Am I wealthy or poor? It’s a query many silently ask however not often reply for themselves. Is it earnings, way of life, 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 value of the automobile (to guage my web price), and few branded me as I’m poor 🙂 (Sharing the tweet beneath) 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 way of life. For others, it would merely imply residing with out debt, peacefully and healthily.
How Society Distorts Our Monetary Self-Value
We frequently measure our wealth by evaluating it with others. Dwell in a modest neighbourhood, and it’s possible you’ll really feel wealthy. Transfer to a extra prosperous space, and it’s possible you’ll immediately 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 must be outlined by you, not the group round you.
In case you dwell in a society the place your neighbours are poorer than you, you then all the time really feel RICH. Inversely, if you happen to transfer to a wealthier society than you might be, then you’ll all the time 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 can be wealthy and vice versa.
Peace of Thoughts and Well being: The True Measures of Wealth
For me, actual richness isn’t about crores within the financial institution. It’s about peace of thoughts and good well being.
You might need Rs.100 Cr in belongings, however if you happen to’re careworn, unhealthy, or consistently 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 realizing 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 objectives:
- My daughter’s commencement and post-graduation
- My very own retirement
Happily, I achieved the primary purpose a lot sooner than anticipated. Now, I focus solely on the second.
Right this moment, 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 glad — and that’s what issues most to me. However it doesn’t imply I set my retirement age. For me the retirement is when my physique and thoughts not assist working for me. Till that interval, I’m blissful to work, and I really like working.
I began with zero web price in 2011, proper after I give up my BPO job and accomplished my CFP certification. Since then:
- I bought an unbiased home and cleared the mortgage in 2–3 years
- Purchased a automobile with none mortgage
- Constructed my life utterly debt-free
No shortcuts, no magic — The key is “by no means rising our bills (topic to inflation) regardless that our earnings elevated drastically”.
Easy Residing = Wealthy Residing
Regardless of an increase in earnings through the years, our way of life hasn’t drastically modified. Aside from accounting for inflation, we dwell with the identical simplicity. This choice performed an enormous function in serving to us accumulate wealth.
Round 90% of our bills are wants, and solely 10% are needs. That’s the sort of steadiness we attempt to keep.
“Wealth consists not in having nice possessions, however in having few needs.” — 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 (Day by day, I stroll round 10,000 steps and do yoga)
- And I sleep peacefully at evening (I get a sound sleep at round 10 AM and rise up at round 5.30 AM)
Even when immediately, our household earnings 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 isn’t about boasting. Nor am I saying you need to comply with my path. Your age, profession, duties — every thing is totally different.
However right here’s the problem I’ve observed:
Most individuals crave society’s approval of their monetary life.
We frequently neglect to look inward — to evaluate the place we began and the place we’ve reached. As a substitute, we copy others, chase tendencies, and fall prey to FOMO (Concern of Lacking Out).
I’ve by no means been jealous of my shoppers, a lot of whom have a better web price than me. I don’t examine myself to neighbours, mates, or family members.
On the finish of the day, what issues to me is:
- Can I sleep peacefully?
- Am I wholesome?
- Am I in a position to present primary comforts for my household?
If the reply is sure, then I’m wealthy, no matter what society thinks.
The Entice of Life-style Inflation and Overconfidence
The largest mistake of our technology is assuming that:
- Our present earnings is endlessly
- Our present well being is everlasting
We spend recklessly assuming we’ll earn endlessly. Residing paycheck-to-paycheck with none buffer or backup plan is nothing lower than a crime — particularly you probably have dependents.
Remaining Ideas: Outline “Wealthy” in Your Personal Phrases
So, am I wealthy or poor? I outline it for myself — and so must you.
Keep away from the noise. Overlook what society needs you to mission. Every rupee spent to impress others is a crime in opposition to your future monetary freedom.
“Spending cash to point out individuals how a lot cash you’ve is the quickest technique 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 strain.
As a result of true richness lies not in what you personal, however in how little you have to be blissful.
