Sometimes, teaching people how to get rich gets me a bad rap. “You just want to make money,” I’ve been told. Or “money isn’t everything.” These gems, while not particularly eloquent, do have a point. Actually, I’d prefer that these people ask me why I teach people to be rich. It’s important to ask yourself, too: Why do you want to be rich?
Why do you want to be rich?
Take a second and think about it.
Do you want to have a luxurious lifestyle? Do you want to travel? To eat at nice restaurants? Maybe you want to start your own business.
I believe it’s really important to consciously think about why you want to be rich. If you don’t, it’s easy to get caught up in a race to get more and more money without ever knowing why.
“But Ramit,” you might say, “I’m really smart. I got a 4.0 at Stanford and I don’t really want to take the time to think about this. I just want some cash, playa!!”
After I point and laugh at you, I’ll actually get serious. Trust me–take an hour to write it down and compare your long-term goals to what you’re actually doing on a day-to-day basis. It’s easy to say and harder to do, so I’ve taken my own advice below. And hopefully, I can use these things to explain why I teach people to be rich. It’s not just money–far from it.
Why I teach/learn how to be rich
In one sentence: I never want to have to make a bad decision because of money (e.g., staying at a job I don’t love because of car payments).
Long-term goals of earning wealth (in order):
- Give my parents a retirement where they don’t have to work if they don’t want to
- Comfortable, sometimes gaudy lifestyle (I love pens)
- Make career decisions because I want to, not because of money
- Stay in touch with my friends by seeing them in person often
Start a scholarship fund for high school/college entrepreneurs
There it is: an online, accountable list of goals for why I teach and learn how to be rich. What if you made a list like this and checked it every 6 months to see if you were moving towards your goals?