Becoming ‘Rich’| How Do You Define It?

 

Becoming Rich

Image by © Roman Milert

First off, let me first begin by mentioning that after a long hiatus, we’re back and hard at work to bring you some of the best content from the Financially Elite Blog.Now that we’ve got that out of the way, let me ask you a very personal, yet intriguing question, “What does it mean to you to become Rich?”  Having said that, it’s possibly why you’re on Blogs such as Financially Elite Blog, it’s probably why you read ‘Entrepreneur’ magazine or similar, you probably Read books such as Rich Dad, Poor Dad or even watch personal Finance programs such as Suze Orman or ‘Till Debt Do Us Part’.

Regardless of how you answer the above, you are here because of not wanting to be one of the status quo, you want something more out of life, you want to ensure that a lack of money or resources doesn’t impact your lifestyle.  It’s why you constantly save your money consistently, it’s why you make sure you never spend what you earn in a given month, it’s why you ever increase your Financial Education and Financial IQ.

Having said all of that, if you are aren’t doing these things, then you’re on the path of possible financial ruin.  We’re not put on earth to simply exist or run the ‘rat race’.  I really believe each one of us are destined for prosperity, it’s just up to us to take the necessary Actions to guide our financial decisions.

There is no exact ‘right’ answers to becoming rich or usually no overnight scheme that will get you there.  Instead, it does take quite a bit of stamina to achieving financial freedom.  It takes sacrifice and discipline to finally become wealthy or rich. 

 

Reasons Why Many People Do Not Become Rich

  •  They are true consumers, they spend on anything / everything
  • They don’t save.  Many people are spenders without saving for their future
  • Lack of Financial Planning or a Budget
  • Failure to spend less than they earn, compounds into Debt
  • Serious Lack of Personal Finance Savvy or discipline to increase net worth
  • Hate Rich or Wealth People, they believe they are the reason the world is in a free fall.  You can’t become wealthy if you loathe people with the right education / contacts to get you there

  

These are just a few ‘faults’ that can halt someone from advancing financially in their life, combatting the above points will put a lot more money in your pocket.

 

So, back to the main question, “What does it mean to you to become Rich?”

 

For me, it’s simple, becoming rich means a few things to myself:

 It means, increasing net worth on monthly basis or even more frequent.

It means, having the financial education to keep me from getting into more debts.

It means, having a business that can generate income if you’re awake or sleeping.

It means, being able to live a comfortable lifestyle like you want, not what you’re forced to.

It means, True Financial Freedom in the sense that you owe no one anything which in turn helps you build your wealth exponentially.

 

Agree with this post or have something to add?  Make sure to voice your opinion in the comments section

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Category: Personal Finance, Wealth