We live and work in the most competitive, rapidly changing, complex and technologically advanced global marketplace in human history, The Fourth Industrial Revolution (IR#4), driven by the ubiquitous use of computer-driven tools.
Businesspeople can’t “earn a living” in IR#4 — or earn enough money to afford their immediate expenses and save enough to fund 25+ years of old age — if they don’t think and act with the urgency and velocity required to succeed.
From the day people start to work they can count on about 40 years, or around 10,000 days, to earn, save and invest enough — from age 22 until age 62.
The limited possibilities produced by our biological facticity, competitive pressures, marketplace prices for goods and services, combined with average stock market returns and inflation, sets the stage for the moods of urgency and the velocity of thought and action required to live a good and peaceful life.
Urgency and velocity are fundamental strategic requirements in IR#4 because any plan of action, or strategy, produced or executed without them won’t be competitive enough to produce the high annual incomes required to qualify as “earning a living”.
When ambitious businesspeople lack urgency because they are complacent and tranquil, more concerned with their convenience and comfort, or focused on getting the job done (task orientation) rather than their “strategic objectives”, their moods thwart their intentions to earn, save and invest enough.
And, since moods precede and produce the “space” in which thoughts and actions can be brought into existence, and remain in existence, the first concern ambitious businesspeople need to care for is their mood of urgency.
What is urgency?
“Urgency” is a mood or narrative that future possibilities require or demand insistent, immediate and stressful thought and action.
For ambitious businesspeople, urgency constitutes the context, motivation and mobilization needed to produce thought and action that is effective, strategic and competitive enough to earn, save and invest enough money to survive, be free and live a good life throughout 40 years of one’s career plus 25+ years of unemployment during old age.
What is velocity?
“Velocity” is a measure of how fast and in what direction something is moving, including thought and action.
In normal, everyday thinking about the velocities of our thoughts and actions, we think about the speed with which we are thinking and acting to move or produce results in a certain direction or to take care of a certain human, career or business concern.
We think about how quickly or rapidly our thoughts and actions can progress towards the fulfillment of our intentions, will achieve an objective or will produce an outcome we intend to produce.
Without sufficient velocity, businesspeople, and their networks, think and act much too slowly when trying to produce new offers, practices, narratives and strategies that will enable them to earn and save enough money until it is too late to recover.
Delaying may mean you can’t recover
Every day ambitious businesspeople delay, or fail to earn, save and invest enough money, means they must earn, save and invest more every subsequent day in the future for the rest of their careers to compensate for the loss or failure to produce enough income in their past, even if it was just the day before.
Eventually, and often by the time they reach age 45, compensating for their past declines or failures to think and act with enough urgency and velocity becomes a burden or demand on their capacity to earn, save and invest what they really need, and impossible to fix.
They can’t recover.
As a general rule, people can withdraw only 4%, or 1/25th, of their investments annually for income when they retire, so they have to save and invest at least $25 for every $1 of income they will need every year during their old age.
This means businesspeople who are age 60 and seek “survival” in retirement need to have $3m invested in today’s dollars to produce $120k of annual income, which, because of increasing longevity and healthcare costs, may not be enough.
With average 3% inflation, those closer to 48 years old have to increase the amount invested to $4.5m to produce $180k of income, and those around 38 have to increase the invested amount by 100% to $6m to earn $240k of income.
Therefore, it is essential strategically for ambitious businesspeople and their networks to think and act in moods of urgency and with sufficient velocity in order to fulfill their intentions to:
Earn, save and invest enough money to survive, be free and live a good life throughout 40 years of adulthood while they are raising their families, and 25+ years of old age when they are unable to think and act effectively, strategically and competitively enough to produce the high income required.
Start accumulating “strategic knowledge” today.