Aim To Be Wealthy Rather Than Rich
Surely, you’ve heard lots of people talk about how they’d like to be rich. You may have even said this yourself at various times. We live in a society where there’s a lot of applause given to those that seem to be rich. However, those that you think are rich financially might not be as rich as you think.
See, there’s a difference between being rich and being wealthy. You can make a lot of money and think you’re rich because of that, but if you’re drowning in debt, you’re not necessarily living the rich life.
Haven’t you ever heard of some famous person who had this huge amount of money and somewhere down the road they’re filing for bankruptcy? They’re losing all their “stuff” because they didn’t use the best choices when it came to spending their money.
Wealthy vs. Rich
Being rich and wealthy are different, so if you want to live a life where you’re financially free, aim to be wealthy rather than rich. Aim to stock your money away in savings account and in real estate investing. This way, you’re using your money to grow more money, and this is one secret to gaining the kind of wealth you’re after.
It’s not always about the amount of money you make. Let’s say Joe makes $250k per year and spends most of it on things that depreciate in value. He saves very little, thinking that one day he will. Let’s say Mary makes $250k each year, but she socks most of it into savings and invests in real estate. She earns a very good return on her real estate investments too, setting her up for an early retirement.
Follow Joe and Mary ten or fifteen years and watch how Mary becomes wealthy (financially free), while Joe looks quite rich because of his expensive toys, yet he’s stressed out because he’s so far in debt. He looks rich, but he’s not. He’s not made the wisest decisions with the money he’s made.
Think About Assets
If you’re going to live the kind of financially free life you truly desire, think about assets. Think about investing in things that will earn you a passive income, rather than buying things that depreciate in value. I’m not saying you shouldn’t ever buy those types of things, but keep them to what you truly need. And, make wise decisions. If you’ve got $50k lying around, rather than go buy a sports car that you don’t really need for that price, think about tying that money up in a real estate investment, where you’ll actually make that money back and earn passive income. Think about assets!
Work With Your Mindset
Aim to have a wealthy mindset, thinking and visualizing the kind of life you truly desire. When you adopt this kind of mindset, you’re more apt to make the kind of decisions that will take you there. I heard that 88 percent of wealthy people read at least 30 minutes a day. That says something, so work with your mindset, nourishing your mind with educational things that will point you in the direction of wealth.
We all want to be financially free, so aim to be wealthy. Whether you get there slowly or quickly, remember that you’re getting there. Do your best to enjoy the journey too, because life is just better when we’re taking time smell the roses along the way, enjoying today and looking forward to tomorrow too.