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I wish i was wealthy
January 14, 2019 Anniversary Wishes 5 comments

May 17, 2019 There's a BIG difference between rich vs wealthy. Most don't realize I wish I would have been reading sites like that at 11! Well done. Reply.

There is no sure-fire way to become rich. (If there was, I wouldn't be writing this article -- or at the very least, I'd be writing it from an island retreat, not a coffee shop.) But there are things you can do to increase your chances of accumulating wealth. These things aren't all sexy, ride-around-in-a-convertible fun. But if you want to have a bank account that's full to the brim, here's what you need to know.

1. You Need to Invest

Investing intimidates many of us. And yes, there are ways to get rich other than investing. But on the 2013 Forbes Billionaires List, the largest section of billionaires -- 148 folks total -- made their wealth through investments. Whether they're in stocks or something like real estate, not only do investments give you an opportunity to make a large amount of money, but they also help you generate passive income -- money that comes in without you doing any direct work. After all, there are only so many hours in the day that you can actively earn money -- so it makes sense to put your money to work for you.

2. You Need to Start Now

When you save and invest, you earn interest. And while that interest is great, what really helps your money grow is compound interest. Basically, the interest you earn also earns interest, and so on. Over the course of your lifetime, this can make thousands -- or even millions -- of dollars of difference. Basically, the earlier you put money to work, the more work it can do for you.

And starting now doesn't just apply to investing -- you should start working early, too. Many rich people are talented, but they also work very, very hard to develop their skills. The sooner you start developing your skills, the more prepared you'll be when an amazing opportunity comes your way.

3. Making Money Is Hard Work

I know -- I've already brought up hard work a few times. But wealthy people do a lot of work. Wall Street Journal writer Rob Frank cites a study noting that people who earn over $100,000 a year spend less than a fifth of their time on leisure. And according to Tom Corley, the author of the site Rich Habits, most wealthy people also wake up three hours before their day jobs start to -- yup -- do more work.

4. You're Probably Spending Too Much

Every dollar you spend is a dollar that you could have put to work earning that sweet compound interest. I'm not saying that you shouldn't spend some of your money now -- I believe that money is a tool that helps us do things that make us happy. But if you're serious about becoming wealthy, remember, once again, the magic of compound interest -- the more money you put to work, the more it can do.

5. You Need to Make More, Not Just Spend Less

One way to define frugality is "using your money with intention." Meaning, frugality is about spending money on things that really matter to you. In that sense, basic frugality advice -- like making coffee at home instead of buying it at a coffee shop -- is great. You can put that coffee money towards something else that matters to you more.

But, while frugality can help you save, it simply won't make as big of an impact on your life as making more money will. As Ramit Sethi, author of the website I Will Teach You to Be Rich says, "There's a limit to how much you can cut back, but no limit to how much you can earn. In fact, as you cut back on spending, it gets increasingly harder, but as you earn more, it gets increasingly easier."

6. Even When You Start Amassing Wealth, You Need to Stay (at Least Somewhat) Frugal

It might not seem like this is the case when you look at extravagant displays of wealth, but many of the world's wealthiest people are also frugal. Billionaire Berkshire Hathaway founder Warren Buffett has lived in the same five-bedroom house since 1958. The founder of Ikea takes the bus.

The lesson isn't that you have to adopt a life of extreme frugality, carefully rationing out your toilet paper. But you do need to maintain a sane relationship with money. Don't let lifestyle creep (when your spending grows to match your income) take over. Instead, use your money to do some things that make you happy, invest some of it, and for goodness sake, don't spend it all.

Do You Really Want to Be Rich?

I'd venture that many of us don't want to be rich. What we really want are the things that money can buy us -- freedom, flexibility, security and interesting experiences. But you don't need massive amounts of wealth to get these things. You need balance, planning and goals. And if you focus on achieving those things, you'll be much happier than if you just set out to be rich.

Meg E. Favreau is the senior editor at Wise Bread and the author of 'Little Old Lady Recipes: Comfort Food and Kitchen Table Wisdom.'


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Aug 20, 2019 According to author Bronnie Ware, one of the top five regrets of the dying is, “I wish I'd had the courage to live a life true to myself, not the life.

