One of the most interesting aspects of wealth creation is that it is virtually impossible to do on your own.
Put a person on a desert island and he or she will not create any additional wealth than is already present on the island. Give that person the best technology available to communicate with others and suddenly there is an almost unlimited ability to create wealth. There is a direct correlation between your wealth and the nature and extent of your relationships with others. Think of any super wealthy person – Bill Gates, Mark Zuckerberg for example – and think about how many people in the world they interact with either directly or indirectly. It is through these connections that their wealth has been created. There are, of course, many different types of relationships that we all have which contribute in different ways to our financial wellbeing. The better your relationship with your partner and immediate family members, the happier you will be and the more likely you will be to succeed financially. Separation, divorce and arguments about money on the other hand, lead to financial loss. Good relationships in the workplace lead to increased opportunities for career development and pay rises. Developing networks with people in the wider community can lead to both career and business opportunities. Professional relationships with experts such as accountants, lawyers and financial advisers will help you make the right financial decisions in life.
So many people live their lives with a narrow circle of friends, barely interacting with the rest of the world, and wonder why there is little change in their financial position. These days, with the advent of social media networks there is little excuse not to be well connected. You can achieve financial success by investing time and effort in developing your relationships.
Liz Koh is an Authorised Financial Adviser. The advice given here is general and does not constitute specific advice to any person. A disclosure statement can be obtained free of charge by calling 0800 273 847. For free eBooks, go to www.moneymax.co.nz and www.moneymaxcoach.com