Dear Fellow Renegade,
There’s a special video of NBA legend Shaquille O’Neal where he’s dropping bombs on the difference between rich and wealthy.
He relates this story, paraphrased:
“I was chatting with one of the big money cats the other day. You know, us boys, we spending money big, athletes, going crazy.
And this cat he says to me,
You know, Shaq, you gotta get smart with money. One day, you gonna be out the league. The difference between you and me is, you’re rich Shaq, and I am wealthy.”
“What you mean, what’s the difference?” Shaq asks the guy.
“The difference is, when you’re done spending all that money, you gotta go out again and chase after some more. Whereas guys like, we’re set where my kids, their kids, their grandkids, they grandkids, and their grandkids, and so on, they’re gonna still be living off this fortune. It’s a family thing. Whoever left it to me lived the same way, I can’t ever spend it. 70% of my income goes right back into savings. If I want something nice for my kids, I can only spend a tiny percentage of my yearly income, the rest goes right back into it.”
And Shaq was just kind of stunned. And he says, “You know, it was good advice. I been stacking my cash ever since.”
And that seems to be smart advice indeed. There’ve been many other star athletes that have gone broke a few years after leaving the league. Shaq’s still going strong.
So, if you want to know in a nutshell the difference between rich and wealthy, according to Shaq, it’s time perspective. Rich is what you do today. Wealthy is multiple lifetimes, generational fortunes. Think the Rockefellers, the Waltons, the Ambanis, the Al Sauds, that kind of thing.
As solopreneurs this means, play the long game. Don’t feel like you need to play the game of flashing bling on Instagram to show the world that you’ve made it. As Shaq says, that’s a dumb move.
To your success!
The Renegade Solopreneur Coach
I help solopreneurs get MORE PROFITABLE in WAY LESS TIME, grow and scale their one man businesses into time independent 7-8 figure machines that make money even when you’re asleep. Learn how in my Renegade Solopreneur Profits Bootcamp.