Working Wealthy – A Wish List of Sorts

i wish i was wealthy

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There's a BIG difference between being rich vs wealthy. But most people don't realize that.

At some point in time the meanings of the words ‘wealthy’ and ‘rich’ merged.

Ask your friends the difference between wealthy and rich and you'll be met with blank stares.

Nowadays, most people think that they mean the same thing. But they don’t. At least we don’t think so.

Between the two of us, we graduated from Harvard, Wharton (UPenn), and the Mayo Clinic School of Medicine. Put simply, we've had the opportunity to live with, study with, and spend time with a lot of people who are rich or wealthy.

At first we didn't see the difference, but it slowly became more clear and the distinction is important.

As you'll see in this article (and yes, we will share a couple eye opening stories from things we've seen), there's a few reasons why everyone should strive to be wealthy. In fact, we found that being rich can actually prevent you from becoming wealthy.

But first, Chris Rock seems to have a pretty good understanding between the two (the video is funny but it does have some colorful language not suitable for kiddos!)

What Does Being Wealthy Mean?

Simply put, wealth is the accumulation of assets.

So does being wealthy just mean someone who has a lot of assets? Not exactly, but you're getting warmer.

To begin, a wealthy individual follows most of the principles we have described in our beginners guide to personal finance.

This means that they save at least 15%  of their paychecks (usually more), have little debt, have their retirement portfolio in smart investments, and live well within their means.

But the most important distinction is that a wealthy person has a huge net worth.

Most people would not be able to recognize these people as being wealthy because it isn't based on a flashy lifestyle.

If you are thinking, “well, what about all the billionaires with private jets, mansions and crazy lifestyles?!?!”, the fact is that they are outliers. There are less than 600 billionaires in the entire country, and nearly 330,000,000 residents in the US. That's right, there are less billionaires in the US than the number of people you are friends with on Facebook or went to high school with.

For everyone else, the good news is that the key to becoming wealthy is not complicated, but that doesn’t mean it’s easy. Which is why most people never truly become wealthy.

What Does Being Rich Mean?

Being rich simply means having a high income.

But the reason that having a lot of money doesn't make you wealthy is because the rich also spend a lot of money.

Instead of investing all of that money, they buy expensive cars and jewelry (they often need to use loans).

For that reason, it doesn't matter if you are making $250,000 per year if you are spending $225,000.

You'd be better off only making $80,000 and saving half of it!

This is why you shouldn't judge a book by its cover. You might see someone driving a brand new BMW, but that doesn't mean that they have a fat bank account.

Can You Actually Go Broke Being Rich?

Absolutely. There are ton of celebrities that are known to have blown through crazy amounts of money and gone into bankruptcy.

Nicholas Cage at one point had a fortune of $150 million and lived the lifestyle expected of the rich and famous. After buying 10+ houses, an island, and rare collectibles, he found himself in financial trouble. He had to foreclose some homes and owed over $6 million in back taxes to the government. Ouch.

Compare that to finance guru and billionaire Warren Buffett, who doesn’t let his wealth go to waste. He still lives in the same house in Nebraska that he purchased back in the 1950s for just over $30,000!

Buffet drives the same Cadillac for years, but prefers to spend his money by flying in private jets, because he truly understands which things bring him the most happiness. It certainly isn’t having the flashiest car. Just remember that you can't see the outside of a car from the driver's seat. Paying for that sexy car is a waste.

Being Wealthy Isn’t Only About Sacrifice

Many people think that to create wealth they need to skip out on all of the fun in life. However, that’s just not true.

The key to building wealth isn’t so much about being cheap as it is about prioritizing happiness.

Research by Harvard Business School Professor Michael Norton has shown that spending our money on experiences, rather than material goods, brings us more sustained happiness!

Instead of buying the new jacket that just came out, pay for an experience (a show, an art class, a fun trip, etc.).

If you are already responsible with your money and want to spend it, just be wise with it. You’ll see that avoiding the things that make you appear rich will allow you to focus on the things that actually make you happy, while building wealth.

Experiences can be a lot more cost effective than buying the latest gadgets too. Once you realize which things you actually need you’ll see that you’ll slowly begin to yearn less for the things you once thought you had to have. All the while becoming wealthy.

