Why be rich?

[Amail]

Holy Thread Raised from the Dead, Batman!

I think about money differently since I joined TMF . I'd always thought "If I were rich, I could do this, this, and this". I'm now starting to think "I can put together money making systems so I can do this, this, and this". Being rich somehow gets lost. It's no longer important, because it isn't the means to an end. It's an abstraction. "Getting Rich" isn't in itself actionable - it's a step removed. Building money making systems is actionable.

The money making systems become the name of the game. "Get rich" just sort of happens to you, the way you "Get tan" if you stay out in the sun or "Get cold" if you stay out in the snow too long.

If I can build a system to sell hot and cold weather products, I can build 50 of them if that's what suits my needs. If I need more, I can build 100. I'm limited only by how much I build.

 

[yveskleinsky]

Why WOULDN'T someone want to live this way?

Rep ++

I wrestle with this question all the time...especially now that I have a solid understanding of what the fastlane is. The fast track, and even more so- the fastlane is a mindset. Why people don't want to live this way is because they haven't embraced (and don't understand) the mindset. For most people, the thought of creating financial freedom is synonomous with greed, and greed is bad. I get crap all the time from friends and my husband who don't understand my drive for financial freedom. I hear, "Life's not all about money", blah, blah, blah. Now granted, I know that these cliche responses are just thrown out because it's easier to say something trite than it is to examine one's current world view. ...My response is generally that living a good life has NOTHING to do with money so why in the hell would I want to work 40 hours a week for it?! The same people that are telling me money isn't important are working overtime and missing family events because of it...so if money's not important, but you're willing to miss birthdays- then family must be really unimportant!
:rant:

 

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[Jorge]

Time is the answer.

Time for being with your loved ones
Time for learning new things, not repeating the same ones all day long at work
Time for thinking and viewing things in perspective
Time for yourself
Time for having fun
Time...

 

[SteveO]

Who says you have to be rich to have time and to get away from nagging bosses and paperwork? I have quite a few friends who love their jobs and are able to create a comfortable lifestyle off $40-50K a year, some working less than 40 hour weeks.

One works only 3 days a week as a part time truck driver and makes an average full time pay. He LOVES his job, he says he feels so free and fortunate to get out on the road and meet new people, but he also has more time to spend with his family. He is far from rich...but he is very wealthy.

I'm sure that 3 day a week job is going to be a lifelong career. Things tend to change. Management changes, rules change jobs come and go for many. Many people claim to love their jobs. It is a mindset that is required to be able to cope with the need. If money wasn't needed, why would someone get up and go to work? Only if they truly did love their work. I could certainly think of a lot of things to do other than go make money for someone else.

There is nothing better than a person being able to decide how their day/week/year is going to go. What vacations to plan, charities to work with, family to see... Work can be done if you wish, not out of need to survive.

 

[Poudda]

I have a very rich uncle. He’s turning 70 next year and is “retired” (family joke - he can’t sit still for 5 minutes). He’s the kind of person that could find a way to make money out of the most trivial of ideas and currently, he’s trying to spend all of his money before he dies. He is failing at this task miserably since he can’t find ways to spend it fast enough, and he continues to make money from all sorts of investments.

Since he “retired” he has become very generous – maybe he always was. He and my aunt go on cruises all of the time. He doesn’t like going on cruises very much (he’s kind of a home-body) so he usually invites and pays for friends to join him so he will have friends to chat with. My parents have been the recipient of these trips a few times. A couple of times, he has decided to gift some of his pocket change to his nephews and niece. This first time he did this, I cried and paid out my line of credit. The second time he did this, I cried and paid off the balance of my car loan.

In the fast lane….

I will watch my investments flourish.
I will spend as much money as I feel like, and at the end of the day, have more than I started with.
I will spend time with my family
I will be able to gift “pocket change” to family at my heart’s desire.
I will travel wherever and whenever I wanted to.

As it is right now… in the slow lane…

… I get to see my parents once a year (twice if they come visit me).

… My folks are coming for a visit and I would love to be able to spend time with them (but I’ve used up all my vacation this year, so I’ll only be able to see them in the morning, at lunch, in the evening and on the first and second weekend – maybe that’s not such a bad thing….)

…I don’t want to be politely reminded that I have only one sick day left this year (I’ve got a nasty cold right now and should be in bed, but I have to be in the office waiting for the phone to ring)

… I want to go visit my brother and sister in law in Ontario to meet my two week old niece (I’ve only seen a couple of pictures so far). I guess I’ll have to wait for the new year when my vacation days are replenished.

… If I juggle my vacations strategically, I get to see my Grandmother once every third year (every other year if I’m very lucky).

…. I take my son to day care in the morning, and I pick him up at night. I miss everything in between. Mind you, he’s happy at the day care, but I miss that too.

