How Much Money You Need To Be Rich?
For sure, financial riches differ from everyone. Maybe you define it by having a million pesos in your savings account. Or maybe you define it for receiving a check every month. Or maybe you define it when you reach the financial status where you will never have to go to work again.
These are just but few of the definitions we can consider as being financially rich or wealthy. But I love how Jim Rohn defines what is financially rich. He said that “a person is financially wealthy if he earns income from the investments he made in that past that could be able to support his lifestyle, even without working.”
So that’s how I will define a rich person – earning an income from the efforts made in the past. He has attained what is called financial freedom. He was able to solve his financial problem. He earns income, even without working. This should be one’s final financial goal – attain financial freedom.
Bill Gates, the richest man in the world, said: “Solve your money problem first; then you can solve the other problems with style.” Now that he accumulated billions, he is enjoying his life, spending his time and money with his charity to reach out to the poor.
So to make it clear, the assumption of this book is that financially rich means to have a source of income to live the lifestyle you want without the need to work. That means you will receive – from the investments you made in the past – the money you need to lead a comfortable life. It is now your money that is working for you. If you have reached that status, you have attained the financial freedom.
Our main financial goal in life should be to attain Financial Freedom!
Again, financially rich differs from everyone in terms of how much is to be rich. Only you can decide HOW MUCH is right enough for you. As I said previously, depending on the lifestyle you choose. The measure of your effort to attain your financial freedom will be in direct proportion to the amount you need to support that lifestyle. A person who wants to live in a big mansion with aids everywhere and garage with full of cars will need more effort than a person who wants to live in an apartment in a city and a not-so-fancy car to drive. They can be both financially free, but with different lifestyle. Their needs and wants are not the same, but both attained financial freedom.
But please, keep in mind that having financial wealth is not a guarantee to a truly successful life. It’s just a part of having a successful life. We know that there are more important things in life than money. Money isn’t everything, but it’s a part of a successful living. Being rich is not only financially, it could be health, spiritual, family and other aspects of life. But being truly rich, it should be encompassing. You can’t say that you are rich and blessed that you have a successful spiritual life but lack money to support your life and your family. You can’t say as well that you are rich and successful that you have a lot of money in the bank but you are ill and dying because you spent all your time in the pursuit of money.
So how much you need? It’s dependent on the lifestyle you choose. If you will be able to build the lump sum (the money machine) that can allow you to live on the interest from your investments, that’s the point where you are rich.
Still clueless on how to build your money machine? Get my financial blueprint here: https://goo.gl/mD2VsN
Here’s to your success!
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