I Want to Be Rich

Hey there! I thought I had a quick one for you today but it turned out slightly longer than I was planning. Today’s topic has been on my mind lately: the idea of “wanting” something. I’m not talking about wanting a cup of coffee or a new pair of shoes. I’m talking about those big, life-altering wants. I’m thinking of the answers to the question: What do you want in life? There are two answers that I once had to that question and I guess many people still have the same or similar answers. I’d answer “I want to be rich” or “I want to be happy”.

You’ve probably said or thought the same at some point. But have you ever stopped to ask yourself what you really mean by them? I have, and below are my thoughts on it.

I don’t know what I want

Let’s get real for a moment. When you say you want to be rich, what does that even mean? Is it having a hundred grand in the bank? A million? And by when do you want it? Is it realistic? Or do you just want a million by tomorrow? Or equally as bad, you just want a million but don’t know by when. But let’s say you do get that million by the end of the year (a person can dream, right?). What are you going to do with it? Buy a beach house and sip cocktails for the rest of your life? Obviously this example is just a hypothetical wish but a lot of people do want something along those lines. Think about what you want in life and then apply the advice on this blog to it, if you feel it can be beneficial to you.

Think about it

I think there are a couple of things to consider here: First, what you think you want is often not what you actually want. For instance the 1 million is not what you want, what you want is the beach house and sipping cocktails for the rest of your life. Second is that you may have skipped the step of considering the cons of actually achieving what you want. We tend to daydream about what we think will be a wonderful life if we get whatever it is that we want. But what about the cons of getting such a thing? And I think another point to consider is the fact that if you don’t have a plan that clearly and specifically sets out how you are going to achieve such a goal, then you don’t really have a goal so I would challenge your idea that you actually want such a thing.

Know what you’re getting into

So, do you have a detailed plan on how you’re going to buy a beach house and how much you need to have extra to be able to live by the beach sipping cocktails? And have you ever considered what that beach life would feel like after a month, six months, or even a year?

You can apply this thinking to any “wants” you have. Is what you want to be happy? What does that mean? What would make you happy? And have you a plan on how you will go about achieving it? And have you thought about the cons of actually achieving it? Have you thought about how your life would be after a couple of years of having what you want?

I know what I want

So, how do you figure out what you truly want? You can start by asking yourself these questions:

What is the root of my desire? Is it freedom, security, love, or something else? What do I really want? What am I going to do with what I think I want?

How do I plan to achieve it? This will show you how committed you are to your goal. Is my plan realistic? Documented and broken down to achievable steps?

What will I do once I get it? This helps you understand the purpose behind your desire.

Have I considered the long-term effects? Will you still be happy with your choice a year or two down the line?

The Happiness Paradox

We all want to be happy, but what does that mean? Is it a constant state of euphoria, or is it more about contentment and peace? And here’s something to chew on: Sometimes what we think will make us happy actually won’t. That’s why it’s crucial to weigh the pros and cons of your goals. Really put some effort into seeing yourself living the life you aspire to but put as much effort about thinking of the pros and the cons.

Do as I tell you

I’m just messing, but I do hope at least some of the advice below can be useful for you:

Write Down Your Goals

If it isn’t written down does it really exist? Start with the big ones or ones. Then break them down into smaller ones. If you have a goal to accomplish something in 12 months time, what do you need to do today, tomorrow, or next month? Break the goals down to smaller goals and then break down those smaller goals into actionable tasks. If you have to break down the tasks into smaller, easier to accomplish tasks, then do it, don’t think twice about it. You want to make your goals as realistic and easy to achieve as possible.

An example

I want 400 grand to buy a house in location X by the end of 2024. I have 1 year and a couple of months. Is it realistic? Let me see. 400 / 14 months is 28,500 a month. Do I think I can come up with an extra 28,500 a month? If I don’t think that’s realistic. I can either increase the time or decrease the amount I want to achieve. I’m happy to increase the time to 5 years. So now I’m looking at 60 months and I need to make 6,600 a month. Ok, I think that’s realistic. That means an average of 220 a day. Now, how do I intend on making that 220 a day? List all the actions/tasks I need to carry out in order to achieve that. These tasks consist of ways to make money and ways to save money mostly. Some tasks won’t generate 220 every day but may generate 20 grand in two or three months. I will need to work on those tasks every day though; so I write them down and break them down to the easiest task I can and I get to work.

Prioritise

Which of these goals aligns most closely with your core values? You will have more than one goal but you will need to prioritise the most important goal and be happy that you will have other goals to focus on when that main one is achieved. Remember, achieving a goal is never as satisfying as we think it will be. Never. So enjoy the ride and as soon as you achieve your goal you better have another one.

Reflect

At the end of each day, week, month, take some time to reflect on your progress and adjust your course as needed. If you come to the realisation that you’re working on the wrong goal, that the more you learn the more you’re convinced that that is actually not what you want, do not fall into the trap of the sunk cost fallacy. Just because you put a lot of time and effort into that goal doesn’t mean you should keep going if you feel it;s no longer the right goal for you. You’d be surprised how many people fall into this fallacy and it’s easy to fall into. If you truly understand that it’s about the journey and not the finish line, you’ll have no issues whatsoever about stopping that line of work and starting working on a new, more meaningful goal.

Tell me what you want

I’m not here to rain on your parade. If you ask me if I want to be rich, my answer is, of course; I work my ass off everyday so I can become rich! But what’s rich for me is different from what’s rich for you. And I’m not saying that when I say that I want to be rich that I’m not referring to material wealth, particularly money; it’s absolutely what I’m referring to when I say I want to be rich. It’s just that we all have different needs and understandings of what rich is. You may think you’re rich with 1 million dollars, someone else will think 100 grand will do. That said, money alone does not make anyone rich in my opinion.

So if you ask me what I want from life, my answer is different even though financial freedom is part of that answer. So I want to be rich and I want to be happy but it’s very clear to me what that is and how I want to go about living it.

Conclusion

The takeaway is to think critically about what you’re chasing. Understand the root of your desires and assess the pros and cons of such desires. Make a plan, write it down, make sure it’s realistic and break it down to the simplest of tasks. Be prepared for the long haul and above all, be prepared to change course; because by doing all this, the journey to what you think you want might just lead you to what you actually need.