Thinking about becoming Wealthy but Not doing anything about it!
Word Count: 1625
Time to Read: 00:06:30
What is the first thought that comes to your mind when you look at affluent people around us and on TV or even online? ‘More money is equal to a comfortable life’ – it is natural for many of us to think like that. “I wish I had more money so that I could buy this house, this car, get the most expensive smartphone and even go on a world tour, perhaps!”
What most of us tend not to ask is, is becoming rich is easy? According to me, it is easy that after you become rich or have more money, the only regret you will have is why did you not try it earlier! The biggest problem here is, not trying.
Am I wealthy? No, not yet. I have made plans for getting there. Wealthy is still a strong word for me. Financial self-sufficiency is the right term to describe it. But like all investments, results earned from your efforts, hard work, smart work takes time.
I may succeed then again I may not.
How closely related are wealth and success? Success means different to different people.
For me, success means financial self-sufficiency.
Taking a cue:
Before we become wealthy, let us try and understand how did some or rather most people who are current wealthy amass so much of wealth in the first place. Some of you reading this may attribute it to hard work, having a brilliant mind or starting with an uninvested capital. I will add one more attribute – they started early.
The closest person that I can relate to is Mircosoft founder – Bill Gates who started when he was 21. According to Wikipedia, his current net worth is USD 105.6 billion as of May 2020.
Warren Buffet the fourth wealthiest person started investing in stock markets from the age of 11.
Let me answer one of the primary questions: how early is too early and how late is too late? There is also a saying which goes something like – If you are born poor, it is not your fault. If you die poor, it is your fault.
How early is too early and how late is too late?
I will counter this question with other questions – how wealthy do you want to become and why do you want to be wealthy in the first place?
I don’t want to be wealthy but financially self-sufficient. I don’t want to own factories or have the most recognisable brands. No. I want to earn enough so that I can afford to buy things so that I should not say, “I can’t afford it.” This sentence has hurt me since childhood. No. I don’t blame my parents.
I bet most of you can feel this, going to the supermarket, entering a store, you like something and the first thing you do is check the price tag. There are occasions when you look at the price tag and despite being able to afford it – still not buy.
Let me ask you this – if you constantly keep thinking or daydreaming on becoming wealthy what are you doing about it? Do you have any investment in place for promising returns after a tenure? Do you have a business plan in place? If yes, have you kept any capital aside or planned for such a capital investment?
Thinking and doing something about it are two different things. What separates common people from the elite? Most common people think and don’t act. Elite or people who wish to grow wealthy think and act upon it.
Some of them start early and get wealthy, others start late and still get wealthy. So, whenever you plan to start, don’t ever think that it is too early or too late. When you start, it is going to be the right time.
You too can start by thinking and act on it. To start, begin with the things you love. Why do I say that because the money comes to those who love what you do and do what you love.
What would be the reason for a doctor not enjoying his profession? Do you think Bill Gates would have been so successful if he did not love computers enough?
I love gaming, writing, biking, driving and making music. Due to the obvious reason, I cannot derive anything from biking and driving – these are interests I developed later. So, what I can derive from gaming – I have my YouTube channel. What I can derive from writing – I am blogging on my website you are reading from.
Music creation is another interest but it is going to be a slow process and most likely to be developed in 2021.
My YouTube channel, website and my music creation – all of them can be monetised. If you have a talent, you can monetise it – you should know how to go about it. It’s that simple.
One other fact you should realise is become wealthy is not easy nor is it difficult. Whether you succeed it would be worth your effort. Should you fail, it will be a learning experience and you can retry.
Making the time for it:
Here’s the challenge, how do you squeeze out doing what you love and love what you do in your busy schedule? I don’t have kids yet, but how do I manage to do all this? I keep a time table or maintain a proper schedule. For example, my YouTube channel video upload schedule is every Wednesday and Saturday 7:30 pm IST.
What I need to make my videos live, I need to know what video I will be making – in other words – my next video idea. To get that idea, I have to play games. Does this mean I have to squeeze this into my schedule to play games? No. Playing games comes to me naturally. So, even if I manage to get 15 min. and if I am in the mood, I play. This can be any game and nothing specific in particular.
Once when I have the video idea, I have to write a script. When that is done, I proofread and edit it as required. If I am satisfied, I begin with the next phase that is audio recording.
Audio recording can be a pain because I have to be completely satisfied with the outcome. Usually, I redo my recording at least 3 times to get the right one. I must develop the right mood, composure and confidence when speaking through the mic. Since I read from the script, I must make sure my voice sounds natural and not scripted.
The next phase is screen capturing the game. This can and cannot be easy depending on what you are trying to capture. If all is good, the video is rendered and uploaded. That ends my process.
I make sure to do my audio recording on Monday for the Wednesday schedule and on Thursday for the Saturday schedule. My video editing is done on Tuesday and Friday or Saturday.
During the week, I am working from home due to the pandemic. So, I start with my channel work off-office hours which is mostly after 7:00 pm. Okay, so I don’t strictly follow it as I have other responsibilities to fulfil which involves cleaning the house among other things.
So typically, my work may start around 8 pm or so. Again, I don’t stick to the timing every day. But, what I do stick with is my schedule. I need to do my audio recording on Monday and video editing the next day.
When do I blog? I blog when I get an idea or feel like ranting like this. It may happen anytime – there is no schedule for this.
Remember, what I have described above, I haven’t taken into consideration the daily chores + spending time with my wife and mom. At least during this pandemic, we are not travelling outdoors to the malls or going out to eat. That saves me ample of time.
Moreover, since I am an introvert, I have few friends and talk with very few people over the phone. I don’t chat except on rare occasions. This saves me ample of time.
Study your schedule: Before you plan out anything, study your schedule. Mark all the days where you can have fun and where you can be busy making money. Think like a businessman. Every day is going to be an investment.
Devote some time to yourself as well. You may need to go out every once in a while or meet your friends, girlfriend or boyfriend whoever. Squeeze out that time in your schedule, plan. When you know the day after you want to hang out, make sure you complete your day after’s schedule today or tomorrow.
I am lazy. I don’t go by the everyday rules, I go with the flow. But, if you can – follow an everyday routine.
Getting to the point:
You must have a plan in place. One cannot accumulate wealth without having a plan on how to go about his idea.
Success is not a guarantee. However, there are pains, there are frustrations. Doing what you love and loving what you do should never be overwhelming. It should not be a cause of burn out nor should it instil any kind of mental pressure. You must enjoy your work.
Earning to be wealthy should not be an obsession but a journey. Whether you succeed or not. At the end of the day, on your death bed, your thoughts should be, “I tried,” if you didn’t get what you expected or, “I did it,” if you got there.
Think about it.