The #1 Way To Remain Extremely Rich

In simple terms, Want Less!

Like I said in the Paradox of Personal Finance, you need to accept the fact that we live in a world of infinite wants but limited and scarce means of attaining them. To fight the timeless economic principle is to fight nature. Live by a scale of preference; prioritise your needs and wants according to a budget.

There is wealth in contentment. Contentment in the little you have now will increase its value many folds. Believe that whatever you have now is enough to make you comfortable. One of the joys I get from being in the village here during this service year is that I get to see the simple village life lived with people who have never seen a flat screen TV, never seen a fountain, or been to a cinema but still appear happier than many in the cities who have all those!

I tell people that Coke and Pepsi is an example of a ‘Created Need.’ That is a term I coined meaning; ‘A want that is made to seem like a need.’

If you were born in a village that has no access to Pepsi or Coke, you will survive simply on water and live perfectly healthy. But in the cities, high pressure marketing and overbearing sales people have convinced us that there are things we DARE not live without taking/eating/drinking/wearing, etc, before we die.

Appreciate what you have instead of focusing on what you don’t have…the grass appears greener on the other side, you know. There are families surviving on just one income (either of the husband or wife), so why can’t yours?

Then, when you achieve contentment, and have delayed gratification, you can then put the processes in place for using the money you have saved to make more money for you- diversifying your income thereby. In essence, you move from merely financially surviving, to financially thriving.

Find joy in more than material things, gadgets, smart phones, etc. Don’t tie your pleasure and satisfaction in life to having or acquiring more, but in being more (as a person). Find joy in being with people you love and who reciprocate that feeling.

Moreover, don’t forget that time is money, so think about your purchases in terms of time- the time it will take you to work to earn the money you are about to exchange for that service or product. The next time a delectable pretty-smiling salesgirl tries to convince you to buy what you don’t need. Ask yourself, ‘Is this N100, 000 wrist watch really worth it? "How many hours will I need to work to make back this money?" You can’t make more time, so make sure your time and money are being utilized in the best possible way.

So there it is, the #1 way to remain rich is to avoid giving in to the circumstances and events that take away your spending power by wanting (to buy) less, enjoying and being content with the little you already have.

Do you agree with me, please leave your comments below, I will appreciate seeing them.