What Would It Take To Consider Yourself Rich?

Simon Quayson

12 months ago

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Do You Genuinely Think You Are Rich? Why Not?

To be considered wealth or to feel rich, people may want to see a few glaring attributes. These may include: assets owned, income level, net-worth or lifestyle. This cliché model only gives a superficial outlook. It doesn’t tell as much as the very words of the subject matter himself.

Looks can be deceiving so to speak, but to know if a person is truly rich, the best way is to ask them. Ask about their opinion regarding their own status. Here, I outline a few conditions that must stand true for me personally to be called rich. I hope this resonates. You can find your own “This is when I’d feel rich” math.

To be counted in the top 400 richest in your country of residence

Regardless of any level of net-worth, I wouldn’t feel exactly rich until I’m counted among the Forbes top 400. Perhaps if you lived in a Second World country, becoming a member of the top 100 richest would be nice. But for a Third World country, you could aim for the top 50 or 20^th spot. Taking the United States for example, it stands as the center of global opulence. The top richest Americans are deca and centi billionaires.

Who can argue with that? In order to feel rich a small perhaps developing nation with a smaller GDP and per capita income, your 7 digit net-worth moves the needle. You can have political leverage with politicians on speed-dial. Also, the top 1% affluent persons in that region would like to do business with you. Your wealth grows in bigger leaps and bounds. This is because there are smaller economics as play to compare your money with.

Ability to give 7 figure donations to charity annually

There is no greater pleasure in the world than giving away money. This is true because seeing less fortunate people benefit from your wealth will make you to feel rich. Although it may be a small fraction, your charitable deed will give you a deep sense of humility.

Giving a million dollars away to charity each year comes up to about $80K plus per month. You could be creative about it and build a philanthropic organization with a team of volunteers. Or you could write out four (4) checks each quarter through anonymous channels. Get the funds to the organizations and people you wish to support.

Hold at least 30% ownership in your own public company

Owning stocks in public companies is one thing, but owning your own public company is the bigger flex. There is no better leverage than for your capital working for you on the stock market. With even a 30% stake, you get nearly a third of all the dividend payouts. You will also get to experience a third of the weight of the capital gains during market booms.

Learn more: Learn to Trade Stocks Step by Step for Beginners

As lofty as this may sound, it just requires the full dedication into entrepreneurship. Start building your main business or side hustle into a big business. Growth comes in stages. You could get to the IPO eligibility level by adding your current equity with another investor’s contributions. Perhaps a venture capital’s equity could do the same to accelerate your overall value. This is what you do to feel rich.

Disrupt your industry with generational consequences

If you want to feel rich, become a mover and shaker of your industry or niche. First, delight in your customers by treating customer obsession as an indispensable culture. Make it a core religion at best. Secondly, convert your dream team into faithful followers of this philosophy.

Having a significant market share isn’t quite enough. You must define and lead the pace of innovation in your niche. This will keep competitors constantly focused on your moves, instead of the real game ahead of them. As your competitors become reactive instead of proactive, they will arrive in the exact place you want them to be. Second best.

A Few Parting Words

Wealth shouldn’t be measured in dollar amounts anymore. It should be the intangible earth-moving achievements that have a greater impact on the society in general. This is because a billion dollar net-worth that only you and your family could enjoy would not help make the world a better place. Until this wealth is applied and distributed to impact others, it’s not really going to make you to feel rich from the inside out.

Do you genuinely feel rich? Why not? Share your views and comments below.

What Would It Take To Consider Yourself Rich?

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