What It Means to Be RichMar 22, 2022
What does it mean to be rich? There is no universal answer to this question. For some, being rich means having a lot of money. For others, it might mean having a lot of possessions or a high level of fame. There is no right or wrong answer; it is entirely subjective. This blog post will explore what it means to be rich from different perspectives.
Being rich doesn't always equate to a healthy bank account.
Ask somebody what it means to live a truly rich life, and most people will probably answer having lots of money, being able to wear designer clothes, and throwing lavish parties. However, it can also mean being able to spend money to buy whatever you desire or not having to worry if you have enough money to cover daily expenses. Regardless of what you think, there is no one answer to define what it means to be wealthy. It can be different for each person, and there are various perspectives on how you can view yourself as being rich.
1. Having enough money to buy needs and wants
If you have enough money to buy your basic needs, such as food, clothing, and shelter, while still having enough budget to buy your wants and ending up with enough money for savings, you can be considered a rich person. However, covering daily expenses and basic needs alone is already a challenge for many people. Being able to have money for wants is a luxury. So if you are a person who can cover your daily needs and wants without blowing your budget, consider yourself wealthy. Bonus points if you have money for savings.
2. You can pursue your goals and dreams
Why do some people choose to forego their dreams and goals and put them on the sidelines? One reason is that they decide to prioritize doing a job that will allow them to earn more money rather than pursuing dreams that may not make them wealthy financially. So if you can follow long-term goals and activities that involve your passion outside of your job, you are a rich person. You are living not only to make ends meet but also to pursue things that give you more life satisfaction aside from meeting daily expenses.
3. You can make decisions without overthinking about money
One indicator that you are rich is if you can make decisions in your life without overthinking about money. An excellent example of this is making a career change. For many people, it's not easy to say you are leaving your job to find a better one. A significant risk of losing earning potential is present, and finding a new job can be challenging. A wealthy person doesn't have to worry about survival and can make the change in their careers and follow their passion. However, for many people, making a decision hinges on whether they will lose their wealth or not due to making a decision.
4. You earn more than others
If we are going to restrict the definition of being rich to money and possessions alone, earning a high income compared to other people will suffice. If you do some research on the average income of an individual in your country, and you happen to be earning more or double than that, consider yourself one of the rich people in your country. A study shows that having adequate housing for yourself, a luxury car, and a secure full-time job are all indicators of being wealthy. Having a good social circle and access to quality education are also indicators.
5. You have assets and investments
Wealthy people are not restricted to a day job to earn money. They own assets, invest in the stock market or other investment forms, and earn extra income from passive means. These methods of earning money increase their net worth, which makes them rich. They know how to build wealth and make money work for them. The phrase "earn money while you sleep" can apply to these people.
6. Financial freedom
Having the ability to spend money according to how you want without worrying if your money will be exhausted is an indicator of being rich. For many people, their earning potential dictates and limits how they can spend their money. Debts can also put pressure on spending. Being able to save money, having the financial independence to spend cash when and how you want, and living a debt-free life are all hallmarks of being rich.
7. Having lots of time to do what you want
One can consider time to be true wealth. You cannot buy time, and it is a finite resource that doesn't replenish. Many of us have daily schedules filled with work and daily responsibilities. One can say many of our daily activities are for earning money. However, rich people spend a significant amount of their time daily, or lots of it, doing their passions and whatever can give them joy and fulfillment. Having all the time in the world to do passions and interests is what wealth means for some people.
8. You feel fulfilled and happy
One can feel rich by living a fulfilled and happy life. Attaining such a life can be made possible if you know where to spend your money and what you want in life. It doesn't matter if you are earning millions if your lifestyle also costs millions to sustain. Spending less than what you earn per month while still having all daily expenses paid and sufficient money for leisure and savings makes you rich. Also, if you can pursue your values in life, like honesty, it makes you wealthy. Using honesty as an example, taken to extremes, one can choose to forego honest practices in life to earn money. Therefore, having significant wealth and knowing your priorities can help you pursue your values in life, including donating or dedicating your time to a cause.
Being rich can be different for everyone.
When it comes to considering whether you are rich or not, often, we can't help but use comparison to gauge our wealth. We see somebody with lots of possessions and earns more money than us, and we can't help but think we are poor compared to them. However, keep in mind that comparisons won't do you any good, and people have different means of earning money and lifestyles on how they spend their money. Therefore, it's better to focus on setting your standards of what being rich means to you and adjust what you can afford according to your lifestyle. To start, try aiming for a debt-free life, start saving, and invest in other options that will allow you to earn money aside from your job. Once opportunities open up in your life, and your main concern in your daily life is not limited only to survival, it's a sign that you are becoming wealthy and can pursue more things that lead to a happy and satisfying life.