Many people dream of being rich, though what that means varies widely among people of different backgrounds and experience. To some, it means never having to worry about expenses. For others, it is not working so many hours. Others define it as complete financial independence.
No matter what your definition of “rich” is, experts offer suggestions for how to get on the road to greater wealth.
What Does It Mean To Be Rich?
“Being rich means having time freedom and location freedom, to do the things that matter to you,” said Andrew Lokenauth, CEO of Fluent in Finance LLC. “Wealth often comes first from being frugal. Many millionaires are wealthy because they know how to keep and invest their money — and not spend it on unnecessary things.”
Beyond frugality, Kyle Kroeger, finance expert at The Impact Investor, extends the definition of rich to mean “someone (who) regularly earned enough to be far from troubled paying their fixed expenses such as rent, electricity and other utilities, car maintenance costs, health insurance and educational expenses.”