I Own My Own Business, So Why Don't I Feel Wealthy?

Good question.  As a small business owner, you're living the American Dream, right? Or at least that's what you've been led to believe. Unfortunately, listening to what most of us are being led to believe is a big part of why you don't exactly feel wealthy. 

Feeling Wealthy vs. Being Wealthy - and Vice Versa  

If you don't feel wealthy, you may have a problem of perception. 

If for you, like for many, owning your own business also meant taking out a loan, then your debt could cause you to feel less prosperous. And maybe it should. Then again, there's a good chance it shouldn't.

The fact is, most small business owners have been misled when it comes to debt. And how you see debt dramatically affects how you feel when carrying it, regardless of your profitability.  

And while debt avoidance can make sense from a hoarding mindset, it can actually be counterproductive when your goal is to create greater cash flow, since productive debt is often necessary for increasing your ability to create value for customers.  In those cases, it's debt that allowed you to gain a productive asset.  Part of "feeling wealthy" begins with such an understanding.

Another problem with perception comes from a retirement and investment mindset that causes many business owners to put off enjoying life today for tomorrow.  When your idea of wealth is net worth, you tend to scrimp and save in order to accumulate money.  Of course, delaying pleasure and living on scraps makes you feel pretty un-wealthy.  But hoarding and accumulating is also bad for creating real wealth.  Understanding this perception problem can help you feel (and be) a lot wealthier.

But Wealth (or A Lack of It) Can Also Be Real

You can learn a lot owning a business. For instance: how does your business create value for others? If you own a pizza parlor, your value is to feed others. Paper mills provide products that allow others to do their jobs and live better. The more you understand value creation, and how you can create it for others, the more likely it is that you'll actually make money from your endeavors.

But understanding value creation can also help you in investing in things other than your own business.  It's our advice at Freedom FastTrack that you only invest in things you understand well and that are in alignment with what you believe in.  Doing so will insure some sort of knowledge and participation in your investments, and will, to some degree, help you do something of ultimate importance: live your Soul Purpose. 

When you own a business that creates value that you believe in, and invest in things that you know and feel passionate about – you are living your Soul Purpose.  And when you do so, you can't help but feel and be wealthy.