superior option. I really could care less about status. Of course, it’s nice to achieve a certain status at your craft. But it’s important to focus on the main thing and the lifestyle you want first. I enjoyed the 2nd last point about autonomy because work autonomy has been top of mind for me lately. Thanks for sharing.
As the last BTL said, this is like a poem or mantra to keep in mind when the temptation to keep up with the Joneses rears its ugly little head.
Love your work, Zach. Keep it up!