Am I wealthy or poor? It’s a query many silently ask however not often 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 automotive, 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 automotive (to guage my web price), and few branded me as I’m poor 🙂 (Sharing the tweet beneath) That small comment sparked a giant 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-Value
We regularly measure our wealth by evaluating it with others. Stay in a modest neighbourhood, and you could really feel wealthy. Transfer to a extra prosperous space, and you could 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 folks 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 gang round you.
For those who dwell in a society the place your neighbours are poorer than you, you then 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 may 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 may need Rs.100 Cr in belongings, however if you happen to’re careworn, 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 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 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.
Immediately, 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 really like working.
I began with zero web price in 2011, proper after I stop 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 automotive with none mortgage
- Constructed my life fully debt-free
No shortcuts, no magic — The key is “by no means growing our bills (topic to inflation) although our revenue elevated drastically”.
Easy Residing = Wealthy Residing
Regardless of an increase in revenue over time, our life-style hasn’t drastically modified. Other than accounting for inflation, we dwell with the identical simplicity. This resolution performed an enormous function in serving to us accumulate wealth.
Round 90% of our bills are wants, and solely 10% are desires. That’s the form of stability we attempt to preserve.
“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 automotive 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 night time (I get a sound sleep at round 10 AM and stand up at round 5.30 AM)
Even when at present, 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 isn’t about boasting. Nor am I saying it is best to comply with my path. Your age, profession, duties — every thing is totally 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 price than me. I don’t examine myself to neighbours, pals, or relations.
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 Entice of Way of life Inflation and Overconfidence
The largest mistake of our technology is assuming that:
- Our present revenue is eternally
- Our present well being is everlasting
We spend recklessly assuming we’ll earn eternally. Residing paycheck-to-paycheck with none buffer or backup plan is nothing lower than a crime — particularly when you have dependents.
Last 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. Overlook what society desires you to mission. Every rupee spent to impress others is a crime in opposition to your future monetary freedom.
“Spending cash to indicate folks how a lot cash you may have is the quickest solution to have much less cash.” — Morgan Housel
Outline what’s sufficient for you. Stay a life based mostly on values, not comparisons. Avoid 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 it’s worthwhile to be completely satisfied.