Discover more from Weekend Wisdom - Dan Isaacman
How Rich People Think About Money
Is Wealth A Possibility for Everyone?
Do You Want To Be Rich?
Almost every online marketer or internet guru will sell you a boxful of empty dreams.
They preach that their program, course, or 5 step money grab service will give you wealth beyond your wildest dreams.
No matter how fanciful the marketing is, their lackluster promises usually lead down a path of frustration.
So, where does this leave us?
Is There a Different Way to Be Rich?
What is the first thing that comes to your mind when you think of the word rich?
Is it a treasure chest, bars of gold or a shoebox full of money?
The challenge of this article is to help you realise that “rich” is a state of mind?
A wealthy mindet can only be achieved with a sense of gratitude and fulfilling your basic needs.
If you can acknowledge what you already have, then when you get more, you probably will appreciate that too.
We always want more, as it’s a natural part of the human condition, but we do have to take a moment to be thankful for what we already have.
It is natural to chase more, but it's not the material object that makes us feel rich. Rich is a feeling, and we react to an experience that enriches us based on our perspective.
A rich person is not someone who has everything, a rich person is the one who longs for nothing.
How do you Enrich Your Life?
Rich is not a physical item, object, or bundle of cash. Rich is an emotion.
We enrich our own lives through worthwhile experiences.
For example, some people join a local community, volunteer, or reach out to a friend with a check-in call.
The service of others creates a sense of meaning/purpose and fulfilment in life.
Likewise some people can find fulfilment through working.
Working ethically and striving towards mastery helps put them in situations that create fantastic experiences over a long time.
The opportunities from creating value for others will lead to enriching life experiences.
Each of us finds fulfilment in our own way, but if you are looking for more enriching life experiences, I suggest reaching out and thinking about how you could be of service to someone else.
I had a profound moment that forever changed my perspective on what it means to be rich.
If you have ever spent time in a third-world environment, you may have had a similar experience.
I found myself wondering around the outskirts of an impoverished township in South Africa known as Alex.
Alexandria is one of the most densely populated areas of the world. People live scattered around with minimal plumbing, electricity or infrastructure in make-do shacks with tin roofs.
It is tragic that in Alex, it is common for a child to be born with HIV.
Nonetheless the South African peoples are one of the kindest cultures in the world. People will randomly drum up a conversation in passing on the street with a big smile.
I was walking the street when I heard music so beautiful; I could not believe my ears. So I went in search of this blessed chorus.
It was not too hard to find the source because smack bang on the corner, proudly stood a church building in pristine condition.
The beautiful architecture stuck out like a sore thumb, surrounded by Shanti town as far as the eye could see.
It was an angelic sound of ecstasy, so profoundly emotional and soul-cleansing that it shook my being to the core.
Emanating from this holy place was a call and response like no other.
One powerful voice sang a sweet, deep tune, and what followed was an orchestra of a gospel that sounded like it came directly from heaven, if such a place exists.
This sound moved me almost to tears, and I still feel chills thinking about it. The beauty of this experience has never left me.
The mixture of emotions and the overwhelming joy I heard in the community's voices as they shared an enriching experience in prayer moved me.
I thought "how could these people seem so in sync with each other and so fulfilled when most people here had no electricity or access to the facilities that I take for granted?"
How could these people, with basically nothing, be so full of joy while people who had everything were miserable?
That day opened my eyes to the reality that you can be rich inside. Enriching experiences are a universal force for fulfilment.
We have all heard the story of people with an abundance of wealth but are severely depressed.
These people were financially well-off but had a mentality that was far from wealthy.
Wealth is relative, so no amount will make you feel rich unless you have developed a prosperous state of mind.
Only you can decide what will make you feel wealthy.
There are plenty of metrics that you can use to measure your success other than money. for example, you can be rich in experience or rich in relationships.
Fond memories of past times, and having a social group you can rely on, is extremely valuable.
There is, however, a certain level of money that is important to be able to support yourself.
Getting out of debt is usually the first step towards mental wealth. Paying off your personal debt is an excellent investment.
Once you are out of debt, the next step is to create an emergency fund.
If you can work out your living expenses and save up the amount you need to get by for some months, then you might consider yourself wealthy, or on the path.
This safety net will shield you from unexpected expenses.
For example, if your rent is $300 a week and your living expenses are $200, it costs you approximately $500 per week to get by. So if you can save up $6,000 in your safety net, then you have a safety net of about 3 months.
Your safety net gives you the financial freedom to change jobs or to survive a minor emergency.
With your basic needs covered, you can start building your wealth mindset and invest your wealth to protect your assets.
It doesn’t matter how much money you make, what matters is how much money you keep and invest.
Maslow's Hierarchy of Needs
To enjoy the feeling of riches, one must first satisfy the human need described by Maslow.
Let's be honest. Money makes you happy to an extent because it contributes to your phycological well-being and physical safety.
Being rich, however, has more to do with how you feel, than what you have.
There is nothing wrong with wanting to be financially prosperous, but it is more important is to be mentally fulfilled.
Having a basic understanding of money and how it works is one of the keys to getting wealthy because let's face you need a certain amount of wealth to feel rich.
Money does give you the power to express yourself.
Practising good money habits, like paying off debt, saving for a rainy day, and investing, will put you on the path to financial wellbeing.
If you have enough money to keep your living expenses covered for a while, there is no reason why you shouldn't feel rich.
You can enrich your life through experiences and worthwhile causes, as you grow into the person you are becoming.
While you work towards Financial Wealth, it is important to:
Become money literate and always be learning
Focus on alternative metrics like relationship wealth and experience wealth for a well-rounded life.
Practice Gratitude as a tool for what you already have now
Gratitude & Wealth.
It matters that you appreciate the material possessions that you already have before mindlessly chasing more.
When you appreciate what you have, you will notice how life will work for you rather than against you.
If you are grateful for what you have now, you will likely continue to appreciate life.
Gratitude is a practice that will help to ensure that when you are financially well-off, your deep appreciation will lead to greater fulfilment in life.
If even the most impoverished people can have joyful and fulfilling experiences, we all can enrich our lives through activities involving serving others and working towards worthwhile causes.
The enriching experiences and relationships that you develop will be more important than the financial abundance you have.
We all have the ability to be relatively wealthy by following the basic principles of money.
Once you have your basic needs covered, you can start building your financial and psychological wealth.
I wish you the very best of luck!