Mindset: Leading a Rich Life

 

What does it mean to be rich?

 

Having abundant wealth?

Having something that is of high value to you?

Being wealthy, healthy, intelligent?

Maybe all the above?

 

I think the personal definition of being rich and living a rich life can change as we get older and as our lives change and grow.

When we were young, we were bombarded by images on TV shows, in movies, and in music videos that being rich means being materialistic, popular in school, living in a big house, driving a nice car, traveling a lot, being able to spend a lot of money, and sometimes being a jerk. There were also examples of characters that were rich and frugal, who laid off their employees, polluted the environment, and let people and children suffer without helping them.

In college, at the recommendation of a friend, I read the book “The Millionaire Next Door,” by Thomas J. Stanley and it changed how I saw having money and what being rich and leading a rich life meant to me. It was less about having “things” and more about having the funds to live a life with the qualities that are important to you. For me that is having family and friends who love you and being able to spend time with them. It also means not working myself to death at the expense of my health (which was a habit and unfortunately a badge of honor in the accounting field).

 

So, how can you cultivate the right rich life for you?

 

1) Identify what is important to you. This should be something that is important to you today and will continue to be so in the future.

 

2) Get help making your dream come true. Speak with your accountant, financial advisor or attorney (or hire someone whose advice you can trust). You can speak with your company's HR dept about their 401k plan and other benefits you may not be fully taking advantage of. Speak with your doctors or start to see a doctor for something you have been putting off. Go to your local college, museum, or library to see if they have any classes you are interested in taking. Don't be afraid to ask for help. You won’t learn if you don't ask!

 

3) Talk about it. Talking about it makes you more accountable to others (and even to yourself!). You will be more likely to move towards your goal. Also, the person you are sharing with may have the right person to put you in touch with that can help.

 

4) Celebrate small wins along the way. Be proud of the first 401k amount withheld from your paycheck. Acknowledge attending your first class in the art program you have wanted to take for years. When you celebrate these wins, no matter how small, you are more likely to continue. And all these small steps can lead to a rich life.

 

What steps will you take today to live a richer life?

 

Disclaimer: This information is provided for informational purposes only. I am NOT an attorney and I am NOT YOUR accountant. The information provided does NOT constitute legal, tax, accounting or any other type of professional advice. Please consult with your own attorney or tax professional. We assume no liability or responsibility for any errors or omissions or reliance on this information.