Creating lasting wealth involves smart investing as well as having the right mindset and creating the right internal environment for success. As we have seen in the previous article, real financial freedom isn’t the ability to spend. In fact, it is an opportunity to make life choices that lead to happiness backed by a comfortable savings cushion. To further amplify my point always remember there are plenty of millionaires with an endless supply of money that are unhappy and never experience true wealth. On the flip side, there are also people who are not financially independent at all but still maintain a high level of happiness. In this article, we will examine how to create and achieve real balance and happiness.
Work in a Career You Love
Most of us have worked at a job we absolutely despised. Some of us have been working at the same job for so long that it seems impossible to make a career change to something we’re actually interested in. Not to mention the financial uncertainty that comes with changing careers. Having said that, one of the most important decisions you can make on your path to becoming happy is to plan and shift to a career that you love. It will bring more happiness and contentment to your life but your attitude will also reflect in your workplace, family, and friends. Life is too short to spend a huge part of your time doing something you don’t enjoy.
Surround Yourself with People You Love & Love You
The purpose of life is not to spend it locked to our desks at work. No amount of money in the world will give you the memories, love, and fulfillment that spending time with your family and friends will give you. After all, what is the driving factor behind working hard to become wealthy if not to enjoy life with the people you love most? Keep your priorities in order and always remember why you get up every morning and go to work. Surrounding yourself with people you love and people who love you will keep you motivated and help propel you toward becoming wealthy inside and out.
Live in a Place You Love
Living in a place that you love and surrounded by the things you want and need is considered environmental wealth. We all know that your personal environment has a huge impact on your overall well being. It plays a very important influence on our mood, behavior, and motivation. I do not consider the house as an investment but it is a necessity. Always be cautious before you purchase because it is easy to buy one but extremely difficult to sell-off. A house should provide security and strength but should never turn into a liability. Never buy a house bigger or luxurious than your needs. This is a debt or a trap we all easily fall to. Avoid it.
Maintain Your Standard of Living
A promotion, raise or bonus always leads to creep in lifestyle and expenditure. It sometimes leads to things that we do not want but we desire. A good rule of thumb is to keep your living expenses low, regardless of how much money is coming in. Just because you get a raise every year, doesn’t mean you should be spending more. Keep a check on big budget items and always review your spending. Even if you wish to splurge, spend that money on experience and activity which you enjoy. Something which you will cherish for life.
Pay Off Loans Earliest Possible
Lenders will permit you to put your loans on a 20 or even a 30-year payment plan. This is a terrible idea for someone who actually wants to build wealth. The main reason is the income that is going toward servicing loans cannot be used to build wealth. An easy rule is to keep your mortgage to less than twice your gross income. If you do not adhere to this simple principle then you may end up working longer and spending less in other areas of your life. Most borrowers who pay off loans quickly also describe an emotional or psychological relief at doing so, like a great weight has been lifted from their shoulders.
Avoid Credit cards
The easiest way to know if you can afford to buy something, is to see if you can pay cash for it. Buying mobile, appliances, furniture, clothes or electronic gadgets or anything else on credit should be simple NO. There is always a less expensive version of the same thing whcih will give you same happiness and pleasure. Wealth is actually the cumulative sum of all the things you didn’t buy but could have.
Give Back
Giving back to your community and adding value to other people’s lives is considered charitable wealth. When we look outside of our own wants and needs and instead look for ways to help others and give back, we are building internal wealth. Donating your time and/or money is both selfless and selfish (the good kind of selfish). Not only are you adding to someone else’s life, giving back is also an opportunity to feel gratitude for what you have rather than what you don’t. It’s a win-win situation. Without gratitude, the focus is only on the things you don’t have–the never-ending want for more. On the other hand, when we choose to focus on being grateful for what we do have, our perspective on life in general shifts in a positive direction.
Health is wealth
Health is wealth is a world-famous proverb concerning health. A healthy body is defined as the overall ability of the body to function well. It includes the physical, mental, emotional, and social health of all individuals. When one maintains good health he/she opens the key to happiness. In fact, maintaining a healthy lifestyle has proven to help with depression, elevate your mood, improve your sleep, lower stress, and declutter the mind.
Time is Money
Time to experience what you want and accomplish your goals is considered time wealth. We should spend time wisely as once the time is lost it can not be regained. Everyone’s success or failure depends on how they spend their time. Time can bring you money but money can never buy lost time. Be careful with your time and keep a record. However busy you maybe keep some time for yourself. What I mean is invest in yourself- acquire new skills, pursue a hobby, secure higher educational qualifications, spend time with family and friends. I always keep 30-45 min in the morning for yoga and meditation and an equal time in the evening for reading.
Look back at all the tips for how to become wealthy inside and out. These are not secrets. It is more about being aware of them and implementing them well. At the same time, there isn’t one tip that is more important than the other. Rather, these tips can collectively help you become wealthy in all aspects of life, not just financially. Commit to establishing balance in your life. But still many people fail to become wealthy and happy. If it is so simple, why isn’t everyone wealthy and happy. It just comes down to actions that you take every day over and over and over again. This is where it gets really hard. This is what makes the difference.
All the best.
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