A first step to becoming rich is determining the reason why you want to become rich reasons could be :
to give more to charity and or family
to be able to do the things you love for example travel
there’s an endless amounts of reason but im going to discuss a few point below as to why this is so important.
you know where you need to go
This is very important as for example you could be the richest man alive have multiple businesses but if your goal is more freedom id argue you haven’t achieved that fair enough you could sell the business’s and invest the money but that’s not the goal here to me at least I want to create and buy assets now that I hold for the rest of my life so my goals is to create assets which enable me to work less and do the things i’ve wanted to like travel more etc. This isn’t the way you have to work but it makes more sense to me.
you can keep yourself going
Building substantial wealth will not be easy, you will have failed projects, bad investments, downturns in the market but these are what make us better, keeping your why in mind helps you to push through those barriers and doubts you have in those times so you can one day become who you want to be.
it allows you to put together a plan
This to me is important I want freedom from a job by 35, as a lot of the things I want to achieve outside of finance are difficult to do as you get older, whilst I could do them in my 50s or 60s why should that be my aim. so Ive planned a way to get there it may not work but ill stick to it, who knows it might even be better than I ever imagined .you may have a goal of just having a better “normal” retirement at 55-65 and that’s fine with that you don’t have to be as aggressive with your savings or money making and I understand that were all individual so our goals will be different you just have to understand where you want to go and why.