A few years ago I wanted to be rich now. Now as in yesterday now. That led to some really destructive behaviors and the resulting 300K+ of debt I find myself in now.
But I still want to be rich.
Is this a bad thing? I don’t think so. I was talking with my friend who knows about my situation about this earlier in the week and here’s what I had for my reasons of why I want to be wealthy:
- Freedom - I hate the fact that I just can’t go visit my family on a whim because I don’t have the money. I want to be able to fly and see my family without having to worry about the costs.2.
- Philanthropy – I’m giving a pittance to charity each month. And it bugs the crap out of me. I have allot of things I am passionate about and would like to be able to help out financially with, but obviously cannot!
- Mental Health – This isn’t the healthiest association in the world I know…but I feel better when I have a larger amount of money in the bank. I feel more relaxed, more confident, and way less stressed.
- Family – Besides the fact that I owe my mother a crap load of money, I’d like to be able to take care of her and other members of my extended family more. Yes, I’m just 24….but darn it so is that facebook dude.
So, those are just a few reasons why I still want to be rich. You notice what isn’t there though that probably would have been a few years ago? Well, no fancy car, or big house for one.
Learning to be frugal with my money has taught me the value of so many other things in my life. I used to buy crap I totally didn’t need just because it was cool. Now, I still want some cool gadgets, but I’ll only reward them to myself if I hit certain goals and they would actually be useful in my life.
Anyone else have these reasons as well for wanting to be wealthy? Are there any good reasons I’m missing?
{ 8 comments… read them below or add one }
I don’t think you have to be wealthy to do any of those things you mention. You can’t be poor–although there are a lot of poor people in the world who DO take care of their mother and give to charities–but WEALTHY isn’t necessary. I mean, I do all those things you talk about above–and more, ’cause I got three kids going to private school–and I’m certainly not wealthy. We struggle to make ends meet each month, but we get by and stay out of debt, mostly.
Unless you and I have different ideas about what “wealthy” means.
What I’m saying is, maybe you should concentrate less on getting rich and more on having a viable long-term budget where you live below your means and slowly accumulate wealth, but live well enough in the meantime. Moderation.
Being that I’m right around your age (21), I understand the idea of wanting to be rich. It’s what every kid our age has been taught to want since they are young. It’s part of the capitalist society we live in.
I threw away any sentiments long ago. I have no desire to be rich. I just want to help people and be able to support myself. I’m going for a PhD, but don’t plan on ever making three figures. I could pursue that field, but material things won’t making me happy. Like you, philanthropy is in my heart.
Very few people reach this point quickly. You have a very good work ethic and I think you were forced to use that when the fast track to money failed. Risk and reward is a dangerous game to play, and you played it to a tune of 300k at the age of 24. The only way to catch up is to keep doing what you’re doing and work hard. The road to wealth is reaching the point where you can properly invest your money so that it makes more money than you. Rich is just an image, wealth is an attitude. Wealth doesn’t always imply money either. Some people associate it with family, good health, a fulfilled life, you name it.
I noticed you put mental health as a reason you want to be rich. Since you have so much debt, do you have a safety net so you don’t go deeper in the future? Having an emergency fund is a very good feeling in that if something happens, there’s money that can be accessed that isn’t regular monthly income. It is a rainy day fund and it is going to rain one day, do you have an umbrella?
Jim,
I don’t have an emergency fund setup yet. Since I’m right in the process of filing my personal bankruptcy, I can’t do it right now. I’m hoping in another month or two, once the BK is filed I may be able to start putting some money back into my Emigrant Direct account as an emergency fund.
That would make me feel much better…
At this point in my life. If we could be debt free I would feel like I’m rich!!
“We struggle to make ends meet each month, but we get by and stay out of debt, mostly.”
That is not freedom.
Not to split hairs, but Mark Zuckerberg (Facebook) is only 23.
Anyway, there’s no problem with wanting to be rich. Not only can you do more for society as a wealthy individual (no matter what people say), but you can live your life any way you want.
Good luck man, I’m rooting for you.