I get asked this all the time because people tell me I’m rich. I do pretty good but I don’t consider myself rich yet…
I made my first million dollars with blogs and websites in niche markets, an example I like to give is a blog about ski resorts.
Seems simple, and it is…
Yet these little blogs with articles about skiing trips and vacations and selling e-books about how to go on vacation at a deep discount, have really paid off.
But what does it really mean to “be rich”?
I know a lot of rich people.
And I can tell you being a millionaire does not make you rich. Look I’m just telling the truth.
Being rich means for a start you never have to work again.
If I simply stopped work now my net worth would soon drop below a million. Then before long I would really need to start work again, so that is proof enough that I am not yet rich.
The rich people I know don’t necessarily drive Ferrari’s, a billionaire friend of mine actually drives a white Audi A8 GT.
They could afford to buy a dozen Ferrari’s, Lamborghini’s and more. That is the point.
Most of the very rich people I know actually don’t like to draw attention to their money.
They’re pretty low key.
But the point is despite how they present themselves, the actual reality is they own shopping centers all over the world and have a net worth of well over $2 billion.
That’s what I’m talking about. That’s what I’m aiming at.
Yet $10 million is also rich.
With $10 million you can retire and provided you aren’t stupid with spending and don’t want to buy a superyacht or Bugatti Chiron…
You can spend the rest of your life spending… on a rather lavish budget.
Still with $10 million net worth you had better still have businesses bringing you at least $1 million per year if you want to retire in style and still be “rich”… in my use of the word anyway.
Being rich means you can go just about anywhere, you likely have a diversified investment portfolio of real estate, stocks, bonds and investments in start-ups and private equity.
More than anything what “being rich” really means, is freedom.