If You Can Afford It, You Can Still Have The Life Of Your Dreams

As we mentioned at the beginning, we had the chance to meet and become friends with truly wealthy people due to having gone to Ivy League universities.

We met people who would take weekend trips on private jets, drive $150,000 cars, and eat at the nicest restaurants at the world. We were even lucky enough to be invited on some of these trips on their planes.

But these same people were very careful with the way they spent money. They realized that money can't buy happiness so they prioritized experiences. When they would shop for clothes they got extremely excited about sales and finding a good deal. They were experts at saving money even though they didn't have to be.

In fact, they had amassed enough wealth that as a percentage of their net worth, they spent very little of it. This means that even though they lived an ‘expensive' life, they still had more money at the end of the year than they started with every single year.

Camilo is a personal finance expert who was raised in poverty by a single mother and had to learn everything about personal finance on his own. In addition to running The Finance Twins with his twin brother, he has been featured on Forbes, Business Insider, CNBC, US News, The Simple Dollar and other top publications. Camilo began his career as an investment banking analyst on Wall Street at J.P. Morgan. He has a master of business administration (M.B.A.) degree from Harvard University and a Bachelor of Science in finance from the Wharton School of Business at the University of Pennsylvania. You can contact Camilo here or via Instagram @thefinancetwins.

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Inside the lives of America's anxious wealthy people

i wish i was wealthy

5 Reasons Why Most Don’t Become Wealthy

“Why is it that people don’t become wealthy?”

In a country like ours, with the opportunities that we have, why is it that so few people retire financially independent?  And I eventually found the answers. Here are what I consider to be the five reasons why people don’t become wealthy.

Who Me?

First, at the top of the list, is that it never occurs to them.

The average person has grown up in a family where he has never met or known anyone who was wealthy.  He goes to school and socializes with people who are not wealthy.  He works with people who are not wealthy.  He has a reference group or a social circle outside of work who are not wealthy. He has no role models who are wealthy. If this has happened to you throughout your formative years, up to the age of twenty, you can grow up and become a fully mature adult in our society, and it may never occur to you that it’s just as possible for you to become wealthy as for anyone else.

This is why people who grow up in homes where their parents are wealthy are much more likely to become wealthy as adults then people who grew up in homes where their parents are not.

So the first reason why people don’t become wealthy is it never occurs to them that it is possible for them.  And of course, if it never occurs to them, then they never take any of the steps necessary to make it a reality.

Make a Decision

The second reason that people don’t become wealthy is that they never decide to.

Even if a person reads a book, attends a lecture, or associates with people who are financially successful, nothing changes until he makes a decision to do something different. Even if it occurs to a person that he could become wealthy if he just did certain things in a specific way, if he doesn’t decide to take the first step, he ends up staying as he is.

If you continue to do what you’ve always done, you’ll continue to get what you’ve always got.

The primary reason for underachievement and failure is that the great majority of people don’t decide to be successful. They never make a firm, unequivocal commitment or definite decision that they are going to become wealthy. They mean to, and they intend to, and they hope to and they’re going to, someday. They  wish and hope and pray that they will make a lot of money, but they never decide, “I am going to do it!” This decision is an essential first step to becoming financially independent.

Maybe Tomorrow

The third reason that people don’t become wealthy is procrastination.

People always have a good reason not to begin doing what they know they need to do to achieve financial independence.  It is always the wrong month, the wrong season, or the wrong year.  Business conditions in their industry are no good, or they may be too good. The market isn’t right. They may have to take a risk, or give up their security. Maybe next year.

There always seems to be a reason to procrastinate. As a result, they keep putting it off, month by month, year by year, until it’s too late.  Even if it has occurred to a person that they can become wealthy, and they have made a decision to change, procrastination will push all their plans into the indefinite future.

Pay the Price

The fourth reason that people retire poor is what economists call the inability to delay gratification.

The great majority of people have an irresistible temptation to spend every single penny they make and whatever else they can borrow or buy on credit.  If you cannot delay gratification, and discipline yourself to refrain from spending everything you make, you cannot become wealthy. If you cannot practice budgeting as a lifelong habit, it will be impossible for you to achieve financial independence.

As W.Clement Stone said, “If you cannot save money, the seeds of greatness are not in you.”

