Define What Wealth Means to You #2
What is Wealth to you? This is one step you have to take some time, sit down and work out in advance if you are going to get wealthy. Wealthy people invariably have worked this out: they know exactly what, to them, wealth means.
Someone once told me that he knew before he started out in business that he would consider himself wealthy when he wasn’t living off his capital. He would consider himself wealthy when he was living on the interest on the interest of his capital. Sounds good isn’t it?
This is setting the definition of wealth pretty high you might think. Maybe you wouldn’t want to set it this high, and that’s fine of course. Then again, maybe you would want to put some kind of figure on it. In the old days everyone wanted to be a millionaire. That was an easy one to judge if you’d got there or not.
Today there are many people who have houses worth more then that and they wouldn’t consider themselves wealthy at all (some might really be far from being wealthy, a big house might really just be a big debt on your shoulder).
My own definition, for comparison, is having enough so I don’t have to worry about giving enough. How much is that? I never know. There always seems to be more and more places to give and less coming in. For others, this might be having enough so that they don’t have to worry about enough.
For some people, not worrying might mean having enough to pay for emergency that might arise in your family or home.
So how do you define wealth for yourself? By the number of cars you own? Servant you have? Cash in the bank? Value of your house? Portfolio of investments? Places you visited? For me it’s the number of people I been able to touch and improve their lives in a positive way. Do I need a lot of money to do that? In some circumstances we can change people’s lives with little or no money, but in most cases to be able to embrace and help others we need lost of money. The need is big around us. (Sometimes we don’t even want to look around because we are too busy with our needs).
I would like to challenge you to sit down and spend some time on defining what wealth means to you? There are, of course no right or wrong answers, but I do believe that until you’ve worked this one out you shouldn’t move to the next principle.
If we don’t have a target we can’t aim. If we don’t have a destination we can’t leave home or we’ll be driving around in circles for hours. If we don’t have a definition how can we monitor or judge success? If we don’t do this how will you know that the time you spend reading the Wealth Principles has beneficial for you?
By the way, please live me comments on this, I would like to know your wealth definition. As I mentioned above is not right or wrong answers and we all have different targets, but I would like to get to know some of you who are reading my blog: what is your wealth definition?
Related posts:
- Set Your Financial Goals #3
- Wealth is a consequence, not a reward #6
- Thinking Wealthy
- Anyone Can Make Money!#1
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