Even though I was making good money in the beginning, I ended up being borderline bankrupt.
And looking back, part of it was because I didn’t know what wealth meant to me.
All I knew was that I was getting money - and I didn’t care about anything else - and I paid the price for it. But after my breakthrough, I drilled down on what being rich actually meant to me on a personal level.
That includes things like:
- How much I wanted (see the the last trait)
The kind of stability wealth offered (e.g., having an emergency fund, a retirement fund, etc.)
- The number of assets I had (e.g. stocks, bonds, physical properties), or basically
- Not worrying about bills, having enough food for the week, having gas in the car (this was my FIRST priority!)
While everyone’s personal definition is different, it’s essential to have a measurable standard of wealth. Otherwise, what’s the point?
And once I really drilled down on these basic things, my wealth skyrocketed.