Quote of the Week: “Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem” ~ Bill Vaughan.
Who wouldn’t want a richer life? Making lots of money is a goal for many. Whether we achieve that goal or not depends on how much time and effort we are willing to invest. While no lifestyle is similar to another, there might be a template that we can adopt and tailor to suit our needs. Let us explore a few options:-
1. Goals are Key
It is difficult to be wealthy if you are not planning for it. As the saying goes, if you do not know where you are going, any road will take you there. Some paths may even take you away from your dream. Therefore, you need specific goals to reach the ultimate objective. Specificity not only gives you a sense of purpose and direction, it also helps you avoid waste. You might have realised by now that impulse spending and consequent wastefulness is a major mistake that prevents most people from reaching their goals in the long-term.
2. Time is Key
Time is a precious non-renewable resource when it comes to money. Knowing where to put your money is one thing, giving it time to multiply is another. If you want to be wealthy without baggage, there are no shortcuts, most get-rich-quick schemes are actually scams.
You need to make the right investment and savings then let time do its thing.
It’s always good to start early. You may wonder, how early is early enough? Early does not necessarily mean your 20s. Early is NOW. TODAY. It doesn’t matter how old you are, if you do not start now, you will lose out on an income or experience, and that is costly.
3. Take Calculated Risks
Playing it safe always will never maximize your returns. You will get some returns but they might not be enough to afford you the life that you want and deserve. Nobody ever became wealthy without taking calculated risks. You should too.
Research, plan, prepare and when the time is right, strike. The risk we are talking about here is investments of course. However, do not do it blindly. You could and might lose some of your hard earned money. Hence do not just go all in without having a backup plan. Always think of the worst case scenario and plan for it.
4. Do Not Neglect What Is Important
We all so often seek happiness in material things and forget the most important things in life. Health and family are arguably as important as money itself. You cannot enjoy the product of your blood, sweat and tears if you don’t take care of yourself. Family and friends help you enjoy your wealth. So do not neglect your health or social life in pursuit of wealth and happiness, they are a measure of wealth and happiness by themselves.
Conclusion: Happiness is a state of mind. You can be happy or miserable at any income level. However, while money cannot buy happiness, it is okay to aspire for a better life and more money. Save and enjoy the lifestyle you want, you deserve it!