Are you forever chasing yesterday money?  According to the headlines, you’re not alone. You can’t escape news stories about foreclosures, credit card debt, and bailouts these days.

Sounds like we’re suffering from an epidemic of wealthy-weak here in America.

I write about wealthy-strong versus wealthy-weak in my book, Success for Life.  Here’s a passage, from Streetwise Strategy #5, Be a Giant.

Too many people are stuck in the endless race of chasing yesterday money (money they’ve already spent) and dream money (the kind of cash they can only fantasize about), rather than today money – the kind that will take them into the future, and maybe even make some of those dreams come true.

Yup, we’re so busy chasing the fantasy of big bucks, that we spend all of our today money on cars, big houses, bling, and exotic vacations to impress others into believing we’ve made it. Guess what? Today money borrowed on credit soon becomes yesterday money, and any chance of earning dream money slips further away from our grasp. Chasing yesterday money is exhausting and thankless. If anything will kill your dreams, this will. How can you look forward when your life is in hock, and debt and creditors are pulling you backward?

I went through this learning curve as a young, foolish guy. I earned millions as a street kid doing all the wrong things, but what I did next is not so different from what so many respectable, professional, white-collar folks do today: I squandered all my money on stuff I didn’t need. I lost millions, by making stupid, reactive, materially-driven decisions.

Don’t get me wrong. I love wearing fine clothes and state-of-the-art watches. I enjoy diamonds and magnificent cars. So no, don’t get me wrong. I’m not advocating you hide your shine under a bushel of corn, but I AM advising that, like me, you make sure these material things aren’t driving you, but that you’re driving them.

Giants know the true value of wealth. They understand that it’s simply a trading currency, a means to an end, and that it can disappear as fast – or even faster – than it arrived.

If wealthy-weak sounds like you, then I challenge you to really pay attention to how you handle your money. I heard on the news the other day that the average Starbucks customer spends $1500 a year. Now, if people have this much money to spend on a cup of coffee – that most could get at work for free – why can’t they pay their mortgages and car notes?

Because they’re wealthy weak!

Like I said in my book, I’m a guy who likes flash.  I drive a Phantom Rolls Royce and wear a Audemar Piguet watch.  But I also lease my Phantom, AKA “Triple Black”, to movie studios and up-and-comers who want to make a good impression for the night. My car pays me, not the other way around, see?  And although I spend money making sure I always look my best, I take my style out to be seen – not to boost my ego - but to attract new business opportunities.

The difference between wealthy-strong and wealthy-weak is a state of mind.  Rich state or poor state, it’s up to you where you reside.