Take the Long View

The fifth reason that people retire poor is perhaps as important, if not more important, than all the others…

It is lack of time perspective.

In a longitudinal study conducted by Dr. Edward Banfield at Harvard University in the 1950s and published in 1964 as The Unheavenly City, he studied the reasons for upward socio-economic mobility. He wanted to know how you could predict whether an individual or a family was going to move upward one or more socio-economic groupings and be wealthier in the next generation than they were this generation.

All his research brought him to a single factor that he concluded was more accurate than any other in predicting success in America. They called it time perspective.  This was defined as the amount of time that you take into consideration when planning your day-to-day activities and when making important decisions in your life.  Time perspective referred to how far you projected into the future when you decided what you were going to do or not do in the present.

An example of long time perspective is the common habit of upper class families in England to register their children at Oxford or Cambridge as soon as the child is born, even though he or she will not be attending for eighteen or nineteen years. This is long time perspective in action.  The young couple that begins putting $50 dollars a month aside in a scholarship fund so that their newborn child can go to the college or university of his or her choice is a couple with long time perspective. They are willing to sacrifice in the short term to assure better results and outcomes in the long term. People with long time perspective almost invariably move up economically in the course of their lifetimes.

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Sep 7, 2011 Please read the below article from the Associated Press, which brings these new needs and desires to light. Top of Chinese wealthy's wish list?.

6 hard things you may have to do if you want to be rich

i wish i was wealthy

"If you could tell your younger self one thing, what would it be and why?" originally appeared on Quora -- the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Dandan Zhu, CEO and founder of Dandan Global, on Quora:

From babysitter's daughter to millionaire by 30, I still believe that had I known the following truths, I may have become even more successful, faster. While I have a pretty great life, I wish I had the luxury of knowing the following advice earlier in life:

1. You should disregard others' unhelpful (and unsolicited) opinions on your looks.

As young kids (this especially applies to girls), we're told to start conforming to an accepted and heavily promoted beauty standard, as evidenced by our dolls, cartoon characters, and celebrities, all of whom conform to a certain type of look -- usually white (thankfully now media has slightly diversified), silky hair, big bust, slim waist, thus "beautiful". Boys and girls usually start picking up toxic gender stereotypes from elementary school, at least subconsciously.

From a young age, our parents, society, people of the same and opposite sex, teachers, etc. -- everyone jumps in to criticize our appearance, our weight, and many other superficial attributes that have nothing to do with accomplishments, moral value, and competencies. We're brought up to live a visual lie that we'll never live up to, because, well, beauty is quite possibly the hardest subject to objectively evaluate!

As they say, beauty is in the eye of the beholder. I wish I could have told myself to not hate the way I looked (my mom always derided my "heavy" weight, despite me being a very muscular kid). Even now, I struggle with self-image issues and worry deeply about how potential and current suitors view my attractiveness -- much of which stems from my mother and society's obsession with how Asian women should look: pale, demure, thin, and dainty.

2. You should ignore others' views on your personality.

As a kid, I was always a tomboy. I played games in the dirt and loved all types of sports. This continued to develop as I grew into an outspoken, aggressive, competitive, and fast-talking, non-PC, top-billing headhunter.

I never let others' views that I was "unladylike," too "bossy," unnecessarily "pushy," and overall "unfeminine" get in my way. I know what I'm here for. I know what I want from life and I'll never let someone else tell me how I should be. I'll be whoever I damn well please to be. As long as I'm not committing any morally reprehensible activities, no one has any right to judge me; their view simply doesn't matter! I choose whom I cater to, who my friends are, and what I let others do to me.

Go with your gut and speak up. I know too many people who NEVER say what they think, who always worry what others think of them, and have ZERO personality. While they think they're pleasing others by being non-confrontational, they're regarded as unoriginal, uninteresting, and unmemorable. Of course, being constantly argumentative is insufferable, and isn't the point either. Overall, start having your own views that you've thought through and been educated on instead of just parroting others.

I've gone through that misery in high school where I was a social outcast, eating lunch in the bathroom, terrified to have a personality, let alone let it speak for me. Eventually, I broke free due to a traumatic incident I share here. From then onward, I rarely allow my personality to take a back seat.

