Why I Don't Want To Be Rich!
Well, you want to be rich. Great!
Please, define “rich.” How much?
How much do you want to feel “rich?” What is your number?
Usually, when I ask this question except those who are in finances, a person looks puzzled and - no answer.
That is precisely the point: people want to be “rich” but have no idea what is involved getting “there” and also staying “there.” Do you know?
1. With The Title Comes Specific Obligations
Assume you are “rich.”
How many cars do you want to have? How many houses? Where? The primary residence, lake cabin, ocean-front summer house, and what else? Do you want to have a winning dressage horse or a polo team?
Well, you should have it if your want. But!
All those “assets” require tremendous supervision, maintenance and a team of professionals to service them. Will you be ready to take this responsibility? Will you be qualified to do it?
And how about “money” itself as an asset? Any idea of how to manage them?
What are the money rules? Do you have the slightest idea?
And all that you have to squeeze within the same 24 hours!
Please, don’t tell that you will hire the smartest CPA and a sharp lawyer. That is given.
I am talking about, “I don’t know what I don’t know!”
MANAGING WEALTH IS A BIG JOB AND HELL OF RESPONSIBILITY!
And guess what?
Most people are not equipped to do a good job of managing “big money” due to the lack of knowledge, education, connections and because they don’t think about money as a “business.”
You want proof?
2. Rule of 72 and “Big Boys” Club. Are You In?
Let me offer you some exercise.
Have you ever applied the Rule of 72 to any of your money-making endeavors? How about WA?
How would this rule help you become “rich?”
What is Rule of 72?
Look it up and figure it out. It will be your homework. After all, you are planning to become “rich,” aren’t you? Should be a no big deal for you!
If you stumble, don’t sweat. “Money” game is for big boys and girls. It is not for wussies!
So, if you are thinking not to write another post because you will miss a football game, buckle up your seat belt!
MONEY IS A LOT OF SACRIFICES, AND IT IS NOT FOR LAZY PEOPLE!!!
Well, next time you are complaining about a “rich” person, remember that a lot of them have gone through HELL!
I have worked with rich people, and I tremendously respect most of them!
3. Extremes and Sacrifices. Be Smart!
Now about sacrifices and extremes.
I know you have a drive. That is why you are a part of the WA community. And it is very commendable. You care about your family, your future, and you are on your way. Congratulations!
But be aware of the extreme of pushing “too hard.” Have you ever heard of not “killing the
goose that lays the golden eggs?”
YOU ARE THAT GOOSE! Or wanna be.
Please, take care of yourself. Be smart. Your body and your health is also your responsibility.
Yes, maybe it sounds cheesy but be sure you get through the gate “FOR RICH PEOPLE” with good health.
It is your #1 asset, and you MUST know how to manage it! Do you?
Well, be careful, my friend.
4. Wealth or Financial Independence?
As for me, I have no desire or wiliness to get into “riches” precisely because of the reasons I just shared with you. I know well what is involved.
But!
I still have tremendous drive, dedication, and stamina to do whatever it takes to become “financially independent.” And there is a big difference. Any idea?
We were brought up thinking that it is always either rich or poor. And maybe somewhere middle class in between. But financial independence is neither. What is it?
To be financially independent means “not working for the money.” You have a “nest egg” which is spitting out some income (whatever it can be) to support your lifestyle. You are no longer an “income producing property.” Your money or business is!
But you'd better know how to keep it.
That income is supporting YOUR lifestyle, not somebody’s else! And there is a difference between “want” and “need.”
5. What I Want - I know My Number!
So, I don’t want a few cars. One—the good one—is plenty. I don’t wish for a few houses. Pain in the butt! I don’t want diamonds—dealing with insurance, appraisal, security. Who needs an aggravation?
I want a comfortable life. And it is MY definition of “comfortable” - FINANCIAL FREEDOM!
What don’t I want?
I don’t want to deal with reporters. I don’t wish to always worry about the “rate of return” on my money. I don’t want to be visible, and for sure, I don’t want to look over my shoulder!
And, of course, I know “my number!”
Do you?
How much do you “need,” or maybe “want?”
Get your number using the Rule of 72 and drop me a line!
Happy exercise!
P.S: Whatever your goals is--wealth or financial freedom--we can celebrate both!
Recent Comments
10
We want to be rich so we don't somehow get ditched or snulled are in someway loose everything. I say be Fearless enough to follow your dreams and daring enough execute them and you indeed will be rich. Thanks for a great article
My pleasure!
It is fantastic to have aspiration, hate being tired from being tired, and especially take control and not "somehow get ditched."
Those are the reasons but there is also an EXECUTION. And execution is ALWAYS about "what is your number?"
Get a cup of tea in the afternoon, grab a calculator and try to play with numbers. It is a fun exercise.
Good luck!
Let me know what is "your" number...
I don't want a bunch of houses, or cars. All I really want is a happy and healthy family and financial freedom. I have no idea what the number is, but I want to live life on my terms.
Great!
What are they? Every term has a number. And Financial Freedom has a number. It is very difficult to get "there" if you don't know "where."
But, as I said, don't sweat. Money is a very serious business and the only a handful of people are good at it.
Just keep pedaling and you will figure it out.
Thank you very much! I sincerely appreciate your time and you being up-front. Worth a lot.
BlueJ
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The only reason I want to become rich is not because of the fame and power it brings. Rather, I can freely move around the world with my family.
Also, I want my parents as well as my husband, free from debts accumulated over the years.
I want to send my sister to a culinary school and reach the top in her chosen career. At least, through the money I made online (it doesn't matter in big numbers), I can spend it on her chosen career and focus on it without working double time like I did in the past.
Generally, I need the passive income and the wealth not because of the money itself. It's what money could bring. Do you get what I mean?
Which is why I worked my butts off to my limits to the point of almost sacrificing my healthy because of it.
I know it should be balanced and it shouldn't look like this; however, I have to because I love what I'm doing and I love helping people, while earning an income through it. :)
Great! But you still didn't answer my question: WHAT IS YOUR NUMBER?
I didn't talk about "fame and power," and, of course, it is always about what money can bring. That is why I referred to "assets." Everything can be an asset and this is where knowledge and wisdom come in.
And... every asset has a number!
Being debt-free has a "number," culinary school has a "number," career of the chief has a "number," not working double time has a "number," passive income has a "number."
Numbers make a goal "specific!"
So, what IS your number?
Thank you!
PS: Working hard is admirable and you should. But be careful, my friend. That is why "rich" people have a number...
I tried to understand the Rule of 72 you're talking about. But then the article I read shows me a bunch of formula, and I got dizzy suddenly. OMG. Haha!
LOL!
No problem. One day I might write a post and will make it very simple. You probably stumbled on some "difficult" explanation.
O, well. Everything is in due time.
Cheers!