What is the main goal of people to become rich?

[BABY SHOES]

My perspective of being rich is I can do whatever I want and people will be praising me instead of criticizing it, this happens when we are powerful ro rich and in some cases, it is both. The only goal of getting rich is buy everywything we wish, no need to plan it and think about the value of the money we spent on and luxurious lifestyle that remaining 90% of the people will never get to expereince.

When you're rich, any stupid thing you say will be listened to or treated like a motivator... but when you're poor you'll be ignored and even shunned.
Even now, if you buy your dream item without looking at the price of your extravagant lifestyle, let's just say it's a pretense, people will think you're rich enough, let alone really rich, right? So it's true that the goal of becoming rich is difficult not all are able to achieve it.

[MRY]

My perspective of being rich is I can do whatever I want and people will be praising me instead of criticizing it, this happens when we are powerful ro rich and in some cases, it is both. The only goal of getting rich is buy everywything we wish, no need to plan it and think about the value of the money we spent on and luxurious lifestyle that remaining 90% of the people will never get to expereince.

When you're rich, any stupid thing you say will be listened to or treated like a motivator... but when you're poor you'll be ignored and even shunned.
Even now, if you buy your dream item without looking at the price of your extravagant lifestyle, let's just say it's a pretense, people will think you're rich enough, let alone really rich, right? So it's true that the goal of becoming rich is difficult not all are able to achieve it.

Admittedly, this is how the world tends to judge the people based on what they have now. I believe that when one has lot of money they are more likely to be listened to. It is hard to get rich and lengthy process. Your honesty is much more worthwhile than pretending to be rich and having people pay attention to you.

[pusaka]

Now I would like to add a little for people who already have debts. I suggest to slowly pay off the smallest debt first, of course according to your ability. Because usually people who are already in debt will pay off from other loans so that it becomes a circle that will have no end. And if we are forced to go into debt, then make sure it is not debt for consumptive purposes. Because that's where problems usually arise.

And that's truly a cycle that will never end if they do that. A debt is being paid using another debt, a loop that has no end. True, and I don't recommend doing that. I agree to you that paying off the smallest debts first until they have left with the biggest so at least they're focusing in it a little by little. Having debt to think of on a daily basis will make you stressful thinking of it at night unless you're the kind of person who's unbothered with it.

The first thing we have to do is break the cycle to make our finances more stable. If they say it's a difficult thing to do, I can understand that. But that doesn't mean it's not an impossible thing to do if they intend to do it. In fact, I think if necessary they can sell their valuables to pay off all debts.

If all debts can be paid off, then it will be easier for them to manage their finances. Easier doesn't mean no difficulties, but at least they will be more comfortable in living life because they don't have to think about the burden of debt every month.

Apart from that, people usually feel that the money they allocate for saving, investing is too little. Even though it's not a problem at all, the most important thing is that we can be consistent in allocating it. And if possible we should have additional income. We should try to create more than one source of income.

Small or big in investing or savings, as long as there's a gain of doing that and they're practicing it consistently. Big things comes from small so making it as a habit is actually good.

That's the point, big things start with small things that we do consistently. If we want to make it big right away, then I don't think we'll ever be able to invest, and only luck can make us do that.

I can say this because I feel it myself. Compared to other people, the amount of money I allocate is very small, but I do it consistently so that in the future I have a large investment. Everyone's ability is different, don't equate our ability with other people's ability.

[Findingnemo]

My perspective of being rich is I can do whatever I want and people will be praising me instead of criticizing it, this happens when we are powerful ro rich and in some cases, it is both. The only goal of getting rich is buy everywything we wish, no need to plan it and think about the value of the money we spent on and luxurious lifestyle that remaining 90% of the people will never get to expereince.

When you're rich, any stupid thing you say will be listened to or treated like a motivator... but when you're poor you'll be ignored and even shunned.
Even now, if you buy your dream item without looking at the price of your extravagant lifestyle, let's just say it's a pretense, people will think you're rich enough, let alone really rich, right? So it's true that the goal of becoming rich is difficult not all are able to achieve it.

Everyone who is aware of money would want to become rich and the only reason is that they can buy/ or do whatever they want, not really needed. However the problem comes when many people pretend to be rich which becomes a trap. They are living a luxurious life from their credit cards not from their revenue source and at one point they are in so much debt that can't be repaid at all. So we know what is our risk tolerance we have to work hard to get better financial position then we can do everything not just instantly at the moment.

[justdimin]

Spending less than income.

I'd rephrase that as 'earning more than what you spend, and being able to save some'.

Agree with most other points but I think they are quite generic and anyone who's ever considered financial freedom usually knows these all.

I feel like the entire concept of financial freedom is somewhat overrated and misunderstood. I don't know a single person who can safely say they are financially free. There are big businessmen, but even they are not financially free IMHO because things can turn upside down within months if not weeks.

For me, having good health, a stable mindset, and enough savings to cover three years of living expenses in case of an accident or major setback is more than enough.

