I stopped seeing a couple of regular clients as I learned it was taking a toll on their finances/ family expenditures, and had to say good-bye to a couple of great guys -- simply stating that I'm too busy, or other excuses.
As a woman getting full satisfaction from somewhat regular, yet simply occasional meetings, I can't pretend to understand the frustration many of my married male clients experience going home day to day to the same 'boring', 'mediocrity', 'utter lack of a half-decent sex life'; 'if she once dressed and looked half as sexy as you', etc... But must be somewhat wise with one's finances, take care of oneself (and one's family), and then only occasionally indulge. Agree it can be a bit of an addiction.... I so love and crave new encounters when they seem surely legit and with somewhat sexy-sounding men.....
It doesn't work to just try to accumulate "as much as I can." You either lose focus and blow it all on impulses or habits (e.g. hobbying), or you become a workaholic and keep amassing wealth but never get happy with the wealth you have.
Short term goals would be: get rid of consumer debt by 2007, own two income properties with positive cash flow by 2008, reach net worth of $x,000,000 by 2010, etc.
The only long term goal should be to achieve financial independence. That means that your assets generate enough cash flow passively -- meaning you don't have to work -- to support whatever your cash flow demands are. So if you have a frugal lifestyle, you can achieve financial independence with relatively few income-generating assets. But if you want to indulge expensive tastes (Aston Martins, private jets, fine art, multiple vacation homes, my ATF, my wife), then your magic number can reach 8 or 9 figures (net worth, not cash flow).
I have expensive tastes, I am under 35 and have achieved an income and net worth which I suspect most people would consider "rich." But I never think in terms of being rich. I am not yet financially independent (because of my expensive tastes -- see above), and so I continue to set short term goals that will help me reach financial independence. Right now, I am working WAY TOO HARD. When I achieve my current cash flow WITHOUT WORKING, then I will be done. Then watch out, I will be in the TERmunity every day!
The surest way to reach a goal of being wealthy or rich is to take on the task small chunk at a time. Too many people go for the home run and end up busted. You observation about passive income generators is excellent. They do not have to be rental properties, they can be stocks or bonds. If a person can position assets to generate a positive gain of $50 per day, that person will realize $12,550 in income each year, this after not counting weekends and ten holidays.
I originally posted both out of my tongue-in-cheek mantra of IAATM = It's All About The Money and in fact some goal setting and visualization recently discussed with a very dear friend. She also had told of discerning what I considered "rich". By the sounds of it many of you here have achieved or exceeded what I consider practical and attainable. You are blessed and I have my work cut out for me.
....there are numerous ways one can be "rich". I was joking with a gas jockey about the cost of a fill-up, back when prices were rising and rising, and he looked at me, smiled, and said "You have everything you need, you are rich on the inside". I was having a really crappy day, and his words cheered me so, I went and bought him some flowers and returned with them another day! Acheiving more, whether monetarily, or personally, starts with appreciating what you already have! Writing long and short term goals down on paper, and revisiting them to make adjustments, makes for a good formula to acheive what you want!! In my life, I've worked with "movers and shakers", and some of them are doing wonderful things for themselves and others, and some of them are the loneliest people I've met! I was lucky enough to be raised with the sentiment that "money can't buy happiness". I also am not naive enough to believe money cannot buy you some of the comforts that can provide things that make life easier and more enjoyable. Then the bottom line is to "work smart, not hard".
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