Someone asked me how to be rich? I asked him what did he mean by rich? That got him thinking.
Is a person rich if he has $1m in cash? Is a person rich if he has $1m in cash and a property worth $1m at the same time?
Or is a person rich if he has a net worth of $5m? What am I trying to say? To me, rich is a relative concept.
If we keep comparing ourselves with the next richest person, it can never end. Of course, if we became the richest man in the world, then, there is no one left to compare with but how many Bill Gates can there be?
Stop comparing with others.
I think the most important measure of wealth in this world has to be "happiness"!
Yes, I remember how I shared a moment with my younger sister about how our family was not doing very well when we were in our teens. She said "But we were happy." That was a simple statement but a very poignant one.
What is the point of having lots of money but be unhappy?
Having said this, we should not be so blind as to think that we can be happy without money in this modern world as money problems could surface sooner than later.
So, we still need to make money, to save money and to make our money work harder for us. This is so that we do not have to worry about money matters in future.
The idea is to have enough passive income to take care of our daily needs and some wants.
Of course, what each person needs is different. So, how much passive income is required is also different from person to person.
Just do not forget that being happy is more important than the pursuit of money.
If we can be happy every day of our lives, we are truly rich.
Passive income: A higher purpose.