What is the BIG picture of wealth? Is wealth the “elephant in the room”? The “elephant in the room” is a saying that is often stated when people are avoiding a discussion that might be uncomfortable. Finances and wealth are often “the elephants in the room” in many people’s lives. Wealth should not be an elephant in the room. In fact, it should be talked about and taught more. One of my biggest passions is to equip people to know how to build wealth in order to make a difference. That is why Wealthbuilders was found. Its mission is to help people make sense of money in order to make a difference in the world. Although, I teach on different aspects of wealth building individually, today, I want to help you see the BIG picture of wealth building. I want to talk about “the elephant in the room”.
See, I struggled for a long time to understand the BIG picture of wealth building. I would listen to teaching after teaching hoping to finally see the BIG picture, but each time I felt like I was standing too close to the elephant and able to see only part of the elephant. I could see the trunk or the tail, but I wasn’t able to see the whole elephant—the BIG picture!
Let me explain how this relates to wealth building. I would hear a teaching on how to be debt-free, and I would put that into the debt-freedom compartment in my brain. I would hear a teaching on investing, and I would put that into the investment compartment of my brain. Every time I heard a teaching on some aspect of wealth, I would file it away in a separate compartment. It was like looking at the trunk of the elephant and saying, “Oh, an elephant is a hose,” or looking at the side of the elephant and saying, “Oh, an elephant is a wall.” The truth is that the elephant is more than a trunk or a side. It’s all of those things. The big picture of an elephant includes the trunk and the side.
It is the same with wealth building! The big picture of wealth building includes all the separate parts of wealth. Over years of experience, discussion, and learning, I was finally able to put all the different aspects of wealth into one solid idea. I call this the Triple X Factor. It gave me a true view of wealth building. I finally saw the whole elephant!
So, what is The Triple X Factor? The Triple X Factor includes 3 levels, which I simply call The First X, The Second X, and the Third X.
- The First X is where many people seem to sit on the wealth building scale. With First X Income, you work and then you get paid. You use this money for asset-building and living. This is known as “non-leverage income”.
- The Second X is what we call asset income. The point of the second x income is to live off of the income from your assets. This is known as “foundational wealth”. At this point, you would be able to quit the job that you had in the First X, if you wanted, and live off of the income that your assets are creating.
- The Third X goes beyond all of this. The amount at this stage in wealth building is excessive. It’s beyond what you need and so the purpose of the Third X is to have excess to give away.
To begin wealth building, you must understand the levels of The Triple X Factor. You need to evaluate where you are at financially. You may even need to discuss “The Elephant in the room” with someone close to you.
Where do you lie on the wealth building scale? Are you at The First X, the Second X, or the Third X?
Interested in learning more about wealth building? Check out my book, Money Mastery. https://billyepperhart.com/shop/money-mastery-book/