What does it mean to be wealthy? Is there a dollar amount that suggests wealth? Is there a measuring stick to determine who is or isn't wealthy?
According to various online dictionaries to be wealthy means to have a large abundance, or have a much greater amount than the average person in an society.
I think that wealth is an intimate relationship between physical, emotional, and spiritual desires. Wealth cannot simply come by riches alone. Wealth, in the physical aspect, may vary greatly for each of us. I have put a lot of thought in to what I believe my life will look like when I am wealthy. I'll share my wealth indicators with you in hopes that they may help in your plans to become wealthy.
Wealth Indicator #1 : Mortgage free property. I feel that my first step to wealth is not owing a single person money. By having NO debt, including my home, I have completed the first side of my Wealth Triangle. This also provides a safe place for my family, no matter what the economy, job situation, or other factors may bring.
Wealth Indicator #2 : $100,000/yr in PASSIVE income. This is a great figure for an income. It should provide an adequate amount to allow for family recreation, Paying for schooling or church missions, and sharing with others less fortunate. It also provides a sufficient amount of income in case I could, for some reason, be unable to provide for my family.
Wealth Indicator #3 : $100,000/yr in self produced income. This is the third side to my wealth triangle. This is money I need to earn each year, as a self employed person, working with out a boss. This can be through what ever means I feel appropriate at the time, but it may be through owning a few businesses, Appraisal Work, Rental properties, etc. This will keep me busy, and teach my children that daddy knows how to work, and will hopefully teach them good work ethics. It will also help to to maintain a perspective on the value of money, and that it requires an effort to earn and control.
Each of us must determine what we think it means to be wealthy. We must envision our own wealth filled life. What does it mean for you? Can you see what you need for security? Can you see what you want for your family? Only after we can SEE what we desire can we begin to work towards that goal.
Wealthy people are just a small percentage of the population. In order to have what most people do not, We must be willing to do things that most people do not. We must set ourselves apart from the wasteful spending, Credit Card Use, and inability to save that permeates our society.
We must set clear, measurable goals and be willing to stick to them.
We must determine to be wealthy. This is the first, and most important step. Unfortunately it is also a very overlooked step. Plenty of people would like to be wealthy, but very few will take the actions required.
Determine now to be wealthy! Write down your goals and dreams to become so. Together we will become some of the few who truly enjoy wealth.
If you feel like sharing, post in the comments your goals of wealth.
Money Pools and the $1,000 Emergency fund
14 years ago
Thank you for letting me comment. I agree. I appreciate what you said. Here are a few of my wealth goals (some are shorter term and some longer): Have three separate sources of passive income. Have zero debt. Be financially independent ( which is I have enough money coming in to provide my family with at least the current lifestyle if I didn't come home one day) and work until I have at least 20 million saved. What? Why 20? because even a five percent return (which is reasonable in any economy) is still one million a year. I want to move from being an employee to self employed to business owner to investor. I will eventually have my money make money so that my empire can build a legacy for not only my family but for my church and other charitible organizations dedicated to making a difference.
ReplyDeleteNo debt for sure. Hoping to have a paid for home in less than 10 years. I'd like to have 1 million in paid for rental property which should bring in just under 100k per year, and then have 1 million in paper assets and hopefully get 12% per year for another rough 100k per year. I think I can have 500k in paid for investment real estate in 15 years. Ill have it in 25 if I just watch TV until then so 15 shouldn't be too hard. Hopefully have the second million within 20. But based on Sarah's and my track record we might get it all done in 10 years anyway. Here's to you guys, to any one who sets goals and reaches them, and here's to FREEDOM!!!!!!!!!
ReplyDeleteMy wealth is you, being my friend!!!
ReplyDeleteBrian I like what you said, "I think that wealth is an intimate relationship between physical, emotional, and spiritual desires. Wealth cannot simply come by riches alone. Wealth, in the physical aspect, may vary greatly for each of us".
ReplyDeleteI was reading in Doctrine and Covenants tonight and read in Section 6 Verse 7, as a revalation to the Prophet Joseph Smith concerning preparation to recieve spiritual witnesses for the Book of Mormon. it reads "seek not for riches but for wisdom, and behold, the mysteries of God shall be unfolded unto you, and then shall you be made rich. Behold, he that hath eternal life is Rich. I love this because think if the Prophet and Oliver Cowdrey were out to seek riches and not to translate and spread the word of God, where would we be. God would have taken Joseph's gift as the Lord states in the previous section. He gave him this one Gift and no more until his work was done than would go on to give him other Gifts. Anyway this ties into what you stated with "Spiritual Desires" this is what I want and 90% in my mind of being wealthy. I want eternal life with my family and friends through seeking wisdom and then the mysteries of God shall be unfolded to me concerning eternal life with my wife and kids.. "Behold, he that hath eternal life is rich".