How To Get Rich To Retire In Wealth, Health, And Happiness
Wealth is empowering and has so much more impact than being rich. Wealth is a philosophy and a state of being rather than dollars accumulated. The difference between building wealth and being rich is essential when it comes to retiring.
However, establishing wealth and being rich are not mutually exclusive. Being rich is tangible and becoming rich is substantially easier than becoming wealthy. The latter takes soul searching, hard conversations, digging deep, and constant work.
There are many ways to become rich and, not surprisingly, many hacks to doing so. So, the answer to how I become rich is that the rich get rich by using other people's money.
This getting-rich explanation is simple yet complex. It takes a different mindset, absolute resolve, a true belief, and likely getting out of your comfort zone. So before understanding the difference between establishing wealth for exploration in a future article, here is a deep dive into getting rich.
The Basics Of Getting Rich
A quick example to demonstrate how to get rich is if you own a home and if you have overpaid on the mortgage. At the most superficial level, the mindset of the rich is that you can do more with your dollars than paying even a 3% interest rate on a mortgage.
Those who are rich believe what they pay in interest is better used for investing in themselves, a business, or the stock market. The rich understand the benefit of leveraging other people’s money. Rather than paying multiple interest rates on car or student loans, mortgages, or worst yet, credit cards, the rich use their money to invest in those who are mega-rich.
The Rich Habits Versus Safe Habits
The decision-making between rich habits and safe habits often relates to security, also known as fear. Sometimes it means paying down debts to reduce interest rates at the possible cost of liquidity.
Working with a financial planner helps manage fears in financial decision-making to address reasonable steps for getting rich. There are many examples of how business owners, even Amazon, make acquisitions to get rich. They sell bonds, which again are other people’s money.
The Getting Rich Reality Is Simple; The Application Takes Practice
The stock market is where getting rich often starts. There is about a 75% chance that the market will be higher on an annual basis. And the longer one is invested, the more likely the opportunity for growth.
Studies show that the US stock markets average a 10% growth each year. This percent increase demonstrates the opportunity to grow the most money at the end of 20 years. And the ability to get rich in the market is a much better risk than overpaying 3%, 4%, or even 5% interest rate.
The question of investing in the stock market is rhetorical, as the answer is obvious. Yet add emotions and other variables into the mix, and it certainly muddies the waters.
The Rich Mindset Builds Long Term Wealth For Retirement
People with a rich mindset invest in the stock market, business ventures, and more. They also jump when others pause to consider a less “risky” route as they have proven success in maximizing someone else's wealth.
The US economy leverages other people’s money. And the more capital a person can access at a lower rate, the better able they are to grow personal capital with a higher ROR. This return on investment is when getting rich translates to accumulating wealth. It is simple math.
Wealth, Health, and Happiness Is Best For Retirement
The getting rich mindset and actions are an excellent way for building wealth, but they are not the only way. This best formula for accumulating wealth is one that a skilled financial advisor will help you leverage according to your profile.
The goal of a fiduciary is to act in the best interest of their client. This wealth manager possesses years of training and credentials for guiding clients on how to get rich in a way that best suits their lifestyle and needs. The financial goal for both the advisor and the client is to accumulate wealth to retire in the desired manner that ensures health and happiness.