Sneak Peek: FRANCHISE FREEDOM: Defining Wealth

Have you ever heard the story of Howard Hughes? He was a business tycoon, investor, and philanthropist who amassed a tremendous amount of material wealth in his lifetime. At the time of his death in 1976, Hughes had a net worth of approximately $2.5 billion.

Despite his financial acumen, Hughes lived a reclusive and troubled life. Plagued by obsessive-compulsive disorder and chronic pain, his final years were marked by extreme isolation and bizarre behavior. Living in darkened hotel rooms, away from friends and family, Hughes became estranged from the world, a prisoner to his phobias and compulsions.

Hughes’ financial ledger suggested success, but his personal life told a different story. He had money in spades but lacked meaningful relationships or emotional well-being, rendering his life tragically empty in ways that his bank account could never reveal.

Mahatma Gandhi, on the other hand, was a man who had next to nothing in terms of material wealth. He renounced all worldly possessions, wore simple clothing, and relied only on the simplest of necessities. Despite what some would consider an impoverished lifestyle, Ghandi accrued a different type of wealth. His life was void of material luxuries, but rich in purpose, meaningful relationships, and the kind of personal and collective achievements that money can’t buy.

Wealth is the accumulation of tangible and intangible resources that offer you security, power, and opportunity. -a wise man

Who do you consider wealthier- Howard Hughes, the icon of opulence, or Mahatma Gandhi, the symbol of simplicity? Ask ten people this question and you may get a split decision. From the stories of Howard Hughes and Mahatma Ghandi, we learn that wealth is ambiguous. Each person’s measure of wealth is uniquely their own, influenced by what they cherish and prioritize. Here are just a few of the different ways wealth can be interpreted:

Intellectual wealth

Intellectual wealth is measured in knowledge, skills, and expertise. It includes education, training, qualifications, and intellectual property rights. Intellectual wealth can lead to personal growth, career advancement, and opportunities for innovation and entrepreneurship.

 Social wealth

Social wealth is the quality and depth of your social connections, relationships, and networks. It includes the support and trust built through friendships, family ties, professional networks, and community involvement. Social wealth contributes to overall well-being, personal fulfillment, and access to resources and opportunities.

 Emotional wealth

Emotional wealth is the measure of your happiness and life satisfaction. It includes factors such as positive relationships, self-esteem, resilience, work-life balance, and a sense of purpose and fulfillment. Emotional wealth is essential for a fulfilling and meaningful life.

 Financial wealth

Financial wealth is the most commonly used definition. It is the accumulation of monetary resources, such as cash, savings, stocks, bonds and real estate. It's more than just the regular flow of income. If your income is a stream filling your financial pool, your wealth is the pool itself. It is the cumulative result of all your money-making efforts.

 While this chapter primarily explores financial wealth, it's important to reiterate that wealth is a deeply personal concept. Nearly everyone shopping for a business is attempting to enhance their wealth, but exactly what that means can vary significantly. Some are in search of financial riches. Others are trying to fill an emotional or social void. In chapter 3, we will dive deeper into finding the ‘why’ behind your franchise search.

As you approach the starting gate of your franchise search, ask yourself these four questions:

• What is your personal definition of wealth?
• How wealthy are you right now?
• How wealthy would you like to be?
• How far are you willing to go to achieve it?