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Article

What Does it Mean to Be Rich?

What does it mean to be rich?

If we set unrealistic expectations for ourselves, we never reach the satisfaction of true wealth.  Many of our expectations can be generated unconsciously by the people we are surrounded by, combined with that age old stumbling block of comparison. Often our feelings of poverty or wealth have nothing to do with a balance sheet. How do you define wealth? This article offers some interesting perspectives to consider.

November 2, 2023
What does it mean to be rich?
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

What you do think it really means “to be rich"? Some people live by the balance sheet, some die by it. Others don’t even know what a balance sheet is. How do you define wealth for yourself?

Our feelings about wealth stem more from our life decisions and social circles than from the numbers we see on our statements.

Feeling wealthy means feeling you have enough, of wanting what you have rather than being consumed with what you want.

Is Money Supporting or Driving?

Acknowledge who you are and your limitations. Most folks just hang out with smarter people, but instead of trying to learn from them these folks try to prove they belong.

This concept continues with money. Feelings of wealth correlate to our surroundings and the proverbial Joneses in our lives.

If you simply want to feel wealthy, hang out with people poorer than you. If you want to feel poor, keep trying to live the life of folks wealthier than you.

Wealthy people can teach us a lot.

Your first challenge, however, comes in recognizing those who are truly wealthy versus those projecting an image of wealth. You must stop showing that you belong and instead understand how to turn money into a supporting element of your life rather than the driving force – whether you’re worth $100,000 or $10 million.

Best intentions often turn sour.

We move from a modest neighborhood to a high-end community and find ourselves falling from feeling wealthy to feeling extremely uncomfortable overnight. More living space, a better school district or a safer neighborhood may motivate the move.

But in the old neighborhood, we provided our family with everything friends and neighbors provided to their families. In the new neighborhood, however, extras are now basics. Social pressures surrounding community outings, kids’ class trips, sports and extra-curricular activities exceed those in our previous life.

If we set unrealistic expectations for ourselves and our financial lives, we never reach true wealth. A certified financial advisor can help you with finding a realistic perspective of where you’re at and what your goals can be, without the emotions that often skew our view.

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