Was chatting with a friend the other day. Our conversations usually revolve around money, careers and retirement, savings and investments. No, he does not sell insurance! But he is business savvy and enterprising; I am amazed at how he is brave to embark on various moneymaking ventures… which turn out to be lucrative, mind you. And these are all perfectly legal, btw. 😛
Lately though he’s been feeling overwhelmed and is contemplating on retiring early.
“What is the measure of being rich?” he asked. I am amused at how our conversation suddenly took a philosophical turn.
“I guess being rich is not being in debt. Not having to beg, or depend on someone for financial support.” (And world peace!)
“I mean, how much money should you have saved, for you to be able to retire comfortably? Give me an actual figure, say 25 million? 100 million?”
“I really don’t know. Because yes you can have 25M now, but if you account for inflation (at ~3% p.a.), it would only amount to half by the time you reach 60. And then there are still your daily expenses for food and utilities. And if you get sick, you have to factor in your maintenance meds. Imagine a kidney transplant is in the millions!”
“So I guess we really have to put our money into high-yield investments.” And just like that, our conversation reverted back to the mundane how-to-make-money schemes. 😛
Still, his question lingers in my mind: What is the measure of being rich?
What does it mean to be rich? To be TRULY rich?
To not be in debt
To not have to beg
To never go hungry
To not have to depend on someone for financial support
To have a fulfilling and satisfying job
To not have to work long hours
And still earn while on vacation
To be able to relax and enjoy
To have a place to come home to
To be secure and not worry about the future
To have just enough and not be greedy
Neither embittered nor envious
To have too much that one can be charitable and give freely
That, for me, is what it means to be truly rich. I thank you. Bow. 😛
How about you? What does it mean to be truly rich?