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jeremy6813

What is Living Debt-Free & Truly Wealthy?

Many people have asked me, "What do you mean when you say 'Living debt-free and truly wealthy'." The answer is both simple and complex. The goal I have set for myself is to help all my friends, family, and people in my community become debt-free and truly wealthy. There are two parts of this, (Debt-free and Truly Wealthy respectively.) Debt-free is pretty clear in its meaning, but what does truly wealthy mean?


Becoming truly wealthy is a relative term with an important meaning. It is founded on the core that everyone has a different definition of 'wealth'. To some it is as simple as having a roof over their head and food on the table for their family, others it is being able to help send their children to college, and still others are dreaming about diamond-studded swimming pools. For me, living truly wealthy is being able to spend, save, invest and plan wisely for the future, and be financially independent while still having enough to give to the needy.


When I think of people who I consider wealthy, it is not about buying everything on the shelf and going on vacations each month. It is about being in control of your checkbook. It is wisely managing your purchases, so all of your needs are taken care of without seeing that dreaded 0 or red number. It is knowing how and when to say, 'no' and not worrying how you are going to pay all of your bills.


The next part of being truly wealthy is being able to save and invest for the future. It is about knowing how to put money aside for the important things to come. It is realizing that a rainy day will come and being prepared for it. Furthermore, it is about planning wisely, to make sure to be able to retire one day.

The next step in being truly wealthy is being able to help others. Throughout life, there will be people who are going through a rough time and need help. This may be a friend, family member, or total stranger. I don't want to have to say, 'no' to them if they truly need it. There are many causes in this world that are worth supporting. Being truly wealthy is being able to help them.


The final step in living truly wealthy is to be financially independent. It is being able to manage all of the above things (whether by yourself or with help from an advisor) wisely, and to stay ahead. It is reaching that true balance. It is not relying on loans or credit cards.


All in all, it doesn't matter how much you make each month. Living truly wealthy, is about managing what you do have wisely, to keep yourself in a prosperous situation. It is about planning and discipline, and making your money work for you in the best way possible.


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