That is the sole underlying principle of Ozymandias Economics, named after the fictional king Ozymandias whose intangible empire crumbled to dust, leaving only the creations of his subjects intact after a thousand years.
The sonnets themselves tell a simple message: nothing lasts. Yet the mindset to take here with Ozymandias Economics is not to last forever, but to last longer than everyone else. At some point in time we will die, but that does not mean the legacies left behind must as well. The goal here in following this simple principle of establishing a financial legacy carries with it the financial success of one's own future.
Of course, that is not to say to wait beyond your own lifetime to become wealthy. What the principle suggests is that by looking to achieve the absolute best in the future, you can expect to fall at least half of your own goal. Take a test for example: if you plan to ace the exam, you can expect to pass it. If you only plan to pass the exam, expect to not. And indeed if you do not plan at all, you plan to fail.
1. Aim for the Long Term
Set high goals so that the possibility of absolute failure is never an outcome. If you need $1 million to retire, aim for $10 million. If you want $10 million, make for a $100 million. Expect to fail at the impossible, yet by working toward that goal even at 10%, you have already succeeded in life. Strive for the long term gains, and avoid narrowing your goals to the short term at the bare minimum.
2. Expand and Grow
Spread your assets across multiple sources. Be diverse and outreaching. Do not depend solely on the outcome of a single success. This applies to nearly everything, whether it be your education, your income, or your investments.
In your life, keep learning new things and expand your interests and knowledge into other avenues. Do not stay stagnant in a single field of education. A jack-of-all-trades will always be useful to someone. A specialist will only be useful to one.
In your work, find means to be of use to many people with as much time as you can spare. Do not depend on a single line of work for your sole income. A hustler will always find ways to make more money. An employee will only be tied to one.
In your investments, diversify across multiple assets. Real estate, stocks, bonds... there are many options to consider, and becoming an owner of many assets will shield oneself from the drawbacks of a single one. Do not invest solely on a single asset, for although the gains may be plenty, the losses are also amplified. It is better to keep some of your money than to lose it all. A diversified portfolio will always have other assets to support each other. A single asset has none.
3. Be Practical, Be Realistic, Be Useful
There is no real gains to be had for something that is of no use to anyone. And there is no future gains to be had for something that is only useful once. Find and build upon assets that will always have use to as many people as possible for as long as possible.
People will always need a place to work and live. People will always need food to eat, water to drink, and clothes to wear. Basic necessities that will always be in demand regardless of what happens in the world. Luxuries and conveniences won't.
There is a reason why many of the world's richest also happen to own assets that a vast majority of people use. They've ingrained themselves and their work as a necessity to society, and as a result built a fortune on the people that needed them. What practical value you bring to society dictates what value society will give to you.
Bring great value to as many people as possible, and likewise invest in those that bring great value to many others as well. Avoid luxuries in your assets, especially those that are niche and unique. Not everyone will find use for a yacht or private jet, but just about everyone will need energy to power machines.
4. Build Your Empire
A ruler is nothing without a people to rule. Likewise, you cannot build your financial empire without recruiting capital to your cause. Whether it be other people, things you own, or plain money, making good use of your capital to create and maintain assets is key to building the foundations of your empire. Leverage your time and money upfront to start working for you now so that you may become money's master, not its slave. Start a business so that you may eventually leverage the time of others to run the business for you. Invest in businesses or governments through the purchase of stocks and bonds so that they may work on your behalf to earn your share of the profits.
Automation is the idea. The automation of your money-making empire. This is known as Passive Income, where everything is working hard for you instead of you working hard for it. This is true for the world as it is for your own financial success. History has always pushed towards greater automation in society, and the more parts of society becomes automated, the greater the benefit to humanity as more people are free to do as they please.
Likewise, you too must automate your life for your own benefit. Become the ruler by properly ruling over the subjects you possess, and always seek to expand. Do not become stagnant and let your empire wither away by neglecting your duties to your financial subjects. Pay off debt, acquire more capital, expand your monetary reach and automate. And most importantly, do not abuse your subjects by spending lavishly. You are only sacrificing them to satiate a momentary hunger. Be humble and well-intentioned as all good rulers do, and you will leave behind a great legacy for generations to come.
Avoid the fate of Ozymandias and his empire. Heed the principles of Ozymandias Economics and understand the simple truth that although nothing lasts, there is nothing stopping us from trying.
