One fine evening after having our postprandial walk me and my friend Aahan khan were sitting on a roadside bench doing our causal discussion and seeing vehicles getting passed on the road. It was our daily routine, while talking we saw a very expensive Audi car getting past in front of us the car was too good to draw anyone’s attention. We were amazed by that car and out of curiosity, we took a glance at the driver he was a teenage boy and by the looks of him, I can say he belongs to a very rich family. The car got past, and I looked at Aahan to resume our conversation but Aahan was in his thoughts. After few moments of silence in a very casual way, Aahan finally spoke with a fake smile: God, why I’m not rich …
This is not the very first time I’m hearing these words God, why I’m not rich … I’ve heard this before from many people, many times including myself.
I and Aahan both belong to a middle-class family so even though his tone was very causal I can pretty much relate with his feeling behind these words God, why I’m not rich … it’s almost like cursing your destiny. I’m sure you guys can also understand this feeling. If not, probably you are already rich or you are a saint or you are lying.
So now God has not made you rich, and there is nothing you can do about it apart from complaining, and complaining God, why I am not rich again and again will not make you rich for sure. But there are many other things due to which you are not rich and you can do something about it. So in this blog, I am going to discuss what is stopping you from being rich and don’t worry, I am not going to ask you to save money or cancel your Netflix subscription or ask you not to buy the expensive Starbucks coffee or expensive gadget because it will not make you rich plus you have heard these things many times before. So let’s get started -
You think you’ll become rich overnight — The very first thing that is stopping you from being rich is you think you’ll become rich overnight. People think one day they will get up and they will be rich all of a sudden. No one can become rich overnight legally being rich takes time, it’s a long and planned process some times it might take decades. People want to be rich but they don't plan for it. You can give an example of any rich person and I can bet he has not become rich overnight.
If you want to be rich overnight, buy a lottery ticket or bet your money on the horse race. In short, you have to be very lucky to become rich overnight.
You think your salary will make you rich — The second thing that is stopping you from being rich is you think one day your salary will make you rich. NO, IT WON’T the reason is your lifestyle cost is directly proportional to your salary so your salary will always get spent on your basic needs and your lifestyle. Until you invest your salary to generate more cash your salary won't make you rich.
If you want to know according to me how you should spend your salary you can check out my blog on How to spend your salary.
You are not earning while you are sleeping — Yes you read it right. There is a very famous quote from the legendary billionaire investor Warren buffet- If you don’t find a way to make money while you sleep, you will work until you die. And I think Warren Buffet is right but let me extend this quote a bit, I would say- If you don’t find a way to make money while you sleep, you will work until you die and still you will not be rich.
Now the question is how you can make money while you are sleeping? the answer is you have to put your money to work, to make it happen you have to invest your money in buying assets that can contribute to your wealth in the background even while you are not working or sleeping. Have multiple sources of income thru your assets so that your wealth kept on increasing. To get some more context around this you can read my blog on assets and parallel income I need more money.
You are not managing your own finance — The next point stopping you from being rich is that you are not managing your own money. Most people don't manage their finance on their own. Some feel it difficult some don't want to manage their money. Their finance gets managed by their parents, wife or husband, financial advisor, CA, or agency.
You should start managing your finance if you want to be rich. There are two reasons why I’m saying this, first, if you hand over your money to someone else the priority of that person will not be to make you rich with that money he’ll try to make himself rich first and make you rich will be his second priority. Second, if someone else is managing your finance you lose the track of your money where it is getting spent, how much tax you are paying, how much your net worth has been increased, how much return you are getting from a particular asset. You should know about every single hard-earned penny.
Now here I’m not saying that don't take advice from anyone you should take advice on where you should spend or invest your money. All I’m saying here is that decision to spend your money on something should always be yours. You should be in control of all of your financial decision and you should be keeping track of your money.
You are investing cause you have money not because you have goals — So to be rich you have to invest money you have to buy assets but most people invest just because they have money not because they have some financial goal that is why they don't get rich even doing everything right. If you are investing or saving money it has to be associated with a financial goal a financial goal can be as big as having a big house or as small as buying an expensive phone. Investing without a financial goal is as good as running a race without a finish line. Decide your goals and then put your money on to work to reach that goal.
And that's it, that's all I’ve to say, that's all you have to do if God has not made you rich and you want to become rich rather than just complaining God, why I’m not rich…
Now after reading all this you might be asking Sparsh, do you follow all this whatever you have written above? the answer is YES I follow every pointer I’ve written in this blog.
The next question would be if you follow all these are you rich? or do you consider yourself rich? to answer this first we need to understand what is the meaning of being rich. Take a few seconds pause and think what is being rich? When you’ll consider yourself rich? There is no specific definition of being rich. Every person has a different philosophy about seeing someone as rich. Some will consider you rich whenever you’ll have x-amount in your bank account, some will consider you rich when you will get featured in Forbes's list of top 10 richest people in the world, some will consider you rich when you own a Rolls-Royce. There is no limit to being rich. You have to find out when you’ll consider yourself rich rather than being a qualified rich according to someone else's philosophy.
For me being rich is being financially independent. I will consider myself rich whenever I’ll have enough money that can pay for my living expenses for the rest of my life and can buy all of my practically possible dreams, without me having to be employed or dependent on others for money.
Now to answer the question, Am I rich? NO, I’m not rich I don’t consider myself rich I’m far away from being financially independent. One of my dreams is to own a Lamborghini Urus and I’m far far away from this one single goal in the current situation and I’ve 5 more dreams like this. So I’ve to cover a long way to call myself rich. But I’m trying and I’m confident on road to becoming financially independent and full fill all of my goals.
Now the next question someone can ask can be If you already know all this whatever you have written in this blog and you apply it then why you are not already rich Sparsh? To answer that I’ll refer you to the very first point of this blog You can not be rich overnight being rich takes time it's a long process.
I hope you have found this blog helpful on your journey to becoming rich. Whatever I’ve written here is my way of becoming rich. There can be other ways as well. You might have a different view about being rich and you can pretty much disagree with me. Let me know on what points you agree or disagree with. Let's continue to be working for being rich rather than complaining God, Why I’m not rich…