Yes, What will make you rich?
Simple. If you are born to a rich dad in a rich family. Easy, right?
Unfortunately, not all are privileged to be so.
Ok, let’s explore this with a little different question. Why do you want to be Rich?
May be for kids education – We are Indian parents – First priority, right? So, don’t you think poor do have kids. Poor kids learn and excel too. May be in different schools and environment.
May be for kids marriage? But I have a different opinion here. Poor people get married too. So, to get married you do not need to be rich. It’s just that the way the marriage happens could change.
But still, everyone has their own dreams.
May be to buy some luxury cars, make long travels, visit far off lands, etc etc.
There you go.
Basically, LIVE your dreams. Good, I agree you all know why you want to be rich.
From above conversation, did you notice that the real need to be rich is for US – Our own self. But how often have we been considering OURSELVES as an important factor in financial planning?
“Well. How do you know? I have been having savings as my first expense.” Is this your response? Then read on.
Why do you do these savings? For you? Really?
These savings will be expensed to someone else during the marriages, or paid to someone to get education. You could even be paying out to builders to get your real estate.
Believe it or not, these are not for YOU. Do you agree that these are for OTHERS to become rich?
Now, how about the question of HOW?
Yes, let us get to the real question of what will make you rich?
Are you the one who advocate work and more work, to earn and earn more? Sorry, it does not work anymore. You can find more reasons in my book on Financial Freedom.
Why? Because it only means – Tax, Tax and more Tax.
Remember, for every dollar you want more by pushing yourself harder to earn, you are only making less than 3/4. Where are the other portion? That is exactly what your government enjoys as tax sitting and relaxing – mostly.
So, even without knowing you are only trying to make every government rich.
Is it about living less? No, it is not. Living less is equal to basic surviving. Certainly your life is worth more that it.
What about Save, Save and Save more?
Now, you are kidding.
It only means, you neither lived yesterday, nor today. What is the guarantee that you are going to in future?
Do I mean not to earn or save?
Definitely no. I am not advocating anything against earning & saving but only trying to make the point on why do you usually save?
I do not believe in saving for some unknown fear we think could hit us in the future date. Save for yourselves.
Do not lecture me saying you have many investments, savings, deposits etc etc. I agree, those are your money for sure. But are you sure it is for you?
These savings and all the investments you made from your hard-earned money is definitely your money. No one argue on that.
But I am only trying to convince you that these savings & investments you made are for somebody else. It could be your kids education, could be for kids marriage, could be for medical expense etc. But those are not for YOU.
I am sure it is not so difficult to see the difference – Your money and Money for you.
Let me explain.
Save money for you
First, you need to realize the importance of yourself so YOU save for YOU.
Because, we have been tuned to spend something only when we see a need. So, unless you see yourself as an important person who also has personal needs, you will never do it.
Do not consider paying your rents, EMI for the loans etc as your personal needs. I am talking about living your life – not surviving your life.
Once you see this difference I am sure you can realize that to live your dreams you need to spend money for you.
To summarize, my point here is “One who cares for himself, and lives his life” is the one rich. It could be entirely opposite to convention thoughts of not to be selfish. But remember setting the priority is must.
When you save and invest to take care of your family you are doing your duty.
When you are providing a good shelter and food to your kids, you are fulfilling the duty of a good parent.
By providing good education, you are exceling not just as a parent but also as a good citizen.
So, we all struggle hard to complete our duty. Nothing wrong, and we need to do so rightly.
All I say is, there is more to this. Consider that taking care of oneself is also an important aspect. Do not feel guilty of being selfish.
For, it’s our own DUTY to take care of ourselves.
Once you are done with the basic duty and start expensing for yourself, I would agree YOU ARE RICH.