7 sings you’re rich, even if doesn’t feel like it
“Rich’’ can be just as subjective as “happy’’ — it’s different for everyone. indication of wealth
“Rich’’ is relative.
Maybe you think it means being in the top 1% of earners in some of the wealthiest cities in the us, Maybe it means being able to buy a flashy mansion or spend your life flitting from luxury vacation.
But former investment banker Kristin Addis told Insider she feels richer earning about 40% of her previous six-figure salary while she travels the world .Nick and swift, who also left the jobs to make a fraction of their former income, said they’re happier former income, said they’re happier earning less, the self -made millionaire stars of “ West Texas Investor’s Club ’’say their relations are more valuable than their money they earn
Ultimately, ‘’rich’’ ca be just as subjective as “happy” — it’s different for everyone However, there are a few universal indications of wealth, no matter how you view it.
1. You Can save money
“Most people fail to realize that in life ’’ it’s not how much money you make , it’s how much money you keep, ‘‘write Robert Kiyosaki in “Rich Dad Poor Dad’’
At the end of the day, money does not solve financial problems — in fact , it often exacerbates them. Consider the lottery winner who lost it all with in a few years, or the professional athletes who made millions in their 20 s and wound up broke
“Money often makes obvious our tragic human flaws, putting a spotlight on what we don’t know .’’says Kiyosaki. ‘‘That is why, all too often , a person who comes into a sudden windfalls of cash — let’s say inheritance , a pay raise , or lottery winnings — soon returns to the same financial mess, if not worse, than the mess. if not worse ,than the mess they were in before,’’
If you can hold on to a portion of the money you earn, you’re in good shape
2. You can live comfortably below you means
Living below your means is one of the major tenets of responsible money management: spending less than you earn, however much that may be .
Self made billionaire Anthony Hsieh told Insider that learning to live within his means was a lesson he learned from his parents, who immigrated to US from Taiwan
The habit ‘‘has helped me quite a bit and that’s one of the reasons I’ve survived and flourished in consumer leading for 30 years.’’ he said. “My career spans four different economic and housing cycles and I’m still sitting at the table as keys executive in consumer and my self don’t overspend.’’
Living within your means might not sound like big deals if you’re already doing it ,but not everyone can manage. A 2019 report released by GO banking rates found that a third of Americans surveyed are living paycheck to paycheck
3. You will eventually be able to pay for the things you really want
If you can go out and buy a yacht in cash today, most people would agree that you’re rich. however, if you can go out and buy that same yacht five years from now after setting a saving goals and socking away money on monthly or annual basis, guess what ?You’re probably still rich.
Survey after survey turns up the same dispiriting results: Americans aren’t saving all that much. The same GO banking rates survey reported that 45% of respondent had no household savings, and an estimated 40millions house holds have no retirement saving whatsoever.
Which brings us to our next point. . .
4. You’re going to be able to afford to retire as planned
Retirement is expensive. Experts say that to live lavishly in retirement, you need to replace about 70%-80% of your current income (although that number is disputed). Even if you’ve downsized, and maybe even relocated to an area with a low cost of living, retirement is still a prolonged period of supporting yourself on little or no income
Traditionally, “retirement age” is 65, but that’s changing as more Americans find they’re unable to float 20-plus of living without a pay check. Data from 2019 bureau of Labor statics report found that nearly 20% of Americans age and older are still working.
If you can afford to retire when you want to, it’s a luxury
5.You aren’t motivated purely by money
One common thread you’11 find among self-made millionaires and those who studies them is that ‘‘rich people’’ tend to focus on something other than the dollar sings: they’re solving a problem, or following a passion, or striving to build their business as much as possible.
That, right there, is a luxury. if you can’t be happy to earn s sizeable paycheck or you can’t be excited to watch your investments grow, but money isn’t your chief motivator or source of joy. If you have luxury to focus on something other than the money, you’re in a good place
6.You view money as a ally
“Most people have a dysfunctional, adversarial relationship with money,’’ writes self made millionaire Steve Siebold. “After all, we are taught with money is scarce — hard to earn and harder to keep. If you want to start attracting money, stop seeing it as your enemy and think of it as one of your greatest allies.’’
The reason wealthy people earn more wealth is because they’re not afraid to admit that money can solve most problems, Siebold says,“[The middle class] sees money as a never-ending necessary evil that must be endured as part of life. The world class sees money as the great Liberator, and with enough of it, they are able to purchase financial peace of mind”.
If you aren’t scared of money — if you view it as an ally, and a tool that can help you achieve what you want in life — you’re ahead of the game.
7. You aren’t stuck
“What I have realized over time is that in many ways, money spells freedom,” self-made millionaire and Nasty Gal founder Sophia Amoruso wrote in her book, “#GIRLBOSS.” she continued:
“ If you learn to control your finances, you won’t find yourself stuck in jibs, places ,or relationships that you hate just because you can’t afford to go elsewhere. …Being in a bad spot can slam them in your face.”