Want to Build Wealth? Magic Johnson Says Helping Others is Key

"Many people dream of building lasting wealth. A higher net worth can open doors, create stability, and make it easier to keep up with rising costs. But wealth isn't just about what you can gain for yourself. While it's smart to grow your bank account and investment portfolio, it's just as important to consider how your financial success can help the people around you."

"That's a lesson Magic Johnson emphasized in a 2008 interview. He explained that it actually becomes easier to build wealth when you shift your mindset from "me" to "we," focusing on how your money can support others instead of just filling your own pockets. It's a powerful insight that can reshape how we think about money, purpose, and long-term goals."

"Have a Motivation Beyond Yourself While it's good to think about filling your own pockets, making money for someone else or a valuable cause can inspire you to take more action. It's similar to how people become different the moment they become parents. New parents finally have someone in their life that is more important than themselves. Parenthood can create a domino effect that causes people to give up their vices, get more efficient with money management, and move toward their long-term goals."

Wealth provides stability, access, and helps meet rising costs, but true financial success includes the ability to support others. Shifting focus from individual gain to collective benefit can make building wealth easier by supplying stronger motivation and purpose. Caring for family or aspiring to create a family encourages discipline, better money management, and sacrifices of harmful habits. Donating to meaningful causes extends financial flexibility and can serve as an additional incentive to earn more. Maintaining visible reminders of beneficiaries through journaling and visual cues helps preserve focus during distractions and difficult periods.

Read at 24/7 Wall St.