[puloweh555]

Financial freedom is one of the most important objectives in achieving richness.

Being rich should not be the target, wealth should be the goal. If you become rich and then get too comfortable, that can be the beginning of the end for you. Many people have been rich today and poor tomorrow and not just because they made bad choices. Anything can happen and you the rich can be affected, but you the wealthy have a better cushion because of your multiple sources of income.

If your goal is to be rich alone, realign yourself and change that goal to be wealthy.

I understand what you mean, because having a goal of wealth is often fragile, but having a goal of abundance is good. With a goal of prosperity our ability to live without relying on a single source of income will be measured by our ability to live without relying on a single source of income even if our primary source of income were to disappear.

So, the goal of wealth should be treated as a bonus not a primary goal. If your goal is simply "rich," you'll keep chasing it. But if your goal is abundance, you'll build a system that will give you freedom in the future. We also understand that the essence of financial freedom isn't how much money you have, but how little you rely on your own time and energy to build sound finances.

[JoyceBTC]

People commonly believe that the ultimate purpose of becoming rich is having more money, a better house, a luxury car, or an affluent life style. However, the real sense of being rich goes far beyond the amount of money. The real riches are the condition when a person has enough resources to fulfill his/her needs and those of his/her family members, doesn’t worry too much about the future, and makes decisions on his/her own.

Everybody has different purpose for life same way everyone has different purpose why they want to get rich. We are all different in thinking, same with different problems, priorities and what we need money for.
So reasons why I want to get rich and what I want to use my money for will be different from another person, because we have different needs and what also would look like a necessity to me might not be wanted by the other person. I believe what you stated is your own purpose of becoming rich.

[WatChe]

Everyone who is aware of money would want to become rich and the only reason is that they can buy/ or do whatever they want, not really needed. However the problem comes when many people pretend to be rich which becomes a trap. They are living a luxurious life from their credit cards not from their revenue source and at one point they are in so much debt that can't be repaid at all. So we know what is our risk tolerance we have to work hard to get better financial position then we can do everything not just instantly at the moment.

If you don't have control on your spending's then no amount of income is enough for you. The stuff created by modern banking system like  credit cards are advertised as a consumer friendly products but in reality they are only benefiting the banks. I only have debit card, just to make sure that I spend only what I have in my pocket and never buy any stuff on credit. It also gives a feeling of richness that you earn enough to fulfil your needs and you don't have any loan to repay at the end of every month.

[FanEagle]

Yes, this is economics section so it is okay for you to discuss this here. In fact, you might find some similar topics if you scroll back. Different people have different opinions about being rich. Some people just want to live a peaceful life at their farm house located beach side. All they need is a loving family, a decent house and enough money for them to live their life without worrying about work again. I am these people and want this to be true. I would consider myself rich if I have achieved all this.

For some, luxury is richness. They love spending on expensive jackets and shoes to live a better lifestyle. You can never explain the importance of money to these people. They are rich and don't care about spending too much.

[Cheema02]

If you don't have control on your spending's then no amount of income is enough for you. The stuff created by modern banking system like  credit cards are advertised as a consumer friendly products but in reality they are only benefiting the banks. I only have debit card, just to make sure that I spend only what I have in my pocket and never buy any stuff on credit. It also gives a feeling of richness that you earn enough to fulfil your needs and you don't have any loan to repay at the end of every month.

Yes, It's very important to talk on the financial rights of labours and when labours don't receive deserving wage then it's look very little on paper. So when labours don't have knowledge about wage laws they don't make efforts against companies and many developing countries this is the biggest problem for government for implementation of wage laws. Even in our countries according to inflation and utilitiy, health and education costs the wage is fixed around forty thousand rupees. But in this wage small families may be survives but the large households struggling to meet the daily expensis. According to this situation many parents are compelled to send there childrens abroad for earning.

[Findingnemo]

Everyone who is aware of money would want to become rich and the only reason is that they can buy/ or do whatever they want, not really needed. However the problem comes when many people pretend to be rich which becomes a trap. They are living a luxurious life from their credit cards not from their revenue source and at one point they are in so much debt that can't be repaid at all. So we know what is our risk tolerance we have to work hard to get better financial position then we can do everything not just instantly at the moment.

If you don't have control on your spending's then no amount of income is enough for you. The stuff created by modern banking system like  credit cards are advertised as a consumer friendly products but in reality they are only benefiting the banks. I only have debit card, just to make sure that I spend only what I have in my pocket and never buy any stuff on credit. It also gives a feeling of richness that you earn enough to fulfil your needs and you don't have any loan to repay at the end of every month.

Credit card is great when people know how to use it and have the self control of not using it beyond their limit, I have been using it forever and never missed any bill, it is always before the date and for some big purchase I will just pay it the next day to keep the credit card spending within the limit. But I know a lot of people who uses credit card in the wrong way and almost maxed out all their cards and keep roll over to the next billing cycle while the interest will keep mounting.

[barbara44]

I'd rephrase that as 'earning more than what you spend, and being able to save some'.

