Welcome to The Gold Standards
What’s this all about?
A Quick “Story” — OK, not really a story, more like background.
For my entire life and long before, my parents have been Certified Public Accountants. For me, it’s been a blessing to have parents to teach me the value of a dollar and the virtuosity of frugality from an early age. I’ve been even more lucky to have had them set up some accounts in my name from an early age that have grown as I’ve grown, working in the background to create a safety net for me. I’ve been even more lucky that they were able to put me (along with my brother and sister) through a 4-year private American university without the thought of a student loan ever crossing my mind. My parents are far from the wealthiest people you’ll ever meet, but they had two things going for them all along — they knew and committed to their priorities, and they were savvy financial thinkers.
I’m not sure exactly when it dawned on me, but all of this comfort has come at a small cost to me: I realized, if I had to figure out my own financial plan — if my parents were not around — I didn’t even know where I would start. Hell, I’ve never even put any work into filing my own taxes each year (yes, in this I am also very lucky!).
And that was just for the simple bachelor’s life I was leading. Around the same time, my brother had just had his first baby girl, and he and his wife were talking about things like saving up for their first house outside of New York City and their daughter’s schooling. That got me thinking even more about all of the complicated (i.e. expensive) things coming in life that I knew I wanted one day, but that I was not anywhere close to being ready for, or even building toward.
You know that meme? The one that says something sarcastically about how they never taught you how to do your taxes in high school, but you’re glad you can recite the first 7 decimal places of pi?
Yeah. This was exactly like that.
So what did I do?
Simple, I set myself on a path of learning as much as I could (which I’m still doing) and putting foundations in place for my own life. I’ve always been good with my spending and my money — never spend or commit to more than I make, pay my credit card bills in full every month, and more — but even as I grew a decent personal safety net, like many young people the amount I was saving didn’t feel like it was growing enough to make a dent in my goals.
The thoughts start racing through your head — I need to make a lot more money to get where I want to go; I’ll never be able to balance putting money away and still live a normal, fun life. Maybe if you’re really lucky and already have a lot of money coming in, the thought is more like this — I have everything I want and I’m set for life. This can be even more dangerous.
But as I learned more and more, I began to understand that I didn’t need to change much at all about the money I make, but more about how I spend and where I put my money every month. You’ve probably heard that studies have shown that people feel happier the more money they make, but only to a point of about $75,000 per person a year. That’s because money makes people happier to the point that it allows you to meet your basic needs, like food, a place to live and healthcare. After that, the correlation with happiness stops.
And by applying my own learnings to — one, understand the difference between my basic needs and the other things; two, to put a rough plan in place build real long-term wealth; and, three, still set aside plenty of money each month to have meaningful fun on my terms — I felt a shift as I began to feel happier, more confident, and more optimistic about the future.
Contagious Confidence
As I came out of my 28+ year financial haze, I had this feeling deep in my gut that the sense of confidence and optimism that I was creating for myself was something I could give to those around me. I started to look at my friends and wonder if they think about this stuff at all (maybe they were already way ahead of me) and maybe, like me, didn’t know where to start.
So I started to ask them, and this led to some pretty powerful conversations, not just about money, but about some deep shit. Personal goals, desires, insecurities, ambition — it all comes to the fore when you start getting real about your future. And what else? It can be pretty scary to put yourself up against the future, while being as honest about your situation as you can be.
I’m doing this to let you know it doesn’t have to be. The Gold Standards are my personal way of telling you that you can take 100% control of and responsibility for you financial future. You can start on a path to making your money enough. I promise you, if you have enough money to cover your basic needs every month, you’re already halfway there.
I want to set you free.
That’s what it all boils down to.
A lot of people, especially young people, think it’s a slog to do some financial housekeeping on a regular (not even very frequent) basis. That it’s a burden to make a strong habit of putting away money every month that you could otherwise put toward that insta-perfect trip to Bali or to crazy nights out with your friends.
Well, to that I say two things:
- What I teach doesn’t mean you have have to give up all of those things, but it does make you prioritize — one of the healthiest things you’ll ever do for your own happiness.
- The real slog is working for your whole life without building any kind of safety net, with financial stress (and potentially even worse, debt) hanging over your head every day until you die. That’s a slog.
Planning now equals freedom later.
But I’m making so much money. This doesn’t apply to me, right?
Hold on. What I’ve also realized is that the same advice holds just as true for people making a lot of money as it does for those making less.
Maybe you’re an athlete or a rockstar or a blogger who made it big and reached your peak earning potential way earlier than most people do.
Do you think people who make a lot of money are suddenly, automatically freed from the stress of tomorrow? Athletes, rockstars, supermodels, even once “successful” entrepreneurs…they go broke all the time. It’s a classic tale of not knowing how to nurture what they have.
Income does not equal long term wealth and success. Don’t kid yourself into thinking that you’d be better off in the long run if you had more money coming in, or that you are already better off if you happen to be a high grossing superstar, if you haven’t put the proper foundations in place. Real wealth comes when you start thinking about tomorrow.
The end results of applying similar principles might look different because of where you’re starting, but everyone benefits from a strong financial foundation and an understanding of how choices today can lead to the truest independence tomorrow. You might have a backup plan in place — “after my career in “x” I’ll pivot into “y” and use my name and my brand to do so.” And I am all for that! But what if I told you that what you’re doing with your money today will 100% be the difference between needing to figure out what that pivot will be to keep money coming in, and being able to pivot to whatever the hell you want just for the sheer joy of it.
Conclusion
So, hi. I’m Benjamin Gold. And I started The Gold Standards as a space to reach all kinds of people who might feel like they don’t know where to start when it comes to building real wealth.
Whether you’re making a small fortune already or you’ve got a modest disposable income, I’m willing to bet you can achieve more than you even realize is possible for yourself, even if your “situation” weren’t to change or improve. With the right guidance, and with a readiness to be honest with yourself, you can improve it. The simple fact that you’re here reading this sentence is a strong signal to yourself that you’re ready.
[If you’re ready to dive in and start on this journey with me, hop on over to read Know What You Pay For: Step One on the Path to Wealth]