Nobody wants to be rich for the sake of being rich anymore. It has no meaning. Having extra zeroes in your bank account or having a stack of paper in your wallet doesn't mean anything.
People want the experience of being rich, which in today's world, doesn't require millions of dollars. Even those who have a lot of money aren't rich if they're not enjoying the experience of having it.
Would you rather be happy, healthy and free to do whatever you want whilst earning $250k a year, or stressed, exhausted and unfulfilled whilst earning $1 million?
For me, the first option makes someone rich and the second option just gives them a lot of money. Here's my view on what it takes to be 'rich' in today's world.
Enjoy what you do
I'm fascinated by the fact that most people I know don't really enjoy what they do on a daily basis, but they don't even try something else.
It's literally never been easier to try something else. Want a different job? Search and apply on LinkedIn. Want to start a business but don't have any money? Launch a campaign on Kickstarter. Want to learn a new skill? Go on YouTube and watch five videos about it. Want to get advice from someone who does exactly what you want to do? Hit them up on Instagram.
Don't let your comfort zone trick you into thinking that doing something new is harder than it actually is. I'll say it again, it's never been easier. If you don't enjoy what you do right now, you're wasting enormous amounts of opportunities that previous generations would've done anything to have access to. If you're wasting something that significant, no matter how much money you make, you'll never be rich.
Don't work for anyone, including yourself
If you're working, it means you're doing something that somebody else could be doing for you. What's the alternative? Manage. Oversee. Own.
Just to be clear, you need to put in the work (a lot of work) to get yourself to that stage. But that should be the goal, because otherwise you'll be working throughout your whole life until you're too old to fully enjoy what it has to offer.
Have multiple streams of income
Having just one stream of income limits your freedom because you're fully dependent on it, which means you'll sacrifice a lot to keep it. That's why I recommend, at the very least, having a side hustle.
Then there's the actual numbers. The average millionaire has several different streams of income. Diversification isn't just good for you, it's good for your bank account.
Diversifying your income can not only reduce the risk of significant losses, but it can also increase the probability of significant gains.
The other compelling case for diversification is that there are so many options that require very minimal work, like running an automated online business or investing in assets.
Multiplying your income streams doesn't mean you have to multiply the amount of time and effort you put in. It's actually the opposite if you do it properly, especially if you focus on investing for additional income, instead of working for it.
Be in control of your own time
Time is our most valuable asset, but most people waste it by spending it on things they don't like and giving it away to the wrong people. It's easier to waste time than money because you can't see it, but it's worth infinitely more.
Being able to do whatever you want with your time is what makes you rich, not earning six figures in a job that has you constantly working whilst surrounded by colleagues you don't like.
Controlling your own time also allows you to shape the world to your needs, rather than the other way around. For example, I know a lot of people who work better at night. They're super alert, more productive and have better ideas than they do in the morning, and yet they're forced to turn up to work at 9am (or much earlier), half asleep and in a bad mood.
Doing whatever you want, whenever you want is the best way to spend your most valuable asset, whilst also maximizing your full potential.
Focus on having experiences not possessions
Studies have shown that experiences makes us happier than possessions.
Our happiest memories are of the places we've been, the things we've done and the people we did them with, not the possessions we've bought.
I'm not saying we should all live like monks on the side of a mountain, far from it. Possessions are nice to have, but they're not the source of happiness.
Travel the world. Meet interesting people. Learn new things. Experiences enrich our lives more than possessions ever can.
Being rich in today's world isn't just about how much money you make, it's about what you make out of life.
Do what you enjoy instead of settling for what you don't. Manage, oversee and own instead of working. Diversity your income streams instead of relying on just one. Control your own time instead of wasting it. Spend money on experiences that fulfil you instead of on possessions that you don't need.
When you achieve all of that, you've hit the jackpot.