Why Do You Want To Be Rich?
This is the first in a new series around wealth creation, basically what we are going to be talking about in this series is money. It’s importance, why you would want it, how to get it and how to make it work for you.
Being the first in the series I feel the most important place we can start is why? Why do you want to be rich? Why do you want to generate wealth
I think before you go after anything in life, it's important to ask yourself the question why. The reason being is that it’s so important to find that intrinsic motivation for it. Down the line, when that initial excitement about chasing your dream fades, it’ll be this internal motivation that continues to drive you forward, especially through moments of doubt and uncertainty.
When I talk about intrinsic motivation I mean what is it inside yourself that pushes you forward. An example of an extrinsic motivation might be seeking to prove something to someone else, or put forward an image of success. Intrinsic is motivation that comes from within, rather than from external sources.
When we are talking about money in particular, it can be a bit of a dirty word, it's almost taboo to discuss the idea of ‘how can I make more money?’. As if by seeking personal wealth we are really feeding our greed or personal gluttony. However, these assumptions are often misplaced.
The reality of money is that it allows you to do more of whatever you want. If you are a selfish person by nature, then it will facilitate that by allowing you more money to spend on yourself. However, if you are a giving and charitable person, then it can be used to support that as well.
So when it comes to being ‘wealthy’ the important thing is to understand what you would do with that wealth and of course, just how much ‘wealth’ do you need to have. For some people, earning enough to pay their bills and look after their family is all they need. For others, they want to be able to go on lavish holidays or set up charitable foundations. Neither is right or wrong, all that matters is you figure out what it means to you.
For many of us, we don’t actually know what we mean when we say we want to be rich. Generally speaking, we mean being financially free. In the sense that you don’t spend every waking hour worrying about how you are going to pay your bills or feed your family. That you are earning enough money that you can do what you want, when you want.
This is where having a good understanding of your values and what you want from life is essential. To determine the level of wealth you will require, it's important to know what you want from life. Theres no right or wrong answer, but you must be clear on this.
Sit down, write it all out. Put it all on paper without passing and judgement on it. You want a nice car? Thats absolutely fine, but you need to have an understanding of what that is going to cost you. Not just in terms of Dollars or Pounds, but in regards to your time and energy to be able to afford it in the first place.
As we go deeper into this series it's important to always reference back to this first step. All the decisions you’ll make around how much money you save and invest, how much risk you are willing to take and how hard you are willing to work, will all be determined by your answers to the questions proposed in this post.
