Picture Yourself Rich

Do you think of yourself as a wealthy person? Do you think of yourself as a poor person? Or, do you just think of yourself as something in between, not rich or poor? Do you plan to become wealthy?

What Does It Take to Become Wealthy?

Being wealthy, or rich, is as much a matter of how people think as it is about the circumstances of their lives. Many people with lots of money feel poor or afraid of becoming poor; some folks with rather meager means feel “rich”.

What does it take for you to become wealthy? While it is possible for people to feel rich in terms of family, friends, or other values, there is also a dollar amount that people need to actually be wealthy, but it is not as much as you might think.

To become wealthy you just need to arrange to have passive income a few dollars more than the amount it takes for you to live the lifestyle that allows you to feel worthwhile and happy.

One of the most valuable goals a person can set is to determine how much income they need to live their choice of lifestyle and then work to achieve whatever amount of passive income is needed to live that life. The day they achieve that income becomes the time at which they are “rich”, if one is inclined to use that word.

Can You Expect to Become Wealthy?

Many people never expect to become rich so they do not think about it, let alone plan for it. But the truth is that many of us can in truth become wealthy if we decide to do so. It depends on determining the amount of money you really need and then working out a realistic plan to get it.


If you start young enough, say age 20, and put a couple of hundred dollars a month into a Roth IRA invested in a total stock market fund you will likely retire with well over a million dollars. Many people could do much better than that if they just would.

If you look at the current economic conditions you could easily become pessimistic about this, no doubt. But times will change—eventually—and investments will begin to pay again. Any logical long term view will recognize the likelihood of rather high inflation (raising stock market values), at least in prices if not salaries, and interest rates will certainly go up.

Even if the future is not as bright as it could have been, the more you do to prepare the better off you will be. But more depends on time than any other factor so do not wait or fail to act now because of the economy. Act now and you may become wealthy; fail to act and you are certain not to do so.

Focus Attention on Your Wealth Goal

In this action step I am not going to deal with what constitutes true wealth or financial freedom. You can read my articles on financial freedom for that if you like, but I will point out that for most of us it doesn’t take as much money as many people suppose to live happily.

Now once that amount is determined, I want to suggest creating a visual that can help you focus on your “wealth goal” and help develop a positive, expectant attitude about it. You could make a poster similar to the one below.

Poster: passive income goal

This chart projects an income requirement of $5,000.00 per month but you may determine that you need a much smaller or larger amount.

How Much Income Will You Need?

Every individual or family has to figure for themselves what they will need. Some folks insist on a large amount of income. You may actually require less if you live a simple lifestyle, have a paid off mortgage, and live without debt.

Because you need to have a growing source of income to account for inflation, however, you will want to have investments that provide for at least ten percent more than your anticipated expenses. The extra income can be added to your investment base annually, in this way increasing your income year after year.

Your Visual Helps You Become “Rich”

By posting this visualization tool in a prominent place and focusing on it from time to time, you will keep it in mind. You will also be motivated to keep working on your financial freedom goal until it is fully achieved.

To make your chart more powerful, design it so that you can mark your growing amount of passive income on it. That way you can note your progress and experience a growing enthusiasm for your goal to become wealthy. Don't be discouraged; these kinds of income grow slowly at first but gain momentum as times goes by.

Specifically, using this tool will help you to maintain enthusiasm and persistence in funding such programs as your Roth IRA. These are long term goals and are likely to need motivational support more than short term goals.

It also keeps your thinking straight relative to recognizing different types of income. Too many people think only of their salary as income. To be successful with money we need to value other types of income such as interest, dividends and capital gains from bank accounts, mutual funds, etc.

Begin Now on Your Journey to Wealth

Setting a financial freedom passive income goal may not be one of your first goals, but planning to become wealthy (financially independent) is one of your most important long term goals. If your potential to become wealthy seems beyond imagining right now, focus on more urgent short term goals for a while, but begin to plan soon how you can become “rich” as soon as possible.