For many of us the idea of generating real wealth is always something that we dream of and yet find incredibly difficult to achieve. The main rationale for this is the fact that there is lack of understanding as to what real wealth is and this could even look different for different people. This article aims to provide some clarity in this regard and explains what real money can look like for you.
What is wealth?
The definition of real money as postulated in this piece is about having the time and freedom to do what it is that you want to. Real wealth is about happiness and experiences and yes money is able to support this, but money alone is only the financial aspect of real wealth. There are articles galore, posted all over the internet that highlight and espouse the pursuit of financial wealth as a means to gaining wealth – the understanding is that of a financial fortune. The reality is that only a very few will amass such financial wealth and actually you only need the finances to be able to realize your own definition of wealth. This can range from good health, a great circle of family and friends who support your mental health, a fulfilling career or job and a means to provide food and for the other basic needs we all have. This has turned the concept of money on its head and many more people now accept that wealth is much more than just money in the bank, owning a business and working long hours for more money.
True wealth is more than just money
If your understanding is that wealth can be more than just money, intangible assets and investments, then you will be able to rethink how you generate financial money and the time you use to do this. The advice is not to neglect financial security, but to create a more informed balance between the financial and all the other aspects of money.
Having money and then being able to get this money to work for you to generate more money through the science of compound interest is one of the best ways to build financial money – while you spend your time building happiness and experiencing life, which are the only ways to achieve real meaningful wealth. For many, this will entail either having saved a great deal of money, or as mentioned before, having a professional wealth management team look after your money. The sooner you begin to generate financial money in this way, the sooner you will be able to spend time on the other aspects of your wealth. It is after all the time that you mainly need. It is this self-same time that any investments need to generate money, so it is worth reiterating that the sooner you are able to invest the better.
The best way to achieve and generate real money is thus a tricky prospect. The bottom line is that you need to have the time to earn the finances to be able to spend your time doing more of what you want and less of what you have to.