How to be Rich (if you really want to)
Andrew is well educated and hard working. He's good at his job and often gets repeat business from satisfied clients. Andrew makes enough money to keep himself and his family, but is far from what would be described as "rich".
Many people say they want to be rich, and even act like they want to be rich - though somewhat half-heartedly. Andrew's "problem" (if you can call it that) is that wealth consciousness isn't his main driver. He works for money, but once he's managed to fulfill his family's needs he prefers to divert his remaining energies to other interests.
Is Andrew right/wrong? He is neither. He is simply pursuing his own particular path along which money is necessary but not the be and end all. As human beings we are mortal, our bodies are weak and decay over time, eventually ceasing to function (ie physical death). At such time our material wealth / achievements / status are lost. All that we retain (if anything) is the benefit of our experiences.
How Important is Wealth?
One can look at the wealthy businessman enjoying the heights of extravagant luxury, and the vagrant begging on the street corner. Superficially the former appears more successful by an order of magnitude. But fast-forward a century or two (insignificant on the timescale of the physical universe, never mind the eternality of the Spiritual realm) and the material possessions of each have crumbled into dust, whereas the lessons they learned might help determine their soul progress. Might it not be the vagrant, who has encountered and overcome substantially tougher obstacles that gained much more from the experience of life?
That’s not to say the pursuit of wealth is wrong. In acquiring wealth (honestly) we inevitably do good for others, gain experience, and have the potential to contribute to the greater good through philanthropy.
Once we've fulfilled our basic needs we face a choice as to the marginal value of the next dollar. For those with wealth consciousness it remains (almost) as high as the first. For most of us, that value diminishes as our income and wealth increase. The opportunity cost of that extra dollar might be time spent with family, pursuing a hobby etc. Wealth consciousness places a comparatively low value on those alternatives. But that is a choice for each individual.
So, if wealth is still high on your priorities, here's...
How to Be Rich
First and foremost you have to REALLY want it. Not just think having lots of money would be nice, but making it your top priority. You have to develop wealth consciousness, thinking about the monetary implications of every decision and action you make.
Getting rich comes from both state of mind and action (it is possible to get rich just by one or the other but the chances are greatly enhanced by employing both). The required state of mind is described extensively in the literature on abundance, but essentially involves detailed visualization of all you’d like to acquire along with the firm belief that it is already yours. The required actions are as follows.
You have to maximize the fundamental financial formula, ie:
money accumulated = money gained – money spent (per period)
That means maximizing income and minimizing expenditure.
Expenditure is reduced by the exercise of self-discipline and patience. In this material world we are surrounded by temptations to spend more than we need for a moment or two of pleasure. But if we can forego the satisfaction of the moment we can accumulate sufficient wealth to provide greater and longer-lasting fulfillment in the future.
Unless you’re one of the small minority born into wealthy circumstances or winning the lottery, initially most of you’re income will need to be earned. You have to find your own personal best way of making money. This comes from a combination of self-knowledge and external circumstances.
Finding Your Right Work
Basically you need to identify a demand/need in the society you inhabit which you can fill (or you can find such demand/need in another society that you are willing and able to relocate to). The demand/need is the external circumstance; your ability to fill it is determined by self-knowledge.
The right choice of work is essential to making money and basically depends on 3 things. First, there needs to be unfulfilled demand for what you plan to do. Second, it must be one of the things you do best. We all have different strengths and weaknesses, and need to identify our most positive points and leverage them. Third, it must be something you like, or at least don’t mind. To be successful in any field you have to devote time and effort and that’s difficult to impossible if you hate what you’re doing.
Identifying your right work
Over time you will use the money accumulated to acquire assets that will in turn produce passive income. Choose the highest returning assets for the level of risk you are willing to assume. Your aim is to acquire enough assets to provide enough passive income to provide the lifestyle you desire now and into the future.
As your passive income grows so the need to work for a living will diminish. Initially you might use this free time in the hedonistic pursuit of pleasure, but as that inevitably becomes unfulfilling you will find work that aligns with your true life-purpose. That might be through charity, creative expression, or even business. The difference is that work done through choice rather than necessity becomes a vocation.
Learn More on Building Wealth
For more on the fundamental principle of abundance:
- The Science of Getting Rich In this self-help classic Wallace D Wattles presents the process of growing rich as a science, ie a set of rules which if followed will produce the desired results as definitely as boiling a kettle or turning your car ignition key.
- Think and Grow Rich In 1908 then small-time reporter Napoleon Hill was invited by steel magnate Andrew Carnegie to interview millionaires with a view to discovering the secret(s) behind their success. First published in 1937, Think and Grow Rich, is the culmination of 25 years of work. That this book has remained not only in print, but also a major seller, for some seventy years speaks volumes for the potency of the message contained within.
- The Master Key System Charles F Haanel gave the Master Key to the world as a means of tapping the great Cosmic Intelligence and attracting from it that which corresponds to the ambitions, and aspirations of each reader.
- The Art of Money Getting Highly successful 19th century showman and entrepreneur P.T. Barnum presents his Golden Rules for Making Money. No magick or mysticism here, just common sense guidelines that if followed will bring personal fortune.
- Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money – That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
- A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing by Burton G. Malkiel
- The Secret by Rhonda Byrne
If you need more advice on the specifics of investment, visit:
- Yahoo! Finance Free stock quotes, up to date news, portfolio management resources, international market data, message boards, and mortgage rates that help you manage your financial life.
- Investopedia.com Your Source For Investing Education. Includes the most comprehensive investing dictionary on the web as well as articles and tutorials on nearly any aspect of the market.
- The Motley Fool Provides premium investing advice and market-beating stock research.
- InvestorGuide.com The leading online guide to investing, with thousands of categorized links to financial and investing news, research, tools, and other resources.