The measuring stick for being rich is different depending on who you talk to. However, the one thing that the notion of “being rich or wealthy” means to most people is having financial independence and savings to depend on. Calling your own shots, financially speaking, means having the freedom to make choices in your life separate from earning a pay cheque.
This may mean being able to take a vacation whenever you want to, leaving work and going back to school to switch careers, starting your own business or investing in someone else’s start-up, helping family members, taking on a lesser paying job that is more personally satisfying than financially beneficial, or a big one these days – retiring when you want to rather than working because you have to.
Financial independence isn’t the same as being rich, but not having to depend on receiving a certain pay cheque can sure make you feel rich beyond your wildest dreams! Having savings that you can rely on is what it takes to become “rich,” no matter how you define it.
To learn more about financial independence, check out Jonathan Chevreau’s popular (and easy to read) novel, Findependence Day.