Defining RICH
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Lets define SENSIBLE SPENDING
Spending money mostly on things which you need.
Remember good health is primary requirement to enjoy life. Also my definition is biased towards Financial Independence. What excites most is "without working", however to reach that state it takes either hard work or some time !
You can earn in millions, however if you do not follow sensible spending going broke is very easy. I will leave the debate of NEED vs WANT for now but will certainly tell you that you have been lied a lot about RICH !
When we think of RICH what comes to your mind :
While these pictures are generally shown for rich men, these are rarely true !
These are ostentatious display of wealth to create authority and a sense of trust for that man ! I can assure you, someone doing above, is going to sell you something very soon if you are running after these riches !
Rich on the other hand know that spending rashly is the opposite of getting rich ! They are mostly frugal and live below their means. They spend sensibly and mostly let the money work for them, monitoring their CAGR return !
Think about it, how many times have you seen Ratan Tata showing off his luxury car or Mark Zuckerberg his designer watch or Warren buffett his apartment or Jeff Bezos his leisure vacations !
They work hard for their business, they bring value to not only their life but also others life !
Why do we have such distorted image of Rich ?
Its because of Television, Film industry celebrities and social influencers these days ! We are more exposed to them by the media than to intelligent investors.
One of my favourite quote about rich is
FINANCIAL PLANNING VALUE INVESTING GROWTH INVESTING STOCK INVESTMENT STOCK MARKET COURSE
Defining RICH
Before we start this Personal finance section of our Share market tutorial, let us define properly RICH !
Let us see how common dictionary describes RICH
Merriam Webster
"having abundant possessions and especially material wealth"
Cambridge dictionary
"having a lot of money or valuable possessions"
Oxford Learners dictionary
"having a lot of money or property"
To me all this is too vague !
My definition for RICH
Having good health and enough wealth which cannot be fully spent sensibly in a life time, without working !
Having good health and enough wealth which cannot be fully spent sensibly in a life time, without working !
Lets define SENSIBLE SPENDING
Spending money mostly on things which you need.
Remember good health is primary requirement to enjoy life. Also my definition is biased towards Financial Independence. What excites most is "without working", however to reach that state it takes either hard work or some time !
You can earn in millions, however if you do not follow sensible spending going broke is very easy. I will leave the debate of NEED vs WANT for now but will certainly tell you that you have been lied a lot about RICH !
When we think of RICH what comes to your mind :
- Someone driving expensive cars
- Someone travelling and living in exotic resorts
- Someone covered in gold
- Someone with luxurious apartments.
- Someone wearing designer clothes and watches.
- Someone enjoying in leisure doing nothing !
While these pictures are generally shown for rich men, these are rarely true !
These are ostentatious display of wealth to create authority and a sense of trust for that man ! I can assure you, someone doing above, is going to sell you something very soon if you are running after these riches !
Rich on the other hand know that spending rashly is the opposite of getting rich ! They are mostly frugal and live below their means. They spend sensibly and mostly let the money work for them, monitoring their CAGR return !
Think about it, how many times have you seen Ratan Tata showing off his luxury car or Mark Zuckerberg his designer watch or Warren buffett his apartment or Jeff Bezos his leisure vacations !
They work hard for their business, they bring value to not only their life but also others life !
Why do we have such distorted image of Rich ?
Its because of Television, Film industry celebrities and social influencers these days ! We are more exposed to them by the media than to intelligent investors.
One of my favourite quote about rich is
Poor people have big TV's. Rich people have big libraries.Jim RohnWe will detail about sensible spending in how much money you need to retire .
FINANCIAL PLANNING VALUE INVESTING GROWTH INVESTING STOCK INVESTMENT STOCK MARKET COURSE
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