Being Wealthy

""Wealth is measured in Time, not in Rupees"

Lot of time people confuse being rich with being wealthy, but they are not the same. You may be rich because you might be getting a very high salary or generating a lot of business income, but are your expenses very high too? Do you live in a big house, posses a few luxury cars, wear fancy clothes, own latest gadgets and eat in expensive restaurants ? If yes, you will always be forced to generate cash flow at the same rate month after month to maintain the current high level of lifestyle that you have set. The rich have the money, but most of them do not have the freedom to do what they want to do in their life. Unknowingly, they start to live for money.

Being wealthy on the other hand has to do with financial independence. It means having means to obtain what you need to survive, and what you need to enjoy your life. There is no fixed number (how much money?) as no two people's definition of wealthy will be exactly the same, simply because not everyone wants the same things out of life. It’s not how much money you make that matters, but how much you keep and how long that money works for you.

I have accumulated income generating assets over time, so work becomes a choice, not a chore for me. I do not trade time for money, instead I have assets making money and therefore freeing time to do what I want to do. I have the freedom to pursue things that interests me and I am able "prioritize happiness".

But, I did not achieve this overnight, there is a lot of hard work...it is a journey. I have listed down some of the things I have been doing since long:

1. Paid myself first

2. Started saving and investing from the day I started earning

3. Know the difference between my wants and need

4. Make my investments with a financial goal in mind

5. Have my investments spread out across asset classes (asset allocation)

6. Have taken calculated risks. The key to creating wealth is being willing to take risk. 

7. Took responsibility for my financial future.

I have not come across one scheme which says '' Get Wealthy Quickly" , however, you will find many "Get Rich Quick Schemes". This is because you can become rich overnight by winning KBC or a lottery ticket, but you cannot become wealthy. To build wealth you need a lots of patience and determination.

I have seen most people display their lavish mansions, luxury cars, fancy designer dresses etc.  and these things are not wrong, but they should not be the driving force. You need to understand the long term consequences of sustainability of your chosen lifestyle. We all probably desire nice things. I know I do, and I sometimes acquire them, but they are part of my philosophy and not in response to someone else’s. There will always be a larger home, a more expensive car, a grander vacation, an expensive gadget. I don’t care. My focus has been on growing, protecting and preserving my wealth through savings and long term investment plan based on my life goals. 

My advice to my readers would be that money is simply a vehicle to pursue living your best life. You can always make more money but you can’t make more time. Knowing this distinction can help you build wealth in a way which will give you back your most precious and powerful resource i.e."Time".

"there is a difference between the two: The rich have lots of money but wealthy don't worry about money" - Robert Kiyosaki

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