When should I consider myself as rich?

Written by on January 9, 2019

You probably asked yourself already this question and I’m sure that it is a hard one.

My guess is that you reduce being rich most likely to the factor of the amount of money you have, but this is only a fraction of what really makes you a rich person.

The definition
If you try to find the definition for being rich, you will see that there exists more than just a single one. You can be rich in knowledge, rich in money, rich in personality, … – I could continue the list for hours without running out of possible definitions, so as you can see there is more to it than just money.

Why do you want to consider yourself as rich in the first place?
This should be the very first question you should ask yourself. What is the main reason that you want to be rich? Is it because you want to gain power? Or is it because you want to gain wealth?
Whatever your reason is, it is guided by our main goal called happiness.

Sounds strange? It shouldn’t! You most likely make decisions based on what you desire the most. Therefore you take the necessary actions to reach this goal in the first place.

But what happens if I ask you the following question: What do you consider as rich?
The majority of people would say “I consider as rich a person that has a lot of money” – And to be honest, in our society, this fact is a real thing!

But…
If you would ask a millionaire if he would consider himself as rich and for what reason, he would nearly never mention the amount of money he has.

The explanation to that is pretty simple: Money itself doesn’t bring happiness!
When you buy something, you feel the biggest satisfaction before and during a purchase – after you bought the item, the satisfaction falls down again. Your body simulates you only the feeling of happiness by sending out the hormone dopamine, which of course vanishes after your excitement decreases after the purchase since you finally have it.

Conclusion: Money doesn’t bring happiness!
To make things clear: It is not the amount of money that brings happiness…

…it is the way how you use the money!

Of course, having a lot of money can open you great opportunities, but having less money can do the exact same thing! – It is just a question about time and the right strategy!

Money is just a gateway booster
Since you know now that nearly everything is possible without having tons of money by yourself, you built the basement for what being rich really is.
Now it is time to learn a bit more about what really makes you rich!

Management is the key!
And I’m not talking about project management or business management, but about managing your money properly. Most people are spending money without really being aware of it.
In a sales and marketing driven age, we get triggered to buy stuff not just through the companies that sell the stuff, but also through our society and our image. When your friends or business partner have something that shows wealth or some other interest to us, we tend to buy it without even asking ourselves for a reason.

How to fix this issue:
Most businesses and people don’t know well enough where and how to spend or invest their money, but there is a hilariously easy solution in front of them: Necessity
Just ask yourself the following questions and you will see, that more than the half of our unplanned spendings are not necessary:

1. Does it cover any important use case?
2. Does it make my life easier and/or saves time or brings more money?
3. Does it bring growth/expansion to me or my company?
4. Is the money worth the use case?

You can answer these questions easily with “yes” or “no” and evaluate after that if it makes sense or not. For these questions, I have a simple rule: I don’t make a purchase when not at least three of these questions can be answered with “yes”.

So when should I consider myself as rich?

From my perspective, a person should consider itself as rich, when he/she is driven by knowledge and necessity and not by society and desire.


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