What is Wealth and How do You Define It? For some people being rich associates to having big luxury homes, multiple property real estates and nice cars. For others they relate wealth to financial standings such as having millions of dollars in their bank account. Some thinks that financial freedom is where they could retire comfortably without working for another day by having assets which generates passive incomes. Some may even relate it to a specific dollar amount such as ten million dollars as being rich or being able to buy anything you want and like. How would you best possibly define wealth for yourself?
There is nothing wrong with all the perceptions on the thoughts above. In fact people including you and me are thinking about being in a better financial standings everyday in our lives. Nobody in this world will ever complain of having too much money. In fact the wealthier you get the more you want. Many successful people work even harder when they achieved their financial goals. This may often be related to the fact that everyone fears of being poor. Nobody wish to live in a burdened life having to worry about putting food on the table for your family. Becoming a millionaire and achieving financial freedom for a comfortable life is everyone’s dream. That is why we work so hard everyday.
We need money to meet our luxury needs such as purchasing goods we like, having the latest brand of mobiles, purchasing beautiful and elegant evening dress and dining in expensive restaurants. If you can not afford them, you need to cut down on the spending. Once you make more money, you have the options to spend the extra money to satisfy yourself or to grow it through investing. If you plan to invest, you will have to decide which type of investments that are most suitable for you and your investment plan. Once you have decided to invest into stocks, properties, mutual funds, fixed deposits or even starting a new business, you need to have a very clear view and planning on how to grow your assets. The journey to become rich and wealthy involves lots and lots of decision making. Think wisely before you decide in anything you do.
However, without a proper asset management and planning you will never become rich and wealthy. The dream of living a luxury live and being wealthy will always stay a dream. You can have a seven figure sum in your bank account. If you do not plan wisely, you will not be able to grow and make more money or even worse losing them. Planning your budget is an important factor to determine how much you should save from what you earn every month. Having a good budget plan is essential to achieve your target.
Nobody in this world has never make a mistake. In fact rich people make more mistakes than everyone else. People just do not realize this. Take for example Richard Branson of the Virgin Group. The very successful entrepreneur admits that he made more mistakes than everyone else. He just learn from his mistake and never to repeat the same again. If you managed to make a successful business venture, the profits generated from it will cover the mistakes you have paid. Repeating your mistakes is the worst possible scenario for investments. You will be a step closer in achieving your goals.
It doesn’t matter how do you define wealth, you should all work hard and try your best in everything you do everyday. Failure and giving up here is not an option. You should always remember this. Too many people have given up half way after facing failures. In fact they gave up when success is just by the corner.Thus, never ever give up on your dream and pursue it with all your might and heart.