Many people will do anything to be rich, while others are actually kind of ashamed or disgusted from this word. Today, I’m going to teach you how to be rich in a very different perspective than anything you probably have ever heard before.
What does being rich actually means?
First of all, I want us to discuss what is being rich. What does being rich actually means?
And in this video, I’m not going to go into various concepts, like having a great family or being really happy, you’re being fulfilled with yourself. Even though all of those things are actually making people rich and wealthy on the emotional level or on the wider level, today, we’re going to talk about financially rich.
What is being financially rich?
What does that actually mean?
And obviously, I think you understand that there is no number to it. Some people would say, in some countries, that the amount of money that you currently have right now in your pocket, or the ability that you have to spend money would be considered extremely rich. And for some people, they would think that well, not so much. And it’s all relative, I’ve met so many people who make 7, 8, 9 figures and they still don’t feel like it’s enough. And they don’t actually feel like they are rich.
So being rich is not about the number. But the basic concept is that in order to be rich, you have to have a lot of money.
What does a lot mean?
Well, we’re not going to get into this specifically, but you need to have a lot of money.
So if for example, I make a lot of money and I spend every single penny of it. Am I still rich?
If I got a lot of money and I am simply giving it all away, am I still rich?
And for the sake of this video, I’m going to assume we mean, no.,Being rich means that I have por] I possess a lot of money, a lot of wealth, a lot of assets. I actually own them and I don’t simply let them pass through me like so many business owners feel like they’re making a lot of money and everything goes away too expensive.
So that’s not being rich. Being rich is actually owning a lot of money, having a lot of financial abundance.
What needs to be done to have a lot of money?
So what has to happen in order for you to have a lot of money?
Well, the basic concept, if you’re living in a capitalist country, in a free market country, like most of you does, the first thing you have to understand is that every single dollar, every single penny, every single euro, whatever you’ve got, is granted to you, was given to you by someone else (by a person). Someone gave you this money. And most of the time, almost always, unless it’s some sort of charity or something like that, every time someone gave you money, it was because you produced something for that person.
Be it a service, maybe you worked for him, maybe you did something for him, maybe you supplied goods or services or products or something to this person, maybe you work for him and got a salary, maybe I don’t know. But you had to give him something. You had to exchange something for that money.
So let’s think about it. Every dollar you have, every euro you have is the result of you giving away something, be it your time, your energy, your ideas, your products, your whatever. You gave something to, let’s say society. You gave something to society. You gave something to someone to a specific person, but that person had to have this money as well. And for him to have this money, he had to get it from someone else.
So you got this money through a chain of many people producing value. And so your value, the value that you produce was actually produced to society.
Why don’t you get all the cash you got?
And why wouldn’t you have all the money you ever got?
The single simple answer is that you spent it away. When you’re spending your money away, unless someone stole it away from you or something like that, most of your money when you spend it away, you’re giving it to someone. Because you’re consuming a good, a service, a product, [or] something and obviously, it’s not accurate to the very last dollar. But in the big picture, it’s very much true. The amount of money you currently have equals the amount of value you produced to society minus the amount of value you extract that you got, you took away from society.
So if for example, you’re in major debt, and you don’t have any assets, you don’t have any money, that simply means that you got, you took away from society much more than you actually gave to society.
If we think, for example about a 22 year old who’s just been to college, and he has a huge debt because he never worked a day in his life. And I’m not being judgmental or anything, maybe he will repay it and be very financially rich in the end. But what’s the current state is that he has a lot of debt and no money.
And that’s because he got so much value out of society. He had teachers teaching him. He had books. He had places to leave. He had lunches. He had beers, I don’t know. He took, he extracted a lot of value from society, and he didn’t yet give so much back.
And on the other hand, let’s say, someone has a lot of money, that means he sold a lot of goods, he produced a lot of things. And if he still owns most of this money, that means he did not yet use it to get value out of society, to extract value out of society. So society has a debt to him.
Richness is quite like karma
So in a sense, being rich is pretty much like karma. If you’re very rich, it’s like having a lot of karma. Society owes you very much, owes you a lot. And I know it’s not something very popular to say because many people hate rich people, or they envy rich people, or they say or think that rich people get it by some sort of tricks or tricks, three, you’re cheating or stuff like that. And maybe some people are and maybe those people are an exception for the rule. But if you want to be rich, I assume, I’m sure that you don’t want to be one of those people. You want to be rich, by genuinely producing value, by genuinely giving goods and services and products to people, by genuinely working, by being a good person.
So if you’re going through this path, it means you have to produce so much more than what you actually use.
Two coin sides of wealth
So in order to be very, very rich, you have to consider two sides of the coin, two sides of the spreadsheet. To say, one is how I can produce more to society. And the best way to do it, in my opinion, especially the younger you are, the more power there is to you in this front is getting more skillful. The more skillful you will become, the more abilities you have, the more you’ll develop your brain, your mind, your physical parts, every single part of yourself, the more you’ll be able to produce value. The more value you’ll be able to produce, the more society is going to owe you back in the shape of a capital, in the shape of money.
And the second side is being able to consume less. And I’m not a person who is a complete minimalist or someone who says that you should not have anything or consume anything. But I do believe that if there is something that you really enjoy, you should definitely use it. If the things that will really make you happy are very expensive, I wish for you that you’ll have everything it takes to get them as well. But so many of us are spending so much of our hard earned money to extract value out of society, to buy things we don’t actually want, we don’t actually need, we don’t actually enjoy. And that side is very much the place that we want to save off.
The more we can extract, the more rich we will always be.
Well, you should take a look at your own spreadsheet/ You should take a look at yourself. Am I spending too much or am I not making enough? And most people the way I see it can definitely make more money, can definitely produce more. And of course, we always have to balance it, but the more we’ll be able to produce, the more we’ll be able to extract and still be very wealthy.
And by the fact that you are watching this video, you are watching this channel right here, you have so many videos in this channel, in other channels, in other places. Like you can see courses, you can see so many things to improve your skills, to improve your abilities. And this is the long but absolutely true way to become rich – working on yourself, working on your skills, working on your abilities, and working hard to produce as much value as possible to society for other people.
Hey, it’s Gal Tzhayek. Thank you for watching this video. If you liked it, please press the thumbs up button. And you can also subscribe to the channel. Make sure you get notified each and every time a new video is uploaded. I’d like to hear your questions and review in the comment section below. And I’ll see you in one of those new videos.
