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
Just 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, 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 reside 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’d merely imply residing with out debt, peacefully and healthily.
How Society Distorts Our Monetary Self-Price
We frequently measure our wealth by evaluating it with others. Stay 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 gang round you.
Peace of Thoughts and Well being: The True Measures of Wealth
For me, actual richness just 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 in case you’re pressured, unhealthy, or continually 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 reside 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
Luckily, I achieved the primary aim a lot sooner than anticipated. Now, I focus solely on the second.
At the moment, I’ve a retirement corpus that may cowl about 25 years of my present bills. Some might say it’s sufficient, others might disagree. However I’m glad — and that’s what issues most to me.
I began with zero internet price 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 utterly debt-free
No shortcuts, no magic — The key is “by no means growing our bills (topic to inflation) despite the fact that our revenue elevated drastically”.
Easy Residing = Wealthy Residing
Regardless of an increase in revenue through the years, our life-style hasn’t drastically modified. Aside from accounting for inflation, we reside with the identical simplicity. This determination performed an enormous position 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 flowery automobile or home — however as a result of:
- I’ve no EMIs
- I’m debt-free
- I’ve peace of thoughts
- I’m wholesome
- And I sleep peacefully at night time
Even when immediately, our household revenue drops to zero, we will reside 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 Downside Then?
This weblog just isn’t about boasting. Nor am I saying it’s best to observe my path. Your age, profession, obligations — all the things is totally different.
However right here’s the difficulty I’ve seen:
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 an alternative, we copy others, chase tendencies, and fall prey to FOMO (Concern of Lacking Out).
I’ve by no means been jealous of my purchasers, lots of whom have the next internet price than me. I don’t evaluate myself to neighbours, associates, 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 Lure of Way of life Inflation and Overconfidence
The most important mistake of our era is assuming that:
- Our present revenue is ceaselessly
- Our present well being is everlasting
We spend recklessly assuming we’ll earn ceaselessly. Residing 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 must you.
Keep away from the noise. Neglect what society needs you to challenge. Every rupee spent to impress others is a crime in opposition to your future monetary freedom.
“Spending cash to indicate individuals how a lot cash you could 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. 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 might want to be completely satisfied.