Enough motivation to be rich? I think so.

 

[BeingChewsie]

I have never cared about being rich. I just wanted to be free of an employer that could on their whim let me go. I want to decide my own path, I can not have it dictated to me by another person, not ever again. Once you taste freedom, you can't go back in the cage. Wealth only entered the picture once we attained freedom from the employer, then freedom from other forms of chains became important, and building wealth is a means to extract ourselves from those. My best example is being tied down to one geographic location, wealth removes that chain.

Sue

 

[czach41]

Life is too short to be strapped to a desk, filling out memo's and taking s#%@ from an unappreciative boss.
I want to live the good life. Meaning, I will do what I want, when I want, and with who I want, regardless of the price. I also want to be able to provide for my family and friends so they too can experience abundance. I guess it all boils down to freedom.

 

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[SteveO]

Something that I've been thinking about (and then was talked about in the RDPD Choose to be Rich Program)

is that most people want to know "how" to be rich, yet it seems to me no one really wants to tell you exactly "how" to be rich , and the point RDPD made is that you can tell some exactly how to be rich but they will always be looking for an easier way to become rich (this maybe why I feel no one really tells you exactly how to be rich (well that and there really is no one way ))

so the right question to be asking is "WHY" be rich

what is the motivation? ironically money isn't a good answer because it's too easy to earn money so going through the hardship of acquiring money is the road less traveled

So "Why be Rich?"

Wrong... There is more than enough information out there. It is not that difficult in my opinion. I have been telling people for years and have watched a select few begin their path. It only took me 3 years from the day my plan was implemented until the day I quit my job.

 

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[michael515]

I wrestle with this question all the time...especially now that I have a solid understanding of what the fastlane is. The fast track, and even more so- the fastlane is a mindset. Why people don't want to live this way is because they haven't embraced (and don't understand) the mindset. For most people, the thought of creating financial freedom is synonomous with greed, and greed is bad. I get crap all the time from friends and my husband who don't understand my drive for financial freedom. I hear, "Life's not all about money", blah, blah, blah. Now granted, I know that these cliche responses are just thrown out because it's easier to say something trite than it is to examine one's current world view. ...My response is generally that living a good life has NOTHING to do with money so why in the hell would I want to work 40 hours a week for it?! The same people that are telling me money isn't important are working overtime and missing family events because of it...so if money's not important, but you're willing to miss birthdays- then family must be really unimportant!
:rant:

:smxG: Excellent post - couldn't agree more. I also think that most people think they have to control everything - as in work hard or self-employed at best. Most never take themselves out of the picture and see the value in creating systems to WORK FOR THEM, rather then them WORKING FOR MONEY.

To me that's where the mindset really gets me is this... Why become a specialist in anything other learning how to create systems to be WORKING FOR YOU. :idx:

Or what about someone who does a job they hate to pay the bills - slave to money? I think soo... Then they think that entrepreneurs do it only for the money :coco:...

 

[Jorge]

Offtopic: BTW WhyBeRich.com is free in case someone wants to grab it

 

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[hawaiiloans]

I rather say "Which car/house/fancy gadget should I buy?" instead of "I'm settling on this because I can't afford what I really want."

 

[Talkintoy]

It is amazing that this post even garnered this much attention. The question is so undefined and open to endless answers but at the same time it is so obvious. Another question may be "why have good personal hygiene", or "why do we care for our families". Silly questions.

The fact is that people have choices to make. Not everyone will be rich. It is not as easy as taking a shower every day. People work hard for many reasons. In most cases it is simply to build a better life.

lol... those questions! It's really understanding the difference from working for someone in exchange for money (happy) to working in exchange for money to your freedom (happier) at sametime. Why work in exchange for money all your life, if you can work to own the change someday and be free? At age 70 or 80? both will be happy eventually but one from JOB will start enjoying late while other (fastlane) started happy, enjoyed it already, just making plans now for other things long long ago and is more happier. You what i mean chillie bean? :driving:

 

[OsmanS]

For me personally, money is a way to buy freedom. With money I can pay my parents debts/mortgage, give them a better life, and do the same for my siblings so they can follow their dreams. Also, with money I'll be able to do whatever I want pretty much, like working on my passion projects

 

[The-J]

Holy Thread Raised from the Dead, Batman!

I think about money differently since I joined TMF . I'd always thought "If I were rich, I could do this, this, and this". I'm now starting to think "I can put together money making systems so I can do this, this, and this". Being rich somehow gets lost. It's no longer important, because it isn't the means to an end. It's an abstraction. "Getting Rich" isn't in itself actionable - it's a step removed. Building money making systems is actionable.

The money making systems become the name of the game. "Get rich" just sort of happens to you, the way you "Get tan" if you stay out in the sun or "Get cold" if you stay out in the snow too long.

