What is your financial ambition…your true intention? The old adage goes “if you aim for nothing, you will hit the mark every time.” Accordingly, it is very important to critically evaluate your financial goals. These goals must be appropriate, realistic, and measurable. Most are unable or unwilling to invest the time necessary to set and evaluate such goals. Thus, it is no wonder why so few individuals have the majority of the wealth. One big problem with personal finance is that so many people have distorted or incomplete pictures of wealth. For example, some people confuse being comfortable with being rich. The difference must be clear in your mind, so that you can choose the appropriate level of resources necessary to achieve your goals.
Poverty. Some are satisfied with just enough to pay the bills on time, yet this is a fragile state to be in. Almost certainly, there is nothing left to save, invest, give away, or have much fun with. Often such individuals are without an emergency fund, and any unexpected expense can derail their finances. Basic needs are met but not much more. This is the land of barely enough. We all have to start somewhere, but this is not a destination we should aim for.
Comfortable. Others want to be “financially comfortable.” This is the goal of many of the middle class. Now, there is nothing inherently wrong with wanting to be “comfortable,” provided that you understand its limitations. One problem with being “comfortable,” for most people, is that they are still in the rat race. There is little to no financial freedom there. They cannot contribute much financial resources to people, causes and organizations they really care about because they simply don’t have it. In many cases, they are still tied to jobs that they do not like. In most cases, “comfortable” people choose cars based on “fuel-economy” and restaurant meals based on the price, not based on their true preferences. “Comfortable” is surely better than barely getting by, but there is a tremendous difference between being “comfortable” and being rich.
What you focus on generally expands in your life, so it is not surprising that a goal of truly rich people is to accumulate massive amounts of wealth. The rich know that in abundance, there is plenty of comfort. However, if your goal is “to be comfortable,” you will likely never be rich, and your comfort will be limited! (T Harv Ekers).
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In simple terms, if you are satisfied with what you have, you are rich indeed..
Does one ever know what it is to be truly rich?
HNS, the point that I am trying to make is that because of "comfort" few become rich (financially). Comfort is overrated in my book but for some people, it is all they want. That's fine.Anja, if you a getting at the other, non-financial, ways one can be rich, I think it is difficult (for example, it is hard to defined spiritual richness). However, if you are talking $, then I think you can measure richness in dollars and cents.