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Wealth is a goal that many desire. The ability to provide for future generations while living comfortably is the reason noted most commonly from others when I speak with them about wealth creation. However, everyone also has a different motivator for WHY they actually want to create financial security. The different roads that led us down our ever-changing pathways is important when we discuss our why in the final destination of wealth. During that journey, however, your reasoning may shift, and your motivation may change; that’s what makes life so exciting. Today, I will be explaining where my motivation derives from and why it’s important to consider your own.
My Background and WHY
As I mentioned before, your reason for wealth building does not need to remain stagnant. It can be forever changing and growing as your goals and strategies to get there change as well. For example, when I first decided to build wealth for myself, my goal was to simply afford to eat. When you grow up poor or impoverish like I did, money seemed like the solution for every problem. For every time I was bullied for wearing hand-me-down clothes, money could have bought me a brand-new shirt. For every time I had to ask to borrow money for food, even into my early 20’s, money could have not only bought me dinner, but a cookie for dessert. See, for me, gaining success and creating opportunities for wealth building was simply about paying for tomorrow. The goal was not from a longevity perspective, at first, but instead, a goal to keep me pushing forward day to day.
As I worked harder and made more income, my WHY had adjusted. Wealth was no longer a daily pursuit as it once was to pay bills or buy food, but instead, it became a promise to others around me and myself, like my family and future generations. I started setting my goals higher. I decided I wanted to own my company at the age of 25, and made it my new reason for growing wealth. I wanted to create a company I was proud of, with a good foundation to thrive.
Now, as I’m approaching my 40’s (quicker than one would have hoped), I own over $530M in AUM, and own my own successful multifamily syndication company, I am back to the drawing board to understand my why. Quite candidly and humbly, I have enough income to suffice for quite a long time. Yet, I still wake up every morning and dedicate myself to wealth building and creation.
When it comes down to it, I do it because success is more than a dollar sign or a comma separating zeros. When I was poor, I thought that success and money were synonymous. The more success you had, the more money you earned, the happier you would be. Well, the truth of the matter is that having pride in a business or project is worth far more than I’d ever imagined. Blue Lake Capital adds excitement and purpose to my life. I face challenges every day, that as the CEO, I’m forced to face head-on and grow from. It’s thrilling, exciting, and fast-moving. The idea of sipping Mai Tai’s on the beach, however, seems far short of exciting in comparison. Who needs to relax, anyway?
Find Your Own WHY
Besides the fact that everyone wants to “be rich”, very few care to consider why they want to be. The luxuries are nice, sure, and money has certainly never hurt anyone. However, finding success and doing what makes you proud is about more than that. Do you wish to create a charitable difference in the world, possibly by creating wealth to serve the greater good? Or perhaps you’re looking to put your children through college, and potentially their children after that? Whatever it is, make your purpose or goal something tangible. Identify a goal worth chasing after. Once a goal is identified, you are able to then create steps, strategies, or tactics to get there. And if you meet your goal? Well, there’s only one way to go: UP! Keep achieving more, and push harder. At the end of the day, the only person stopping you is you.
Summary
Understanding what motivates us ensures that we continue to push forward and achieve new goals throughout our lives. While many desire to build wealth, few stop to think about their reasons why they are wealth building. My reasons have changed over the years, and that is to be expected as success grows. I first wanted to simply have money for necessities. Now, I have found that success is not a monetary value. I quite simply just love working, and that pushes me to be better every day. Finding out your own why will help you accomplish your goals and identify ways to achieve them in the future!
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About the Author
Ellie is the founder of Blue Lake Capital, a commercial real estate investment firm specializing in multifamily investing throughout the United States. At Blue Lake Capital, Ellie partners with both institutional and individual investors to grow their wealth by achieving double-digit returns by investing alongside her in exclusive multifamily deals they usually don't have access to.
A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.
Ellie is the host of REady2Scale, a podcast that highlights honest, insightful, and thought-provoking discussions on the multiple approaches for successful real estate investing.
She started her career as a commercial real estate lawyer, leading real estate transactions for one of Israel’s leading development companies. Later, as a property manager for Israel’s largest energy company, she oversaw properties worth over $100MM. Additionally, Ellie is an experienced entrepreneur who helped build and scale companies by improving their business operations.
Ellie holds a Masters in Law from Bar-Ilan University in Israel and an MBA from MIT Sloan School of Management.
You can read more about Blue Lake Capital at www.bluelake-capital.com and learn more about Ellie here.