Is being Wealthy the same as being Rich?

Money symbolRecently I finished another book on financial planning and how to become wealthy that my boss passed on to me.  While it is a little late for me as I am now retired (working part-time) and far from wealthy – I consider myself to be very rich.  For those 25 years and under I’ll give you the gist of what I have read on the subject of making money at the end of this post…because while money is a factor it isn’t just money that makes one rich.

For instance, I love to travel and wish I had started much sooner in life because the experiences while travelling have been educational, entertaining and life sustaining – not always – sometimes it is a vacation after all where the purpose is to relax and get away from it all … and sometimes things happen that dampen the enjoyment, but that is life.

I had a discussion with some of my friends recently on the topic of what makes one rich and surprisingly most didn’t say money but things like health, family, having a child, creating art, being in a job/career they loved, being in love, and getting out.  Don’t get me wrong they all thought having more money would help but they aren’t obsessed with it and the societal pressures from advertising to buy, buy, buy – spend, spend, spend!  By the way when I said getting out I meant outside the house, either on some level of fitness, to take in an event, interacting with others in some form of sport or recreation, just getting fresh air or watching a beautiful sunset.

 

Many people, usually ones that realize late in life their aches and pains are going to be a constant part of their lives are happy they are still able to do things and have their health so they consider themselves rich.  Others get together often with their families not just for Christmas and Thanksgiving but for summer barbecues, winter “games nights” and think that family is very important and that they are richer because of the number and quality of their friends and siblings or daughters and sons, etc.  And some people are interested in art and architecture, creating something, music and history and get out to have another shared experience and feel richer for it!  just like Scotia Bank says … you are richer than you think!

And now for that little nugget of info I promised at the beginning!  Pay yourself first, put that money into an investment and through the miracle of compound interest – watch it grow!  In other words, have your employer deduct a certain amount from your pay check at source – that way you will never miss it and put into a separate investment and leave it alone for twenty years – you’ll be surprised what you have at the end of that time period!  Easy, peasy! Lemon squeezy!  Right!!!