Anyone Can Do ItNot Everyone Will

My young son and his friends say they want to become financially wealthy someday, and most adults I know say the same thing. It seems everyone wants financial wealth and independence. I believe they can achieve it, but not everyone will. This is a natural law of financial wealth. It is called Pareto's Law.

Earlier I shared Pareto's Principle, or the 80/20 Rule, as the concept of the vital few versus the trivial many. The rule was discovered accidentally during a historical study of the distribution of financial wealth. Pareto was studying wealth! In The 80/20 Principle Richard Koch explains that what Pareto uncovered was both astonishing and predictable: Twenty percent of the people will own 80 percent of the income and wealth in any society, in any economy, at any time. Some will become financially wealthy, but most won't. This predictable imbalance takes concrete form in the haves and the have-nots. However, it is actually the tale of the willful and the wishful because whether you're in the 20 percent or the 80 percent is a choice—your choice. Financial wealth and independence may be predictably imbalanced, but they are neither preordained nor predestined. You and you alone get to decide your financial future.

I believe Pareto was right: Not everyone will become financially wealthy. But I also believe that anyone can. The formula is simple: focus driven by purpose. Basically, you have a choice: to focus or not. What you do with this choice will make all the difference in your financial world. Don't spend the majority of your time on minor things: Don't major in the minors. Decide what matters to you, decide how to go get it, and then focus on getting it. Give it passionate intention and serious attention. Don't just give it time and effort: Give it focused time and focused effort.

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Improving Your Financial IQ

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