Tuesday, April 21, 2009

How Do You Define Rich?

??????????? ????????? So what exactly does it mean to be "rich"?

Is it a specific level of income per month, or per year? Is it when your net worth (assets minus obligations) reaches a certain pre-defined threshold? Is it a "lifestyle", that may or may not have anything to do with how much money you actually have?

To be honest, I really don't know exactly how to pin down a really good definition of rich.

One thing's for sure though, it sure does seem like most of us spend an inordinate amount of time and energy obsessing over the idea of BEing rich some day.

Here's something to chew on ...

What if we are already rich, but don't even realize it?

What if being rich, while still involving money, has nothing to do with exactly how much you actually make?

Here's my definition:

You are Rich when you have Freedom From Money.

Think about that for a second ...

It could be argued that the financial crisis our country is currently undergoing was caused by people with a lot of money, who were so obsessed with making even more, that they participated in illogical, and possibly unethical schemes.

These people are not rich (even if those with millions in the bank). The pursuit of money controls their lives.

On the flip side, we all know people who might not possess vast amounts of material wealth, but always seem to have more than enough to live a comfortable life. They don't worry about money.

In my book, that's Rich.

Just my three pennies,
Todd

p.s. I've posted this quote before, but I think it's relevant to this post:
"True happiness is not having what you want, it's wanting what you have"









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9 comments:

  1. It is a really good question and I can't give you any right answer either. But as for your ending quote I personally feel that wanting what you have is only one part of it. If you SETTLE for what you have and stop trying to become better and become more, then you're on the wrong track (in my book).

    The winning combination is to appreciate what you have while enjoying the journey of becoming all that you can become (not just financially but in all aspects of life).

    /Mikael

    Mikael’s last blog post..How Much Money Do I Need To Retire?

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  2. [...] independent and that you do not need to worry about money to pay the bills. Todd had a post about how you define being rich that you might want to check [...]

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  3. It all depends on the person. We each have our own "book" and what could be rich for me may not be rich enough for you. I guess the main thing that we should aim for is contentment instead of wealth. But of course, it's always nice to have a Lambo insted of a Lada. There goes contentment. LOL

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  4. Hi Mikael,

    While I do agree that we should all be striving for "more" and "better", when it comes to happiness, if a person is unable to appreciate what they already have (even if it seems like nothing), then no amount of "more" is ever likely to satisfy them.

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  5. Hi Todd, then I think we agree on everything ;)

    Mikael’s last blog post..Why Do You Want to Know How to Retire Early?

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  6. Interesting...

    I've noticed during the "lean" times in my life, it's all I can do to NOT be obsessed with money, but the other times when it flows more abundantly, I don't seem to worry about it at all ( I am guessing that is the true key ).

    Rich to me is always having enough money to buy what I want and then some... and I'm talking frivolous stuff--the stuff I don't need. That is my idea of rich. ;)

    Fun topic!

    Erin Kennedy
    Professional Resume Services
    .-= Executive Resume Writer´s last blog ..Guest Post: Gen-Y Gap and What They Can Offer =-.

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  7. [...] studies are great. For example, people who report that they are happy at age 18 achieve greater financial independence, higher occupational attainment and greater work autonomy by age 26. Furthermore, the happier a [...]

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  8. Hi Todd,
    That's reminds me what Robert Kiyosaki said in his book (Rich father poor father).
    You measure your wealth by how much time you will survive without working at all and keeping your lifestyle.
    In my case unfortunaly is about a couple of months (ashamed...). But I'm struggling to make it at least a decade!

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  9. Hi Chris,

    Yes, I've read most of the Rich Dad books ... and now that you bring it up, I suppose those ideas probably did have some inspirational influence for this post. :-)

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