Ask me when I was 12 what I wanted to be when I grew up, and short of naming a career, I also likely enthusiastically stated, “I want to be rich!”
Notice, I did not wish to be “wealthy”…but that’s another topic for another day. Youthful ignorance at it’s finest.
Who doesn’t want to be rich? Especially at a young age. Here’s the thing though, I don’t think the desire goes away as you grow older and I’ll make the argument “a rich life” evolves over time. But what does being “rich” really mean?
If I asked you, “how much would it take to be rich (monetarily speaking), what would you say?” Would the answer be the prototypical…One million dollars!!! Ok, that will last all of 10-20 years based on basic lifestyle choices. So maybe that’s not the right answer…
Right, double it! Two Million Dollars!!!!
Nope. Wrong again.
Rich isn’t about a million, or your second million, or your tenth million, although I’m all for these things. Rich is a definition of lifestyle and it’s entirely in the eyes of the beholder. When I was little I wasn’t thinking of Scrooge McDuck swimming in millions of coins. I wanted the lifestyle choices richness would provide.
A few years ago I read Ramit Sethi’s book, “I Will Teach You to be Rich” and I highly recommend it. While Ramit teaches many things on financial security and is definitely a [numbers guy] in every sense of the word, the #1 takeaway I had from the book was Ramit’s definition of, “A Rich Life”. Ramit recommends spending aggressively on the few things that bring you great joy. [note I said few, not everything]
I’m going off memory but here are a couple Rich lifestyle choices from Ramit:
- Fly business class
- Indulge in the nicest of sweaters (Ramit loves a great Cashmere Sweater)
- Supply travel to family for large annual getaway
What is a Rich Life?
Ask yourself that question. What is does my “rich life” consist of?
- To one person, it’s the ability to own their own an acreage on the outside of town, to have a family they care for deeply, and the ability to hunt & fish whenever they get the opportunity.
- To someone in their 20’s free of commitment and short on responsibilities, their rich life is full of travel, living near or with close friends and experiencing all the world has to offer. This might include indulging in the hottest new restaurant, a great apartment and some hip fashion choices.
- To someone in their 70’s, a rich life might look like complete financial freedom, escaping to warm weather in the winter, closeness to grandchildren and their ability to give endlessly to local charity via their time and accumulated wealth.
My point is you can make $50,000/yr and be rich. You can make $500,000 a year and be miserable in empty pursuits of “things” you think will make you happy.
Putting a holiday bow on this post, here are the elements of my Rich Life:
- I wanted to live on a golf course (check)
- Travel multiple times a year with wife & family. Minimum (1x to the ocean, 1x to the mountains) – it’s good for the mind & soul
- Freedom with Income – This one is a work in progress, but I need income to show up every month regardless of employment. With the ultimate goal of financial freedom by 45. It’s not that I won’t work. It’s not needing the income to live. This creates flexibility to explore endless opportunity!
- Experiences with Close Friends – I want to play golf and attend sporting events with those closest to me with unfailing consistency. Maybe top each off with a great meal and glass of wine!
- Being in G-R-E-A-T physical health to have the energy and vitality to live a life free of restraint due to health limitations.
Notice what’s not on here. What I wear. What I drive. It’s all ephemeral.
~Merry Christmas all
