Do you dream of being rich or want to be wealthy but have no idea how much money you need to achieve that status?
Well in this post, I am going to delve deeper into the idea of ‘rich’ and ensure you aren’t obsessing over a mythical concept with no real idea of what you are trying to achieve.
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I created PropelHer to help more women achieve their version of success, and for many success includes being rich. But how much money do you really need in order to be rich?
When setting goals it is essential to get super clear so that it is obvious to know when you have achieved it and RICH is one of those terms that is different to everyone. Growing up, I used to think that being a millionaire meant you were rich, but now I live in London where my dream house costs over a million pounds so my barometer of rich has definitely changed.
So if you want to be RICH I want you to start quantifying what RICH actually means and set a financial target. In order to do this you should ask yourself the following questions:
QUESTION 1 – What does my ‘RICH life’ look like?
Everyone has a different vision of RICH in their mind and in some cases you might not have really even thought about what RICH means. You need to get super clear around what RICH means for you otherwise you will running around after someone else’s version of RICH. Growing up I used to watch Cribs and Super Sweet Sixteen. Those TV programmes shaped my vision of what RICH looked like. However, I actually hate big 4×4 white cars and have no desire to wear a super expensive watch.
So you need to take the time to really think about what RICH looks like. Consider the following:
– Where would you live?
– What sort of place would you live in?
– How would it be furnished?
– How would you get from A to B? (Car, private jet, yacht)?
– What would you wear?
– What would you eat and drink?
– What holidays would you take?
– What hobbies would you have?
– How much disposable income would you like on a weekly basis?
Then once you have got super clear on that vision move onto Question 2.
QUESTION 2 – “How much does my RICH life actually cost?”
Having a clear number in your head will help you to be able to achieve it so start working out how much money you need for your dream RICH lifestyle will actually cost. Find out how much the house, the car, the holidays, the clothes and the disposable income you need. Work out how much money your RICH lifestyle would cost you on an annual basis.
Then ask yourself
QUESTION 3 – Where would I like my money to come from?
This might seem like a bit of an odd one so let me explain a bit further. Once you know how much money you need in a year you need to decide if that money is going to come from working, running a business, investments or a mixture.
Maybe your vision of rich doesn’t see yourself working every day? Maybe you are running your own business? Or maybe you have a portfolio of investments? Or a mixture of all of the above? However, working out where you expect your money to come from will help you start working towards that vision now.
So to recap there are 3 questions you should ask yourself in order to work out how much money you need to be rich.
QUESTION 1 – What does my ‘RICH life’ look like?
QUESTION 2 – How much does my ‘RICH life’ actually cost?
QUESTION 3 – Where would I like my money to come from?
