Whenever the question of money and wealth is raised it raises some sort of enthusiasm. Before we delve into the reasons why you should and must be wealthy, let us understand some few concepts when it comes to money. Various researchers have developed a concept called the 'Rat Race'. What's is the rat rate and what does it mean to us.
Simply put, rat racing is our struggle for survival within the confines of society. This can mean different things depending on your position in society: To the poor, it means fighting for basic needs such as food, shelter and clothing. To middle class means building a career, having 2.1 kids, paying off your mortgage, and saving for retirement. To the rich, it means keeping your wealth safe from others and buying expensive things to impress your richer friends.
But no matter which class you are in, the rat race is always about money, power, status and fame - the most important currency of our society. Now with this concept explained let's us let us look into the various reasons why you us start making money faster.
The first reason why you should be rich is that, money will help you focus on your passion and achieve them. A lot people are talented and have gift but because of the lack of money they have quit following their passion and work instead for money. For example, a lot of people have the passion for football, the passion for singing, dancing but because they haven't been able to meet their basic necessaries they are forced to stop following their passion and search for money. There are some who followed their passion and became successful, but research has shown that it is only a handful of people who are able to pursue their passion in spite going through such financial challenges. It's therefore only advisable for you start making money so that you can fulfill your dreams and passion.
Another important reason why you should start making money is because of this popular phrase that says that "The rich gets richer while the poor gets poorer" This quote carries a deep truth. Why do rich people get high returns? Conventional wisdom holds that the rich invest more of their wealth in riskier assets, which can yield higher returns. However, research has also found that the rich often see higher returns, even with more conservative investments. Richer people enjoy a pure "return to scale" of their wealth. For a given portfolio allocation, wealthier individuals are more likely to achieve higher risk-adjusted returns, perhaps because they have access to exclusive investment opportunities or are better money managers. Financial literacy, financial information, and entrepreneurial talent are also important.
Again is it very relevant to know that wealth is intergenerational. Apart from being a self made billionaire or making yourself rich. It is also relevant to know that another way wealth is made is by inheritance. Once your predecessors or past relatives were wealthy you are likely to inherit some properties that will give you an upper hand in the world of wealth. You might not have inherited any property from your family like others. But this is surely a motivation for you start making money early so that your wealth can he inherited and transferred from generation to generation.
Again you must start making money early because it is an opportunity to give your child an opportunity you never had. The belief that you can live with dignity or luxury. A sense of accomplishment and value and status. Also when you are wealthy you will be able to help the less fortunate.
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