Most people want to be rich, not me, I want to be wealthy. Well ok, I kind of lied. When I was a child I wanted to be rich but over time my parents instilled in me the importance of family, friends, and experiences over money and material items. I have come to realize money doesn’t buy happiness and many people who have a lot of money actually aren’t very happy.
As time passed, I started to realize how little importance money actually has. This thought process has stuck with me since I first realized it as a young teenager and over time has become more apparent. For me, there is much more the world has to offer than being rich.
Let me start with my definition of wealthy. Being wealthy is the ability to have my assets, excluding my day job, pay for all of my expenses. For example, if my total expenses costs $2,000 per month and my assets generate $500, I am not wealthy because I can only pay my expenses for a quarter of the month before my money runs out.
The key to acquiring this kind of lifestyle comes from investing into assets that constantly generate income. It will take years to accumulate and setup but the rewards that come from it are endless.
Having the ability to retire in your early 30s and spend quality time with family and friends instead of working is a huge life change. Many people hate their jobs but only stay because that is their only source of income. Step outside of your comfort zone, come up with a plan, and do it.
When I second guess myself on my lifestyle I remember this quote from Dave Ramsey, “Live like no one else now so later you can live like no one else.”
My end goal for my financial life is to get to that point where my assets do pay for all expenses. When I get to that point, while I probably won’t be rich, I will be wealthy.
TLDR:
Passive income will allow much greater returns than working harder, do this and become wealthy. “Live like no one else now so later you can live like no one else.” -Dave Ramsey
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