Richness or wealthiness is a State of Mind. It is a very Personalized thing. You can’t compare each and every person in same set of rules to know how rich or wealthy he/she is. Richness word is not only associated with Money but it has many parts too. A person can be called rich by his/her beautiful thoughts, by his/her nature, by his/her generosity and by his/her kindness But unfortunately in modern society rich and wealth word is got associated only with MONEY.
In my opinion I feel rich myself when I achieve financial freedom.
Financial Freedom is that state of mind which can be felt when you are totally worry free about your finances. You stop thinking frequently about money matters in back of your mind.
State of wealth is when One should be able to plan and unplan anything pertaining to money anytime if emergency struck. For example
If sudden job loss occurs am I able to provide same kind of lifestyle to my family for next 1 year or until I get same paying Job?
If medical emergency happen would I have adequate health insurance and if any more money needed am I be able to handle that cost without being much bothered?
If I got temporary disability by accident and not able be in active working life for some time even then I will be getting regular monthly income to take care of my monthly expenses?
If answer of these questions are YES then I am rich.
Apart from emergencies
If I am able to achieve all my short term, medium term goals, and long term easily then I am rich.
If I can decide my retirement age by myself then I am rich.
If I can maintain same kind of lifestyle even after my retirement then I am rich.
In my lifetime If I never ever have to ask monetary help from any of my friends and relatives then I am rich.
And lastly if I can live on my own term in my retirement period too with dignity and pride without being financially burdened on my children then I am rich.
I daily work towards my financial freedom which leads me to be rich. Financial Planning is a continuous process which leads you to mental peace and hope of better tomorrow.
My philosophy:
Every one’s dream is to have high paid but stress free job. In reality, it is next to rare. But if we make ourselves financially free by following proper financial plan our dependency on job will be minimal, and we can achieve FIRE (Financial Independence Retire Early) stage early in our life .
If we want to change our financial life and work towards building money we only need to make a few small changes. This idea is called kaizen. And it’s incredibly powerful.
Kaizen is a Japanese word that means “continual improvement”. It refers to the process of making positive change and improvement through small, steady steps. It’s based on the wisdom of Tao Te Ching, a Chinese text famous for the proverb: “A journey of a thousand miles begins with a single step”. Ask anyone who’s conquered Everest, built a billion-dollar business from scratch, or achieved the seemingly impossible, and they’ll tell you the same thing… they did it a day at a time, step by step.
Last thought:
Building wealth doesn’t happen by accident. We need to plan things meticulously and implement those systematically. Financial Independence is available to those who learn about it and work for it.