Here is a question I would like all of my readers to ask themselves…
Would you prefer being ‘rich’ or ‘wealthy’?
Let me first explain the meaning of these terms as per my understanding.
A ‘rich’ person could be the one who is in a job that pays well so that such a person could afford a lot of ‘stuff’ which they do not need. But such money comes with compromises.
On the other hand a ‘wealthy’ person could be one who values time more than money and if given a choice would also prefer the former. Such a person could also join not to work and there would not be a difference in their financial health.
The Most Dangerous Compromise: Exchanging Time For Money (The ‘Rich’)
If you exchange time for money then here I think you might have a very busy life.
You could be called up when you are having priceless moments of life which won’t happen again. Like, getting to work on your child’s first birthday or not being able to celebrate your first anniversary with your partner due to workload. This list can go on.
I think people who are ‘rich’ can be divided into two categories, first who have no other option but to work in their current job and second who fails to think.
Well, I would not comment on the first category of people as I believe life is hard and it can push people down to their knees which forces them to do things which they would not do if they had money to feed their family.
Now people who fall in the second category could be those who have accepted the mediocre lifestyle.
They have come to the conclusion that they can’t get better than this and now they have to just sail with this mediocre life like doing things you don’t like, working around people you hate, agreeing with your boss on things you would generally not agree, etc.
One of the reasons why such people agree with this mediocre lifestyle is because they fear change.
Change requires a lot of effort and we all know that when the point comes on putting in the effort, only few people could actually do it. As it requires effort to learn new skills, read a book, or take a course to improve yourself.
A person who has never read a book or attempted to learn a skill it would be very difficult for such a person to change, especially when they have pressure of work on them.
Therefore, without even trying they accept that if they had started early only then they could have achieved something extraordinary in their lives. But if you would have met the same person at an early age they would have given you a statement like, “I am quite young now let me enjoy, I will think about the future later.’
But there is an exception here!
If you exchange your time doing something you love then aforementioned points make no sense.
Now, what is being wealthy according to me? Well, it is a combination of definitions…
First, if you do what you love to do without thinking about money constraints.
Second, you don’t have to spend time with people you don’t like.
Third, you work because you like doing that work and not for money.
Just imagine how wonderful it would be when you don’t have to work just because you are being paid. Instead you do it because you love it.
You might have reached such a level of financial health that you don’t require more money to live your life happily.
Now this does not necessarily mean you need to be a millionaire or should have a huge amount of cash with you. It can be achieved at a much lower level also.
For example: If your needs require significantly less amount than your income, then you could easily say you are financial independent.
I would recommend you to watch this video only from the perspective of understanding needs.
But unfortunately today’s world does not function in such manner.
Today you are encouraged to buy more and save less.
People take 3 credit cards using the first one to buy ‘stuff’, second one to pay the bill of the first one and third credit card for paying the bill of second. This goes on and on.
Just see the Black Friday Day sales. what happens in stores during such days.
To maintain such behavior you need continuous inflows of cash coming in, which means sticking to your job.
But I believe, inculcating some habits such as saving first and then spending the left over of your income, or not following the trend which is going around, etc. could make a difference.
These habits would start compounding and soon you will realize that spending your hard earned money on such things really didn’t matter.
Well, who am I to say? nobody. But I myself practice some habits which helps me stay frugal and it has also helped me to increase my happiness level. (I guess that is what we all are chasing…..happiness?)
I would also recommend to read this thread on financial freedom: (click here)
(Thanks to https://www.mojohandykraftz.com/ for reading drafts of this.)