Agree with most other points but I think they are quite generic and anyone who's ever considered financial freedom usually knows these all.

I feel like the entire concept of financial freedom is somewhat overrated and misunderstood. I don't know a single person who can safely say they are financially free. There are big businessmen, but even they are not financially free IMHO because things can turn upside down within months if not weeks.

For me, having good health, a stable mindset, and enough savings to cover three years of living expenses in case of an accident or major setback is more than enough.

Human mind can never be satisfied. We always want more. No matter how rich we get, we would always want a another million dollar so we can build a luxurious house for dog in the backyard. This is the reason why we would never be satisfied or financially free. Our mind will always want more. Even if we are millionaires, we would want to become a billionaire. Even if we are financially free, we would still burden ourselves with new expenses. Our needs would keep on rising which requires a lot of money.

For me, I too would prefer being mentally rich instead of being financially rich. We can gain money anytime in our life but knowledge is only available for a meanwhile. Once our brain loses it's potential, our body will stop learning new things.

[Yeesha]

People commonly believe that the ultimate purpose of becoming rich is having more money, a better house, a luxury car, or an affluent life style. However, the real sense of being rich goes far beyond the amount of money. The real riches are the condition when a person has enough resources to fulfill his/her needs and those of his/her family members, doesn’t worry too much about the future, and makes decisions on his/her own.

Financial freedom is one of the most important objectives in achieving richness. This means that a condition whereby you do not rely on your income alone every month. One of the most important objectives of richness is the control of time. Since money can be recovered, but time cannot be recovered.

But I think they need to pay attention to these issues, which I have highlighted below.

*Spending less than income.
*Save regularly.
*Investing for the long term.
*Learning new skills.
*Controlling debt and unnecessary spending.
*Maintain patience and discipline.

I think those who keep themselves fully aware of these issues will ultimately be able to improve their lives one day.


         Is it okay for me to discuss this issue here?

The purpose of becoming rich is having more money, while the aim of becoming rich is to have the ability to fulfill all your dreams by meeting all your needs and requirements. But the best way to keep the money growing is by avoiding spending lavishly or being extravagant, if you cannot secure what you have at hand, it is going to be extremely difficult to extend it for it to grow and become more productive and profitable to you. Money are not meant to be spend carelessly, because we make use of money in order to make more money, investing in something tangible also helps a lots in the maintenance of financial management and financial problems, but being patient and contentment is the key.

[Versatile_choice]

You can't give a full definition of rich or why people chose to become rich. You seem to be speaking based on your level of understanding or perhaps, you discovered that from few rich men but that doesn't mean other Rich people are also going with that same goal.

I believe that we all have reasons why we chose to become rich, and I want to tell you that there's no how you would become rich today that you wouldn't want to test this luxury lifestyle. When I Said rich" I mean you have the money available with you in folds, but even though we are going to test that lifestyle we need to set up business and also Invest in other scheme at least to see where the money will be flowing from without seizing.

[Youngrebel]

You can't give a full definition of rich or why people chose to become rich. You seem to be speaking based on your level of understanding or perhaps, you discovered that from few rich men but that doesn't mean other Rich people are also going with that same goal.

I believe that we all have reasons why we chose to become rich, and I want to tell you that there's no how you would become rich today that you wouldn't want to test this luxury lifestyle. When I Said rich" I mean you have the money available with you in folds, but even though we are going to test that lifestyle we need to set up business and also Invest in other scheme at least to see where the money will be flowing from without seizing.

I actually agree that so many of us pursue wealth for various reasons so it is actually difficult to give single definition of what being rich means or why someone wants to achieve it. For almost all of us it’s just to make money and avoid poverty and i also feel like it’s not normal and natural for many people to want to enjoy wealth, and luxury.

[BABY SHOES]

Everyone who is aware of money would want to become rich and the only reason is that they can buy/ or do whatever they want, not really needed. However the problem comes when many people pretend to be rich which becomes a trap. They are living a luxurious life from their credit cards not from their revenue source and at one point they are in so much debt that can't be repaid at all. So we know what is our risk tolerance we have to work hard to get better financial position then we can do everything not just instantly at the moment.

This reminds me of someone who pretends to be rich, even though what they use is the result of online loans with very high interest rates, but they don't care, the important thing is to look rich, to be seen by others so they think they are successful, but behind it all is a trap of bills that must be paid.

We have to adjust our income and expenses every month ... it's impossible to spend the entire salary in just a few days, this is a stupid thing whoever they do, at least I have seen people like this in my area.

[HelliumZ]

To become rich, a person must balance his income and expenses, especially he must increase his income and reduce his expenses. He must have the habit of saving the amount of money that is left after calculating his income and expenses at the end of a certain period of time. He must be strategic and even have enough skills to manage a business properly. He must be patient and learn how to save himself from danger and maintain self-control. One should never try to achieve success very quickly, but rather should have the courage to face any adverse situation with patience. He must have discipline and knowledge of time and be disciplined and diligent.