What is being Rich like?
I am not a rich person nor I look like one, I don’t own a house or Tesla cars but I do own shares of Tesla and REITs. I am not rich to so many because I don’t have anything to show for it. Then what do I know about being rich?
Being rich to so many is having an abundance of money but another definition of being rich is having enough assets to fulfill your needs and desires and that’s the definition one must stick to.
You can be rich by having the clarity of your needs and knowing what’s enough for you. You might have billions or trillions in your bank to consider yourself rich but you might not be happy. And if you know that you have enough to survive for your entire life then you are absolutely rich and happy. So how can you achieve clarity and become wealthy, you must buy the below five things to get started.
Buy Financial Knowledge
Financial illiteracy is a thing and you might be a victim of it. If you think you will get rich by just saving money then you will be working your entire life.
“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.”
Most of us don’t know the difference between liabilities and assets, how to make our money work for us, how to save more and invest more, budgeting, and simply put how to handle money.
Our educational system taught us how to earn but it didn’t teach us how to spend and invest that hard-earned money. Buy yourself financial knowledge, learn about money, your future self will thank you.
If you don’t know how rich become richer then how do you expect to be rich? Learn about how the rich handle their money, learn their habits, follow them, and you will be rich too. Want to know why then read Best Books for Financial Education.
Start your financial education with these books
You must buy these books to start your financial journey or even better borrow it from your nearest library for FREE.
Just dedicate a week of your entire life reading one of the above books and you will see the change in the way you handle your money. You are too busy I hear then you must buy your time back.
Buy your Time back
Start buying your time back, what do I mean by that? First, you need to realize the time you spend is actual money. How you may ask.
We earn money for the time we sell to companies, our time in the office, in the 9-5 job, is what we are trading to earn an income. So your time is literal money spend it wisely.
Spend your time on the things that will grow you personally and money will follow you. Invest your time in yourself.
How to buy time?
Here are some tips on how you can buy your time back.
- Spend less time on the social platforms
- Spend less time in front of the TVs
- Say NO to the things which don’t inspire you
- Take this FREE course on Udemy on time-management
Buy less Stuff
We are living in a materialistic world where we are being forced to think that we need an abundance of stuff to feel fulfilled, your life has no meaning until you have a new car, a big house, a new shiny phone, flashy clothes. But in the long term, all will fade, your car will get old, your house will feel smaller, your phone will break and fashion will get old.
The temporary happiness you received from the new stuff will vanish and your hunt for new stuff will begin again. STOP this social pressure to upgrade yourself and focus on your needs. You will be surprised how little we need to be happy.
How to buy less?
Here are some tips on how you can buy less.
- Write your shopping list for your needs and not wants, stick to the list when you go shopping
- Remove/Delete shopping apps from your phone, it will help you from impulse buying
- Stop comparing yourself with others based on their possessions
Buy Assets
What are assets? Assets are something that makes you more money. Index funds (investing) are by far the best and easiest assets that you can buy today.
“Compound interest is the eighth wonder of the world."
Buy assets and hold on to them, buy investments and stay in the market for a long time. Learn the magic of compounding and your assets will make you reach.
How to start investment in 15 mins
- Open a brokerage account, Fidelity or Vanguard are the best places to start
- Link your bank with the brokerage accounts
- Transfer whatever you can, your 1$ is also worth a lot invested than sitting in your savings account
- Buy Target funds or index funds, total stock market index funds
- I recommend looking at target index funds like FZROX
- Automate your investing and watch the miracle of compounding
Buy financial freedom
Imagine a life where you don’t need a job for your survival, you have all the time for your hobbies, you dictate what you want to do when you wake up, and you are in control of your schedule.
Now ask yourself are you willing to buy this life? Are you willing to buy your financial freedom? If the answer is yes then let me tell you, you have already taken the first step towards it and you have already bought the idea of freedom.
“Money can buy many things, but nothing more valuable than your freedom.”
Conclusion
Financial freedom is our right and we all can achieve it a lot sooner than society has told us. Live under your means, choose your lifestyle thoughtfully, invest as much as you can and you will have your freedom.
Being rich is being financially free to live as we want, enjoy as we want. That’s the rich life I am striving for.
I am getting rich by buying what I shared in this post.
- Buy books and read at least one book every six months on the topic of money
- Buy time back from the things which I don’t enjoy and spend more on hobbies like writing, drawing, and learning new things
- Buy investments (I mostly buy target index funds and total stock index funds)
- Buy less stuff and spend more on experiences
I would love to hear from you about how can I improve, how can I save more, share your tips or tricks.
7 thoughts on “5 must-buys to get rich quickly”
Crisp and clear
Appreciate it Mohsin. Last year has been really an eye-opener and sharing my learnings with the world has been really helpful to me to clarify my thoughts. I am really glad I was able to convey my thoughts clearly , it makes me feel like goal achieved. 🙂
Nice One… I like the idea of “Buy Less Stuff”
That’s one of the best advise I received too, I have less clutter and I now try to own stuff which brings me joy and has purpose in my life.
Really useful 👍🏼
Appreciate it Dhiraj Bhai..