What does wealth really mean?

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What is wealth?

Start Building your own Wealth Now

Take good care of your money today and it will take care of you in future. Be proactive – create your own wealth by making a grab at money now.

Define Wealth

Francisco Colayco, entrepreneur, author and financial advisor stated: “Wealth does not necessarily mean having millions and millions of pesos. Being wealthy simply means having the financial resources to support your chosen lifestyle. Wealth is nothing more than having money to fund your particular needs at any given time.”

Some of the wealthiest multi-billionaires on the planet allow themselves no rest as they are constantly and almost feverishly busying themselves with amassing more and more wealth. Why? They need to keep on funding their lifestyles. It costs a lot of money to keep one’s own private jet in the air and since money has the knack of dwindling away very quickly if it’s not being taken care of, it makes perfectly sense to keep the dough rolling.

Conduct a quick survey among your family, friends and colleagues. Ask them to define their understanding of the term ‘wealth’. You’ll probably be surprised at their answers. For some people wealth simply means having a roof over their heads. For others it means having several roofs over their heads.

Needs and wants

Wealth means having money readily available to pay for what one needs and wants.

Needs are essential and basic requirements necessary for our survival such as food, clothing and shelter. Wants refer to what we desire or wish for and may include things like entertainment and toys. Wants are nice to have and may make our lives easier and more enjoyable but it is things we can do without if need be.

Sometimes we need to make some sacrifices in the short term to gain in the long term. If we want to create our own wealth, we need to take a long, hard look at our lifestyle. Yes, we need clothes but does it have to sport expensive designer labels? We need food but does it have to be gourmet dishes? Do we always need to have the best and latest of everything? Do we have to compete with the Joneses? Do we have to present a certain image to the world? (It seems like some serious introspection is called for!)

Be money-wise as from today

Motivational speaker and author Brian Tracy commented: “Today the greatest single source of wealth is between your ears.”

Use common sense. Use the money you have today wisely. You can’t spend it all in one go and hope you’ll be okay in future. You’ll only have future money if you plan today. Start with what you’ve got and make the best of it. Take good care of your money and it will take care of you right back.

A few basic steps on how to create your own wealth

Determine your needs
A bit of frugal and modest living now will take you far in future.

Determine your wants
Have fun and reward yourself now and then but do it in a money-wise manner.

Draw up a budget and stick to it
List your income and expenditure and have a clear idea of where your money is coming from en where it’s going to.

Have a short term plan in place
Having achievable and measurable goals will encourage you to stick to your plan.

Have a long term plan in place
This will remind you what exactly you are working towards and keep you focused.

You can only create your own wealth if your income is greater than your expenditure. Either curb your spending or up your income. Keep your eyes and ears open for opportunities to earn extra money. Be creative and be prepared to work hard. Enjoy seeing your wealth grow.

This article was published on http://www.dial-direct.co.za/ and is reposted with permission.

REF: http://www.behappy101.com/money-and-wealth-quotes.html