By Ja’Net Adams
Recently, I was at a conference talking to one of the attendees about money, of course. We started talking about why one person is wealthy while another is just rich. As we went through each example I realized that it was about choice; whether the person wanted short money or long money. Depending on the answers, they made choices to ensure that happened.
Understand that those who ended up with short money did not say one day I want short money. What they did was make every-day life choices that led to short money, instead of long money most would rather have.
So what is long money? Long money represents wealth and not just being rich. Being rich can easily go away as we see it every day with millionaires who go broke. Does not matter the industry, they are going broke! That is not long money. That is definitely short!
Let’s look at a few examples that the attendee and I discussed. In the world of basketball, take for example Magic Johnson and Allen Iverson. I am sure that AI wanted long money, but actions he took with his spending habits led him to short money and a bankruptcy. Magic Johnson used his money to learn more about business opportunities that could be invested in untapped markets. His movie theaters and Starbucks coffee franchises were wildly successful and cemented him into the long money category.
Moving to the music industry we talked about Jay Z and T.I. and, of course, Jay is the one with the long money. They are both great hip hop artists, but T.I.’s numerous legal issues have led to his position in the short money category.
Jay Z has made many business decisions that have positioned him to have long money. From his decisions as a rapper to his clothing line to TIDAL, Shawn Carter (Jay Z’s birth name) has made long money his ultimate goal.
You can even make a great case about Will Smith who really went to new heights even though he started out as a rapper.
Let’s look at the media and talk show hosts. If you know anything about Oprah you know that her actions are all about long money. Her mission to reach the world and change lives has made her make different business decisions than other talk show hosts like Phil Donahue, Geraldo, and Sally.
That is why she built a school in Africa, created a magazine, and now has OWN network! She has that THREE BILLION DOLLAR long money mentality.
In our own lives the difference between us having short money and long money is the decisions we make: the decision to go on multiple vacations each year and not save for retirement; the decision to not have an emergency fund so whenever an emergency arise we have to use credit leading to a life of revolving debt; and purchasing a home we can’t afford because it is our dream home but the mortgage payments are a nightmare.
Each day we have the opportunity to make the choice of long money – long money that our family will benefit from for generations. You get to decide today what type of money you want and start walking in that direction.