What Does Being Wealthy Mean to You?

I just listened to a great podcast, The Diary of a CEO, and the interview of Jaspreet Singh. Hearing his concept of money, investing, and wealth was well worth the time.

It is timely. As we approach the end of the year, many of us begin to evaluate our financial situation. While we know setting financial goals is essential, have you established your goal to be wealthy?

This definition might make you do so.

According to Jaspreet, wealth means earning more than you need to live. It’s not about being worth millions; it’s about living as you want with money left to invest.

The honeybees also teach us this concept—the need to earn enough to live now and have enough left over to invest in the future (honey for the winter). So, if you accept this definition of wealth, what can you do to achieve that goal?

1. Increase your income. You can work harder, ask for overtime, or do part-time work after your regular job.

2. Spend less. This is needed even if you do #1. By spending less, I’m not saying you will deprive yourself of anything. Like governments should do, cut non-essential spending. Look at your spending in detail and do a zero-based exercise. What do you need to have to live as you want to? Cut the rest.

I love Jaspreet’s definition of wealth.

It is good to be wealthy. It means you can live as you want, with money left over for investing. Eventually, you will like that money to come in even when you aren’t working a specific job or career. Monthly income generated from your assets is an incredible place to be. It’s not the amount remember.

It’s the fact that whatever comes in will meet your lifestyle with some left over.

There’s a New Year's resolution I’d bet you’ll make.