We all dream of achieving financial freedom, but what actually happens when we become wealthy? How does our life change? In this article, we explore the main financial changes that occur when you become rich.
Social: changing friends
When we start making more and more money, our mindset changes. We start to focus more on work and wealth creation, which can bring tension with some of our friends. It is not uncommon for people to feel that we have changed and forgotten our origins.
Whether we have made money from our entrepreneurial activity or we have won big from betting with the best betting app in Malaysia or anywhere else, becoming rich changes our status and our relation to others.
Location: changing your place of living
When we become wealthy, where we live often changes. We can choose to live in a safer neighborhood or in a bigger house. This is a natural step to ensure our safety and that of our family. What used to suit our lifestyle before getting rich, can’t suit our new lifestyle after becoming “filthy rich”!
Social: changing the way you are being treated
When you become rich, the way people treat you changes. You may notice that people are friendlier or that they are more interested in you. Sadly, but truly, money brings greater respect and greater attention from others.
Financial: changing what you pay for taxes
The rich pay more taxes. It’s a fact. However, they also have access to the best tax advisors and tax planning strategies. When you become wealthy, tax management becomes a crucial part of your financial life.
Social: changing the way people see you
When you become rich, you may find that people are more interested in what you have. You may have to deal with envy and even legal demands. It is important to have a good legal team to deal with these issues.
Personal: changing your perspectives in life happiness
When you become rich, what makes you happy can change. You may find that you value experiences more than material possessions. In some cases, doing what you were doing in the past doesn’t seem to be enough any more – watching a football game with your friends or a good eSports gaming tournament, browsing on social media, being out with some colleagues can look bizarre to you when you become rich. It’s important to remember that true happiness does not come from wealth, but from the experiences and people you have in your life
Personal: changing your goals
When you become rich, your goals change. The goals you had before may seem small compared to the ones you have now. It is all a matter of perspective: for example you may now target to go on vacation with a huge yacht, when some years before your goal was only to go on vacation!
Personal: You say “no” more often
When you become wealthy, you may find that you have to say “no” more often. Your time is valuable and you have to learn to manage it efficiently.
Social: You engage more actively in philanthropy
With wealth often comes the opportunity and desire to give back. Many wealthy individuals become philanthropists, donating a significant portion of their wealth to causes they care about. This can be a rewarding way to use your wealth to make a positive difference in the world.
Social: changing your education demands
Wealth can open doors to more educational opportunities. You may have the opportunity to go back to school for an advanced degree, learn a new skill, or even study a topic of interest. Education is a form of wealth that can never be taken away.
Financial: you now have more debts
It may sound strange, but when you become rich, you can end up with more debt. However, these are not bad debts. It’s debts that are used to leverage your financial growth.
Personal: you take care of your health more attentively
When you become wealthy, your health can become a bigger priority. You may have more resources to invest in high-quality health care, nutrition and fitness. However, you may also face more stress due to financial and business responsibilities. It is important to balance wealth with well-being to ensure a long and healthy life.
Fun fact: You never look at prices in a restaurant again
When you become rich, you may find that you never look at prices in a restaurant again. You can choose what you want to eat, not what you can afford.
Becoming rich can bring many changes in your life. However, it is important to remember that wealth is not the end goal. The goal is financial freedom and the ability to live life on your own terms.
