I think it is important to make this distinction and to ask ourselves what it is we strive for. Do you want to be rich or wealthy? Inspiration for this article came from an instagram post by @goalgirlfinance and a quote from Magaret Bannano:
“Being rich is having money; Being wealthy is having time.”
Based on this theory, all my goals, whether financial or otherwise are aimed at increasing my wealth.
I have never claimed to be rich or to dream of being so labelled. But give me more time… well, “Where do I sign?”.
Really my whole journey over the last 5 and a half years has been about experiencing new things, seeing what I’m capable of and ensuring I live before I die.
Time is not something we can get back. You can’t go back and do things over. You get one chance but it’s hard to not get caught up in what others think you should be doing.
Turning Simple Difficult
In my Turning Simple Difficult blog, where I document my move from the corporate world of Rolls Royce to the ‘simple’ life here in Bulgaria, I make reference many times to how my friends and colleagues reacted when I told them my plans.
There were two types:
“I wish I could do something like that”… to which I would respond, “well go ahead, you can, you just have to want it badly enough”.
“You’re so brave, I could never do anything like that, what if….”
This is the one that spurred me on even more. The thought of staying in the ‘work, eat, sleep’ system for another 20 years or more scared the shit out of me. They were the brave ones. I couldn’t do that and as for the ‘what if’, well if you think like that you would never do anything.
Don’t get me wrong, it is essential to look at risk when you make choices in life. Most days we do this without thinking, some decisions take a little more thought.
The Magic Number
There comes a point though, when you have to balance that risk against the potential reward.
Every drop of cash I put into my chosen investments is done by balancing risk and reward. And aimed at increasing my wealth of course.
I don’t want to be rich! But I do have a magic number that I need to earn so I never have to work again. I live in a rural village, in the middle of Eastern Europe, therefore this figure is not astronomical.
If I achieve it I will be the wealthiest person I know.
What is your magic number and would you rather be rich or wealthy?
Let me know in the comments or send me an email, I’d love to help in your journey.
Get a copy of my free guide by signing up here – you can do this for yourself. It really is free, I’m not selling anything and it might get you on the road to your goal.