Determine What Wealth Means to You in Order to Pursue a More Effective Financial Plan
Money and wealth are not the same thing. Of course, most people’s definition of wealth involves making money, but how much? And is time part of the equation? If you want wealth, you first need to understand what that means to you.
Many of us, myself included, have a rather vague idea of what wealth is. From a young age, I always knew that I wanted to grow up and get rich, but that gave me a rather aimless direction . To combat this, here’s what CFP Jeff Rose offers via Business Insider:
Before you chase after wealth, determine what wealth means to you. Wealth does not have to be dependent on money. You can have strong relationships with family and friends, or a rich travel and adventure experience. Wealth can also be defined as a lifestyle that replaces the traditional 9 to 5 job.
For me, wealth is the ability to do what I like and not worry about having enough money. For others, this may mean owning property or saving up a million dollars. And for others, it could mean not working at all. Your savings goals and financial decisions may differ depending on your definition of wealth. For example, someone whose idea of wealth is not working may focus more on passive income. Basically, the definition of wealth gives some meaning to your goals, so you know exactly what you’re aiming for.
Read more in the Business Insider post.
Financial Planner Says Everyone Should Do Something Before Trying to Get Rich | Business Insider