If I can build a system to sell hot and cold weather products, I can build 50 of them if that's what suits my needs. If I need more, I can build 100. I'm limited only by how much I build.

What a great post.

The change always starts in the mind. Once you break the limits of the mind, you run into the limits of the resources, which aren't that big of a deal, even if you're starting from nothing!

Rich Dad Poor Dad helped me because of one sentence: "To get rich, acquire assets." TMF helped me because of, well, every sentence in the book, but the one that stands out most is "To make millions, impact millions."

An asset provides value. Collect these assets and you will be rich. Simple as that. No matter whether it's a Sidewalk asset (winning lottery ticket), a Slowlane asset (your own skills) or a Fastlane asset (a business system designed to provide value on its own). Obviously, Fastlane wins because you only can have one Slowlane asset.

 

[cynabyte]

Something that I've been thinking about (and then was talked about in the RDPD Choose to be Rich Program)

is that most people want to know "how" to be rich, yet it seems to me no one really wants to tell you exactly "how" to be rich , and the point RDPD made is that you can tell some exactly how to be rich but they will always be looking for an easier way to become rich (this maybe why I feel no one really tells you exactly how to be rich (well that and there really is no one way ))

so the right question to be asking is "WHY" be rich

what is the motivation? ironically money isn't a good answer because it's too easy to earn money so going through the hardship of acquiring money is the road less traveled

So "Why be Rich?"


< I'll be posting some of my reasons soon >

 

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[Redshft]

Do you mean how you will spend/are spending your money? No matter what the answer, the bottom line will always be money. I don't mean to sound harsh, but find me one person who will say, "I want to be rich just to know I'm rich and that I COULD if I wanted to." That's like someone buying a high horsepower, exotic sports car and saying, "I don't speed in my car, I just like knowing I have the power." I say HORSEPOOH to that! That gray top knows on a straight road with no one around he will give into the deamon pushing on his right foot and test out the car's power. Just like that businessman, real estate investor, day trader, e-entrepreneur, or lottery winner making millions of dollar won't stay in that 1200 sq/ft starter home or keep driving that beater car. They may not live an extravagent and lavish lifestyle, but they WILL spend their MONEY for a more comfortable one. And there is NOTHING wrong with that.

Getting rich in a legal and ethical way is not about greed, it is about supporting a lifestyle you desire and deserve, which in turn costs money.

Personally, I want to get rich so I can:

1. Support my family
2. Support my friends
3. Support my community
4. Visit my family
5. Visit and party with my friends
6. Have a nice stable of cars/bikes
7. Have a comfortable house(nothing HUGE)
8. Travel the world

 

[J P D]

The thing that is most appealing about wealth is that if treated with responsibility, it will rid your life of limitations in terms of time and money.

 

[encsteph]

Time is the answer.

Time for being with your loved ones
Time for learning new things, not repeating the same ones all day long at work
Time for thinking and viewing things in perspective
Time for yourself
Time for having fun
Time...

Jorge,

I applaud you! That has got to be one of the most profound statements I have heard in a long, long time if you think it through.

Time is the only thing we can't create, add to or change in any way. When the 24 hours in today are over they are OVER!

Use them well.

Eric

 

[Redshft]

Who says you have to be rich to have time and to get away from nagging bosses and paperwork? I have quite a few friends who love their jobs and are able to create a comfortable lifestyle off $40-50K a year, some working less than 40 hour weeks.

One works only 3 days a week as a part time truck driver and makes an average full time pay. He LOVES his job, he says he feels so free and fortunate to get out on the road and meet new people, but he also has more time to spend with his family. He is far from rich...but he is very wealthy.

 

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[rzach41]

having the resources to focus on your passions, not career advancement

 

[andviv]

Who says you have to be rich to have time and to get away from nagging bosses and paperwork? I have quite a few friends who love their jobs and are able to create a comfortable lifestyle off $40-50K a year, some working less than 40 hour weeks.

One works only 3 days a week as a part time truck driver and makes an average full time pay. He LOVES his job, he says he feels so free and fortunate to get out on the road and meet new people, but he also has more time to spend with his family. He is far from rich...but he is very wealthy.

There is only one thing I can say about this comment...

:slow:

 

[Redshft]

I'm sure that 3 day a week job is going to be a lifelong career. Things tend to change. Management changes, rules change jobs come and go for many. Many people claim to love their jobs. It is a mindset that is required to be able to cope with the need. If money wasn't needed, why would someone get up and go to work? Only if they truly did love their work. I could certainly think of a lot of things to do other than go make money for someone else.

Part of this I agree with. Lets not forget that there ARE people out there that do love their job working for somebody else. Yes, some people may claim they love their job as an excuse to cope with their depression of blue collar work or white collar desk job. But I KNOW there are jobs out there for me that I would absolutely love and be completely fulfilled with. That is why I'm in school now, worse-comes-to-worse I will end up with a job that I love doing.

