How To Live Your Rich Life

“Content makes poor men rich; discontent makes rich men poor.” — Benjamin Franklin

Too many people spend money they earned..to buy things they don't want..to impress people that they don't like. -- Will Rogers

It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy. -- George Lorimer

Over 15 years ago I and my friends (later business partners) had discussions about our future goals.

One of them was very clear that day that all he wanted really, was to become a billionaire.

In fact, he was obsessed about it.

I knew I also wanted to be very rich, but I did not have a financial figure in mind.

 We spent time discussing what life would look like when rich.

You know, the usual stuff of houses to buy, cars to drive and yes, women chasing after us.

We were young, hungry men after all.

However as I became more successful and earned more, my mindset started changing.

I realised that my version of a rich life was not exactly the same as that of any of my friends.

In fact, this was very apparent whenever we had a windfall from our business. The way we spent our share of the money couldn't be more different!

And as I get older, I realize more and more that anyone can really start to live their own versions of a rich life early.

You don't have to wait until you have a specific amount of money in the bank.

If you do that, you are simply denying yourself and trying to live other people's lives, rather than defining yours.

Recently, I came across Ramit Sethi and his teachings on living your rich life and I connected so deeply with it.

Here are 5 ways he recommends for anyone to begin to live their rich life.

1. Use your money to live your rich life: you need to first figure out what your rich life means. It must not always be about money.

Some people are very rich money wise, but feel trapped. Some would give anything to have the freedom to go for soccer practice on Monday afternoons with their kids and date nights 3 times a week with their wives.

For some others, it is being able to afford life's conveniences of travel, eating healthy and having domestic help.

Whatever it is, live it, not another person's rich life. Don't buy that car or live in that big house because others are doing so.

2. Spend extravagantly in the things you love. Cut costs mercilessly on the things that you don't: You wan't a 75inch TV? Buy it. You don't care much for a large house or car? Move into a smaller apartment and buy a Toyota.

You don't have to have everything, that is when you go broke. Instead, spend on the things that will make you happy and eliminate everything else.

3. There is a limit in what you can cut, but no limit in what you can earn: If your income is $40,000 a year, increasing your savings from $5000 to $10,000 by living frugally is great.

Figuring out how to double your income is even better. Enough said.

4. Make simple, long term investments: many people overcomplicate investing and end up never doing it, or getting burnt.

Automate your savings so you are disciplined. And every few months, review the investment of the saved sums and then forget about it.

Also, only invest in things you understand.

5. Focus on the big wins, not in the small costs/spend: It's actually funny when you think about it.

You can spend hours bargaining with a vendor, and that same night blow $300 on popping bottles at the bar.

Spend more time thinking on things that can actually change your life such as big purchase decisions, where you are investing your money, new skills to acquire or new job opportunities.

You can watch Ramit talk about living your rich life below:

Your rich life is you living at your fullest potential, pursuing the things that make you happiest.

Good news: You can start living your rich life. Right now.

So what are you waiting for?

Have a great week!

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