What the Rich Do to Get Richer – Follow Up
This is a follow up to the previous blog about the rich.
The rich may have a lot of money, but “rich” is also relative. I find that, for many people, being rich is a state of mind. A person that is “rich,” by most standards, with many millions can feel insecure and not be happy [and he will not be “rich”]; while a person with little savings, a mid-sized pension and Social Security can feel secure and be comfortable and, in fact, will be “rich.”
Accumulating wealth is also a behavioral function and, in many cases, is controllable by the way spending is done. Charles Dickens wrote in David Copperfield in 1849
Annual income twenty pounds, annual expenditure nineteen six, result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
Another quote I like is from John Milton in Paradise Lost in 1667
The mind is its own place and in itself, can make a Heaven of Hell,
or a Hell of Heaven.
Everyone owes it to themselves to take advantage of what they can that is fully legal. My experience indicates that most people do not do everything they could and should. This includes saving and accumulating wealth, spending awareness and investment cost and tax management.
The end result of working and investing is to be able to live your life, comfortably, and have a calm and secure retirement. These should be your goals and your investments should be made accordingly. With a clear process and careful implementation to reach your goals you, too, could be “rich!”
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