As far as my truck driver buddy. You have a point, his job probably isn't guaranteed. He has been with this company for quite a while, but I won't get into all that. My point is I feel you DONT have to be rich to have time.

There is nothing better than a person being able to decide how their day/week/year is going to go. What vacations to plan, charities to work with, family to see... Work can be done if you wish, not out of need to survive.

This is true, but I go back to my original post. This all comes down to the bottom line of money. If you have enough money, you don't need to work the next week, so you plan what you're going to do. You have TIME to go on a vacation only because you have the MONEY to spend on it. You have the money to work with a charity. You have the money to take time off and visit family.

 

[Redshft]

There is only one thing I can say about this comment...

:slow:

What do you mean by this?

 

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[andviv]

What do you mean by this?

This is what I mean.

 

[Sid23]

There is nothing better than a person being able to decide how their day/week/year is going to go. What vacations to plan, charities to work with, family to see... Work can be done if you wish, not out of need to survive.

This is the definition of fastlane. Why WOULDN'T someone want to live this way?

Rep ++

 

[SteveO]

Part of this I agree with. Lets not forget that there ARE people out there that do love their job working for somebody else.

And, I want these people working for me!

Yes, some people may claim they love their job as an excuse to cope with their depression of blue collar work or white collar desk job. But I KNOW there are jobs out there for me that I would absolutely love and be completely fulfilled with. That is why I'm in school now, worse-comes-to-worse I will end up with a job that I love doing.

I had an incredible job at HP and spent 19 years there. I had flexibility to take time off and had 1.5 hour workouts at lunch. I felt like I had the dream job until I realized one day. I still needed to get up almost every morning. I still needed to do all the nosense garbage that my boss wonted me to do. I still had to fight traffic.

I could not go back to work now. Once you get a taste of freedom, it is hard to look back. I still remember vividly, the look on my bosses face when I said I was leaving. People just didn't leave this company on their own!!!

This is true, but I go back to my original post. This all comes down to the bottom line of money. If you have enough money, you don't need to work the next week, so you plan what you're going to do. You have TIME to go on a vacation only because you have the MONEY to spend on it. You have the money to work with a charity. You have the money to take time off and visit family.

How can you do this if you have a job? Obviously you get a generous vacation package with some companies. That is not the same as having freedom to choose what you want to do.

 

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[AndrewG]

I want to be rich for the same reasons as everyone else to be able to provide for my family and to have time, and do whatever I want with it. When you're in the fastlane, you can decide that you want to go on vacation, and a week later DO IT. No need to take off a certain time of year so that it doesn't conflict with your coworkers' vacation time.

 

[dino23]

i think it's been said already in so many words, the choice of FREEDOM over false security (job). i dont have a problem with people loving their job. i just wish they would know what they are up against putting in those long 40 hours/40 years. i find it amazing that people our parents age are barely making it now and they had less debt than our generation do. what's gonna happen when this generation gets that age?

this may start controversy but i agree with the statement i heard someone make..."your not truly free unless your economically free!"

 

[Jorge]

Who says you have to be rich to have time and to get away from nagging bosses and paperwork? I have quite a few friends who love their jobs and are able to create a comfortable lifestyle off $40-50K a year, some working less than 40 hour weeks.

One works only 3 days a week as a part time truck driver and makes an average full time pay. He LOVES his job, he says he feels so free and fortunate to get out on the road and meet new people, but he also has more time to spend with his family. He is far from rich...but he is very wealthy.

This is me, I earn more than 40k a year (In my currency, but the lifestyle its the same)
I work 4 hours a day, 2 weeks a month. So I have 1 week of work and 1 of vacation,
and my boss is really good with me...

Dream job? I don't think so...This could change anytime. The boss can change, the gov can make a downsize...anything!

Im not in charge here. This is definitely NOT fastlane.

BTW, Thanks encsteph! It seems obvious, but took me 25 years to open my eyes!

 

[michael515]

What do you mean by this?

What he means is that this website it's not intended for posting about slow ways to make money or the traditional "work hard, save 10%, and retire when your old" mentality, just as the link suggested.

It may sound harsh to get a post labeled "slow-lane", but if we don't stick to fast-lane principles, this forum could turn into another place to talk about jobs - rather than getting wealthy in a way that true entrepreneurs do. Too many forums are full of tire-kickers and time wasters who don't actually take action.

Fast-lane is just that - fast lane. I won't argue that some love their jobs - may God Bless them. But this isn't the place to discuss that. This is a place to share strategies of ways to build wealth FAST using principles of leverage. Remember, only 1% of the population is RICH. Thinking like the rest of the 99% will most likely heed you the same results. We must me adamant about staying on the course to wealth or we may fall too closely into the trap of the 99%...