For me, and I assume for many, when I was growing up; if I ever stated the words, or heard them mentioned, “I want to be rich”, I instantly thought, or knew, it was referring to having lots of money. If people desired more in the other areas that make for a ‘rich life’ then I usually heard them say things like, “I want to be healthy/fit”, or, “I want to be happy and have lots of friends”, or even, “I want to feel closer to God”.
For many the word ‘RICH’ has multiple contextual meanings, and whilst ‘a rich life’ & ‘financially rich’ may seem closely related, the collective focus for this site is on the later. If you ever want to achieve something; first you need to be able to define what it is you want.
It seemed like a simple question, “Define Rich”, but the answers I received showed people have either very different ways of defining it or no idea on how to define it (which may be part of the problem preventing them from achieving it). So I asked a different question, “”In your opinion, if you could look into a persons life, at what point of tangible achievement would you declare they have become financially rich”? Again the answers were all different, and none were even close to being based on measurable specifics.
I mean, do we take into account such specific variables like net worth, income, residual income, possessions, assets, disposable cash…etc? Even if the answer is different for everyone, each person who desires wealth in their life should have their own SPECIFIC definition of what being financially RICH is to them. No more of this, “I just want enough money to do whatever I want…”. Um…. exactly how much is that for you?
Life is saying to you, “I’m writing a cheque out to you and the amount on it will be the bare minimum you’ll need to achieve your goal of being rich. What number am I writing on the cheque and can you justify it’s size (I’m from accounting you see, and we need to know where every dollar is going)”
So defining RICH is important for our own goals, but the other reason ‘defining RICH’ is important, is this site and our mission is to have a collaboration of qualified opinions and experience collectively focus on a singular question, “Why will most people never become rich”? In order for someone to have a Qualified Opinion to contribute they must be ‘rich’ themselves, so we need to be able to quickly establish they are indeed financially rich.
Regardless of a lack at this time of a definition for a universally accepted ‘tipping point’, where a person ‘becomes rich’, the contributors to this site and to the answering of the question, will be accepted by the majority of the readers as being Rich.
For now may I offer my own definition of RICH: “To have greater than 25 years of singular access to passive income, exceeding double the national average wage for all employees. This comes from either residual income or from the sale of assets not used for personal lifestyle”.
How would you define RICH, and how would you know you, or another, has finally achieved it?