How to Build a High Net Worth – Part 3

growing assetsToday we’ll wrap up our series on building a high net worth. We’ve looked at it through two lenses – financial capital and human capital.

Remember the basic equation: Net Worth = Assets – Liabilities

So to increase your Net Worth, you can decrease your Liabilities or increase your Assets.

___

___

Liabilities
We don’t purposely choose our Liabilities as human beings. However, in some cases, our Liabilities may be the source of our Assets.

Your Assets may stem from your Liabilities
The part of Albert Einstein’s brain that was used for math and spatial intelligence was larger than average. However, the part that was used for linguistics was smaller than normal.

He didn’t start talking until he was three; most children start between by two. He failed a language exam at sixteen. He was considered a terrible lecturer.

If his brain had been “normal”, we may have never heard of Einstein. His Asset stemmed from his Liability.

Your Liabilities may help you see your Assets
John Bramblitt knows adversity. He had his first seizure as a young boy. He’s had a kidney removed. Neither his hearing nor his eye sight was “normal”. But that doesn’t compare to what happened just after he celebrated his thirtieth birthday. He went blind.

Fortunately, he turned that apparent Liability into an Asset. Today, John is an incredibly gifted painter and an inspiration to all of us!

A partner can offset your Liabilities
Another way to minimize your Liabilities is to partner with people whose Asset is your Liability. For example, BIGG picture people often aren’t good with the details. Find someone who loves the details to help you out!

Just be sure you have common values and a shared vision of what is to be accomplished. Otherwise your partner may turn out to be a Liability.

Assets
There’s a question to ask you build Assets: How do you add value for others?

BIGG success is about entrepreneuring your life. Successful entrepreneurs focus first on creating value for others. If they do that well, they will create value for themselves.

What’s the Asset you create when you create value for others?

Goodwill

In a human sense, Goodwill is created when the value you give is greater than the price you get. For example, with no expectation of gain, you connect two people in your network who start doing business together.

You’ve probably built Goodwill and increased your Net Worth!

Money often follows

Here’s an equation that we think sums it all up:

Your Emotional Net Worth = The Value You Place on Yourself * The Value You Create for Others.

Notice that we’re multiplying here, not adding the two together. You won’t have a high Emotional Net Worth if you:

1. create a lot of value for others but don’t value yourself
2. value yourself highly but don’t create value for others 

The power comes in the combination of the two. It creates synergy – the BIGG idea behind BIGG success. When you’re a high Net Worth individual in an emotional sense, money often follows if that’s what you want. Now that’s BIGG success!

What do you think it takes to build a high Net Worth?  

Direct link to The Bigg Success Show audio file:
http://media.libsyn.com/media/biggsuccess/00598-061810.mp3

(Image in today's post by ryas)

3 replies
  1. Carol Roth
    Carol Roth says:

    I really enjoyed this series on building a High Net Worth from a financial and human perspective. Happiness and value is a whole perspective, not an either/or and you guys have given a lot of great advice and things to think about. Plus I just love listening to you both- your voices are “like buttah”!

    Reply

Trackbacks & Pingbacks

  1. […] someone forget to tell Albert Einstein he wasn’t smart enough? After all, he struggled with language his whole life. He didn’t […]

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *