What is your definition of wealth ?

How do we define wealth? If we plan to be wealthy, what is the meaning of wealth? When will we call ourselves wealthy? what is the meaning of wealthy? What is our definition of wealth?

What is Wealth?

Like everything in life, this question ought to have an answer – we need to know when to make that call.

What is your definition of wealth?

For a poor individual, living in a pukka house and sending his children to good schools could be the definition of wealth; for a middle-class person, driving a classy sedan and living in a bungalow could be the definition.

Does our definition of wealth stay constant? Having a small car and a small house could make us wealthy; once we attain that, we look to buy a bigger car and a bigger house. Will acquiring these make us wealthy?

The way life is, its sure to throw in a few problems of its own and skew our definition of wealth. It leaves us asking for more.

Whatever be the meaning, its quite clear that: Without such a measure, it will be akin to standing at a shooting range and aiming with a rifle – only to find that the mark is missing.

I define wealth as the amount of money that can make me and my family live comfortably today and tomorrow and which won’t make me ask for more. You could argue that “live comfortably” is a very subjective view. I agree. And I won’t argue. That’s why it’s my view!

The definition of wealth is different for different individuals.

Every investor needs to first measure what his definition is. And then aim to get to it.

All those who have set out to get rich need to know when they can call themselves rich. Without such a target, one is a blind man in a blind world.

THE RULES OF WEALTH

Rule 1

Anybody can make money- it isn’t selective or discriminatory.

You have the same rights and opportunities as everyone as you want.

Rule 2

Decide on your definition of wealth.

If we don’t have a definition how can we monitor or judge success? If we don’t do this how will you know if this book has been helpful to you?

Rule 3

Set your objectives.

You will want to know in advance with rich means to you, how you intend getting there, how long you expect it to take.

Rule 4

Keep it under your hat.

Now you have embarked on a new journey, a new direction, it might be worth keeping it under your hat.

Rule 5

Most people are to lazy to be wealthy.

Most people are too lazy to be rich. They may say they want to be, but they don’t.

Rule 6

Understand your money beliefs and where they come from.

Get rid of any beliefs that you can question and accept are nonsense.

Rule 7

Understand that wealth is a consequence, not a reward.

You don’t get given the money by a committee who examine whether you deserve it or not.

Rule 8

See wealth as a friend, not the enemy.

Money is the oil that smoothies life for all of us.

Rule 9

Decide what you want money for.

We all spend on what we think will satisfy us, make us happy.

Rule 10

Understand that money begets money.

Money makes money. The rich get richer.

Rule 11

If you see money as the solution you’ll find it becomes the problem.

It may buy you better medical care after the even but it doesn’t protect you.

Rule 12

You make lots of money, you can enjoy your job, and you can sleep nights.

If you are starting to lose sleep or have stopped enjoying it, then you need to have a talk with yourself.

Rule 13

Don’t make money by being bad.

If you don’t enjoy the challenge of earning money legit then best go and do something different.

Rule 14

Money and happiness- understand their relationship.

Money is a placebo not a cure.

Rule 15

Know the difference between price and value.

We think we know the price of something. But the value can spread out far beyond all of the that.

Hope you found the definition of wealth interesting. Here’s wishing everyone wealth which can make them happy forever.