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Getting Rich Is Not A Financial Goal, It’s Motivation

Being rich has different meanings for different people and at different stages of life. A goal on the other hand, financial or otherwise needs to meet certain criteria.

Let me ask you a question.

Are you rich?

Depending on who you are, your perspective on life, and where you stay, I will probably get very different answers.

But doesn't being "rich ", mean having a lot of money? That's probably a good definition. The problem lies in the phrase, "lots of money".

Lots of money has different meanings for different people and at different stages of life. A goal on the other hand, financial or otherwise needs to meet certain criteria. A goal should be specific, measurable, actionable, realistic, and timely.

Therefore, a goal has to be better defined - something like, "I want to see Rs. 10 Lakh in my bank account by 2017" or "I want my investments to be worth Rs. 1 Crore in 10 years"

Both the statements have something to do with "becoming rich" but are exact and you can actually plan and work towards them.

A good way to look at becoming rich is to see it as an emotion that you want to experience, much like looking good. Experiencing this emotion requires the fulfilment of certain prerequisites which will never be the same for all.

For you rich maybe Rs. 10 crores and for someone else it might be a 100! Not everyone needs six pack abs, and neither does everyone need Rs. 100 Crore. When you feel rich is when you ARE rich. That's what is important. You, and I, need to understand that there will be multiple "goals" that we will need to achieve to attain that emotion called, "Becoming Rich".

Being rich is good as long as you define what it means to you. What you define as rich will, in turn, be decided by your expectations. Setting the right expectations, therefore, is a prerequisite to becoming rich.

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*Return assumption upto 5 years is 8% (debt funds) and beyond 5 years is 14% (equity mutual fund).
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