3. You should read self-help and self-development books earlier in life.

In college and in high school, I was never exposed to anything beyond straight academic information. Only at age 22 did I start reading books about the law of attraction, self-confidence, and building up the courage to go after the right mindset toward life, careers, and wealth creation.

While I enjoy reading literary works (Ayn Rand was a huge inspiration), nothing quite got me to believe in myself, understand society's incorrect advice, and eradicate limiting beliefs until I read books by Stephen Covey, Dale Carnegie, Rhonda Byrne, Robert Kiyosaki, and Zig Ziglar. I wish that was my curriculum instead of outdated nonsense like Wuthering Heights (why are regular folks still forced to read this useless intellectual bullcrap?!).

I believe our education system is deeply flawed. It upsets me that it took me 22 years to read these life-changing books. I'm one of the few people that even read to learn. The majority of the public doesn't even like to read, let alone read boring, cheesy self-help mumbo jumbo. You can hardly blame them, because our reading lists were so nonsensical and useless! Long story short, start reading non-fiction, business, motivational, and self-help books. They'll change your life, your mind, and your reality.

4.  Double down on debt-leveraging when you can.

As I became a top-billing headhunter, earning over $215K as a 25-year-old, I started getting into the real estate game. My first investment was extremely profitable. However, I regret not investing more aggressively at that opportune time. I could definitely have been more risky and aggressive. I was well-read, calculating, and had a solid investment strategy that I consistently proved works. I would have no doubt profited even more had I encouraged my risk tolerance.

I was a young investor; I let confidence and fear creep in. Instead of maximizing even harder off the back of my stable cost structure, my lucrative job, and bright future (young age to boot), I took the safe route and decided to just buy one home first and see how it went.

I ended up investing and fully leveraging myself a few years later in 2016, when I quit my job and used the last of my savings to fund a 1031 exchange, then made one last home purchase in 2017.

Now that I am over-leveraged to a certain degree, I'm happier than ever because I know that I'm maximizing my investment dollars. I'm still protected, because again, I'm still young, revenue-generating through my headhunting business, and able to react nimbly with little financial overhead (no kids, no husband to support, no ill parents, no obligations of any sort). Take advantage while you're young -- don't wait until later in life to take risks. Now is the time to do it.

5. Fight your lower self as much as you can every day.

Sacrifice and delayed gratification is the key to long-term success, wealth, and happiness. I have a big ego, so I need to control it. Instead of buying a Ferrari to show off, I wear clearance clothing, and live, travel, vacation, and eat frugally. I drive a used 2014 Chevy Equinox that isn't all tricked out. I try my best to fight off my lazy urges to Netflix binge for hours. While I sometimes win, many times I lose entire chunks of time to similar non-revenue generating and non-educational or unfulfilling activities.

One of my strengths is that I care about how people regard me; if someone disrespects me, I'm willing to argue, yell, curse, and fight to win my case. As a grownup and as a business leader, I can never give in to the trolls, the negative Neds and Nancys who bother me on a daily basis. I have to let things slide, swallow my lower-level urge to say the most ridiculous, mean, insulting, arrogant, and vindictive things I really want to say. Growing up is all about self-control.

Lastly, health-wise, I still struggle to this day. It's hard to stop eating all the junk food I am used to eating. I didn't grow up rich. As the babysitter's daughter, I grew up eating a lot of meat, carbs, and cheap food. I was told to eat every single morsel on my plate. As an adult, that manifested into unhealthy eating habits, bad body image, and extra fat on my body. Every day I have to fight to wake up early to stick to my exercise regimen and avoid eating white bread and other carbs that hold me back from reaching the desired look I so desperately crave.

As much as fighting yourself on any addiction to your old habits is so hard and almost constantly ineffective, never stop trying. Continue believing in the vision you want for yourself. Every dog has its day, IF that dog works hard for it.

Ultimately, life is not complicated. It's our minds that confuse, demoralize, and torment us. Conquer the mind and you will alter your reality.

This questionoriginally appeared on Quora -- the place to gain and share knowledge, empowering people to learn from others and better understand the world. You can follow Quora on Twitter, Facebook, and Google+. More questions:

Published on: Sep 15, 2018

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He who wishes to be rich in a day will be hanged in a year. Leonardo da Vinci If you would be wealthy, think of saving as well as getting. Benjamin Franklin.

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