Am I wealthy or poor? It’s a query many silently ask however hardly ever reply for themselves. Is it revenue, life-style, or peace of thoughts that defines our true wealth?
Am I wealthy or poor? It’s a query of notion, not numbers
Lately, my daughter commented on our small automobile, evaluating it with others round us. I shared my reply to her on Twitter. That turned bit viral, and few requested me the worth of the automobile (to guage my web value), and few branded me as I’m poor 🙂 (Sharing the tweet under) That small comment sparked an enormous thought in my thoughts — Am I wealthy or poor? Who decides this — is it me, my household, or the society I dwell in?
This isn’t nearly wealth on paper. It’s about how we really feel about our monetary lives. For some, richness means a luxurious life-style. For others, it would merely imply dwelling with out debt, peacefully and healthily.
How Society Distorts Our Monetary Self-Price
We regularly measure our wealth by evaluating it with others. Dwell in a modest neighbourhood, and you might really feel wealthy. Transfer to a extra prosperous space, and you might out of the blue really feel poor.
“Too many individuals spend cash they haven’t earned, to purchase issues they don’t need, to impress individuals they don’t like.” — Will Rogers
Our notion of wealth will get hijacked by society. However in actuality, whether or not you’re wealthy or poor ought to be outlined by you, not the gang round you.
In the event you dwell in a society the place your neighbours are poorer than you, then you definitely at all times really feel RICH. Inversely, if you happen to transfer to a wealthier society than you’re, then you’ll at all times really feel poor in your self. In easy phrases, if you happen to encompass your self with people who find themselves financially poorer than you, then you’ll be wealthy and vice versa.
Peace of Thoughts and Well being: The True Measures of Wealth
For me, actual richness is just not about crores within the financial institution. It’s about peace of thoughts and good well being.
You may need Rs.100 Cr in property, however if you happen to’re harassed, unhealthy, or continuously evaluating, then what’s the purpose?
“It’s not your wage that makes you wealthy, it’s your spending habits.” — Charles A. Jaffe
I’m not denying the significance of cash. It issues. However what issues extra is figuring out how a lot is sufficient for you and your loved ones to dwell a significant life.
Standing of My Monetary Life: A Private Reflection
Let me share a bit from my very own journey.
I had solely two monetary targets:
- My daughter’s commencement and post-graduation
- My very own retirement
Happily, I achieved the primary aim a lot sooner than anticipated. Now, I focus solely on the second.
Right now, I’ve a retirement corpus that may cowl about 25 years of my present bills. Some could say it’s sufficient, others could disagree. However I’m happy — and that’s what issues most to me. Nevertheless it doesn’t imply I set my retirement age. For me the retirement is when my physique and thoughts not help working for me. Till that interval, I’m completely satisfied to work, and I like working.
I began with zero web value in 2011, proper after I give up my BPO job and accomplished my CFP certification. Since then:
- I bought an impartial home and cleared the mortgage in 2–3 years
- Purchased a automobile with none mortgage
- Constructed my life fully debt-free
No shortcuts, no magic — The key is “by no means rising our bills (topic to inflation) though our revenue elevated drastically”.
Easy Dwelling = Wealthy Dwelling
Regardless of an increase in revenue over time, our life-style hasn’t drastically modified. Aside from accounting for inflation, we dwell with the identical simplicity. This choice performed an enormous position in serving to us accumulate wealth.
Round 90% of our bills are wants, and solely 10% are desires. That’s the type of steadiness we attempt to keep.
“Wealth consists not in having nice possessions, however in having few desires.” — Epictetus
Am I Wealthy or Poor? My Reply
I really feel wealthy — not due to a elaborate automobile or home — however as a result of:
- I’ve no EMIs
- I’m debt-free
- I’ve peace of thoughts
- I’m wholesome as of now (Each day, I stroll round 10,000 steps and do yoga)
- And I sleep peacefully at night time (I get a sound sleep at round 10 AM and stand up at round 5.30 AM)
Even when as we speak, our household revenue drops to zero, we will dwell a king-size life comfortably in our native place with our present corpus. That’s true monetary freedom.
So, sure — I’m RICH, in my very own phrases. I don’t want validation or certification from others to really feel wealthy 🙂
What’s the Actual Drawback Then?
This weblog is just not about boasting. Nor am I saying you need to observe my path. Your age, profession, obligations — every part is completely different.
However right here’s the difficulty I’ve seen:
Most individuals crave society’s approval of their monetary life.
We regularly overlook to look inward — to evaluate the place we began and the place we’ve reached. As a substitute, we copy others, chase developments, and fall prey to FOMO (Concern of Lacking Out).
I’ve by no means been jealous of my shoppers, lots of whom have the next web value than me. I don’t examine myself to neighbours, pals, or family.
On the finish of the day, what issues to me is:
- Can I sleep peacefully?
- Am I wholesome?
- Am I capable of present primary comforts for my household?
If the reply is sure, then I’m wealthy, no matter what society thinks.
The Lure of Life-style Inflation and Overconfidence
The largest mistake of our era is assuming that:
- Our present revenue is perpetually
- Our present well being is everlasting
We spend recklessly assuming we’ll earn perpetually. Dwelling paycheck-to-paycheck with none buffer or backup plan is nothing lower than a crime — particularly you probably have dependents.
Closing Ideas: Outline “Wealthy” in Your Personal Phrases
So, am I wealthy or poor? I outline it for myself — and so do you have to.
Keep away from the noise. Neglect what society desires you to mission. Every rupee spent to impress others is a crime towards your future monetary freedom.
“Spending cash to point out individuals how a lot cash you might have is the quickest solution to have much less cash.” — Morgan Housel
Outline what’s sufficient for you. Dwell a life primarily based on values, not comparisons. Keep away from the FOMO mindset, and construct a life that provides you peace — not stress.
As a result of true richness lies not in what you personal, however in how little it’s worthwhile to be completely satisfied.