Can wealth Make You Happy
Can wealth Make You Happy
Money is a tool that helps you sustain your mission, purpose, and desired lifestyle. It is also an exchange of energy and value. When managed and invested properly, it is possible to grow and accumulate a lot of wealth, so that you can live a life of your choice with time freedom.
Can wealth make you happy? Let’s find out the answer to that next.
The answer to that question is, it depends. Having an appropriate amount of money for your basic survival and necessities definitely leads to a more satisfactory and less stressful life.
Accumulating additional wealth beyond that allows you to experience a more comfortable life. However, money and wealth can only make you truly happy and fulfilled if you earn it with joy, provide service to others, and want to grow and multiply it for the right reasons.
You are crystal clear on the reason (why) you want it, earning and growing your money in alignment with your soul’s calling and purpose (serving and giving others endlessly), and absolutely love the work that you do.
To experience a happy life, it is also very important to have all the other components in life be present too like autonomy, and close and fulfilling relationships to enjoy wealth and have amazing life experiences with.
Wealth can make you miserable if you do not like how you earn your money. You hate the work that you do, find it unfulfilling, and feel trapped in it.
You have to work long hours with people who are not like-minded, travel a lot, and are away from your family most of the time.
It can also make you miserable if you are constantly chasing after more money at any expense, using and taking advantage of people so you can hoard it and feel powerful and superior in comparison to other people in society.
So, you are probably asking yourself, “how can I create wealth”?
How To Create Wealth
Wealth is having enough money to sustain your lifestyle and having a choice to never work again for an income. Here are some things to consider as you begin your wealth-building journey.
Why
Figure out why it is important for you to build wealth. The bigger your reason, and the more it is about helping and serving others, the more you will be able to commit to this journey despite challenges.
Lifestyle
Decide what kind of lifestyle you want and how much money you will need to sustain that kind of life vision. Determine where you are now and what is the current gap between what you want and what you have.
Letting Go
What identity (who do you need to become), beliefs, thoughts, feelings, behaviours, habits do you need to let go of that do not empower and serve you to be successful on your wealth journey?
Reduce Expenses
Review your expenses, reduce, and cut any unnecessary expenses so that you have more money available to save, invest, and grow.
Income
List all your unique gifts and natural talents that you can use to serve and add value to the market.
Invest in skills that are valued, most sought after, and well-compensated in the market to increase your income.
Obtain side gigs using any other skills, talents, or hobbies that you have to bring in extra income. Do your research for the different opportunities both offline and online.
Use your skills, talents, hobbies, and passion to start a business. There are plenty of different business ventures available both online and offline. In my opinion, this is the fastest way to accumulate wealth. The majority of the millionaires are business owners.
For more information, refer to: “what is a purpose-driven business?” for exact steps to start your business journey.
Save
The more money you can save and manage well, the more the universe will make it available for you to invest and grow.
Invest time and money in learning to manage your money. These skills will help you as the universe trusts you with more money and wealth.
Track your finances(income and expenses) and create a spending plan to have better control of your financial picture.
One way to divide your income into different categories would be as follows: all your necessities and fixed monthly expenses (55%), long term wealth creation (10%), Long term savings (10%), Fun (10%), Education (10%), Giving (10%).
Start a peace of mind account for any unexpected events like losing a job, having an illness, etc.
Pay off any consumer debt. Pay off the high-interest debt first, so you can save more money and start building wealth sooner.
Live below your means and spend less than you earn, so you can save and invest more.
Investments
Invest time and money in learning different ways to invest your money and make it multiply and grow. Learn to make your money work harder for you than you work for it.
Stocks
Research and begin accumulating wealth by investing in index funds and dividend-paying stocks.
You can also buy exchange-traded funds (ETFs) which are less risky, help you diversify your investment portfolio, and avoid a lot of taxes and fees.
Invest in REITs (Real estate investment trusts) which are real estate company stocks involved in selling and buying properties. They give you a chance to profit and invest in the real estate industry without direct involvement.
Real Estate
Investing in a real estate property, or properties, for investment can be very lucrative. However, you need to come up with 20% of the property price as a down payment and any other renovation costs.
You also leverage mortgage holders’ borrowed money and profit from the whole amount.
You can profit from mortgage paydown from the renter, appreciation of the property, cash flow which is the difference between the rent and expenses, and tax benefits by investing in a rental property.
There are many different types and ways to invest in an investment property like an air BnB, single-family homes, duplexes, triplexes, student rentals, etc.
Protect your wealth
Make sure to buy appropriate insurance coverages (Life, Home, Car and Liability) to protect yourself and your family, business and all of your other assets.
Hire an accountant to set trusts for your children so that they can keep the wealth and save on taxes.
Hire a lawyer to draft a will, so that your wealth can be transferred to your children without delays and legal battles.
In conclusion, wealth, after a certain basic amount to pay for your necessities in life can reduce stress, help you live a more comfortable and possibly happy life. However, it is necessary to have other components like autonomy, fulfillment, and close relationships to live a truly happy life.
Wealth can also make you miserable if you do not like the way you earn your income and accumulate wealth. You could be constantly chasing after money at any expense so you can hoard it, and can be using and taking advantage of people so you can feel powerful and superior.
Are you ready to obtain the financial education necessary and start building wealth for yourself?
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