Why Do you Care about being rich?

20 Replies

Most people I work with are not ashamed of the fact that they love to make money. I am so grateful that I am at the point in my life where I don't have to work with people I don't like. The people who invest with us and share deals are motivated, hard working, high integrity people who love to make money. They don't love it because they are are the type of people who sit around counting their funds or checking their bank deposits every week. They love it because with the abundance of money they are able to make a real difference in the things they care about. For many newer investors, financial freedom and the ability to leave their day jobs motivates them to invest. As you grow as an investor and make more money you will find that you don't stop once you replace your income.

For me the main focus that motivates me to continue growing my portfolio is creating grants/ scholarships and opportunities for hard working entrepreneurial young people who don't come from money but need backing to be able to explore their creativity and passion and create brilliant new products and services to help improve everyone's quality of life. 

So…. assuming you don't want to make money for money's sake, I am curious to know why you want to become wealthy?

Hi Kira, even though I'm nowhere near to where I want to be financially I want wealth for freedom. Freedom to enjoy life with my kids to be able to spend more time with them than at a 9-5 job that tells me when I can take off or when I can vacation also to give them a better life than what I had growing up. Money is power but I want to use that power for good, I have my grandpa In Mexico Who struggles financially so I would use my wealth to provide and help him in anyway I can. I want to contribute and give back to my community to less fortunate people or create scholarships to students who cannot afford a higher education. I guess I don't see money as just fancy cars or expensive vacations I want to change life's.

my honest reason to why I want to make and aquire real wealth, is not for the sake of having the money. Don't get me wrong it's great to have the money. My underlying reason as to why I'm on here (bp) daily and asking the questions and working hard now is because with the wealth I seek freedom more then anything else. 

Time has become something I cherish more now than Id ever realize I'd cherish it. With wealth I can have my time to do those things in life sooner rather then when I wait for a pension from my job. With my time aka freedom, I'd get to attend those camp trip with my son's boys scouts. Take my daughter to her soccer events. Watch my new born grow. Wealth we can accumulate but time is lost forever. 

I hear some people like my parents say things like you have a good job that has pensions, and your in the union Yada yada. The problem is my time isn't mine, it's my Companies. 8 hours work 2 hours driving equals 10 hours 8 of which are the same pay no matter how much and how hard I work. 

To have the ability to wake up and look to my wife and say let's go here today or there today, without having to worry about checking our bank accounts or having to be home in time to get sleep for work, is a super motivating factor for me.

with all that being said, it would be right not to give back. I would love to help and sponsor st judes children hospital out here In NY. Knowing I have 3 kids of my own that are healthy happy and vibrant, I want these kids in the hospital to have as much enjoyment in their lives as possible. So with my free time and excess of money I can and would do more to help that hospital. 

So I guess you can say I want the ability to do what I want as I please and when I please with the time that's been given to me in this Planet. 

Alfonso Velazquez very well said sir. Freedom to do as you please whatever day of the week it is. Just finished reading The millionaire fastlane and it talks about freedom now instead of waiting 30-40years of your life in a regular job.

Originally posted by @Edgar Aguillon :

Alfonso Velazquez very well said sir. Freedom to do as you please whatever day of the week it is. Just finished reading The millionaire fastlane and it talks about freedom now instead of waiting 30-40years of your life in a regular job.

 Thanks man. Great book, read it the beginning of this year. I guess you can say it was to me like rich dad poor dad to was to many others. 

Financial freedom and stability are the first reasons. Being in control of my own destiny. Being free to travel and work when and where I want. But I have a huge heart to give. I want to be able to freely give out of my abundance. Maybe because I am introverted, or my background, but I place a very high value on "home" I want a safe, comfortable, nice place to live and or stay. It doesn't have to be multi millions, but real estate in particular draws me in being able to provide "home" for people. There is something very redemptive in rehab, seeing the value and potential that others may not, and turning it into something beautiful that provides shelter, safety, comfort for someone.

Originally posted by @Edgar Aguillon :

Alfonso Velazquez very well said sir. Freedom to do as you please whatever day of the week it is. Just finished reading The millionaire fastlane and it talks about freedom now instead of waiting 30-40years of your life in a regular job.

 One of the best books I've read!

Because I used to be poor and it sucked.  There are also things I want to do that I never did because I was too busy earning a living.  I have only taken 2 real vacations in my life, I would like to change things like that.

I grew up in the middle-class in the midwest. I always scoffed at the ways "rich people" spent their money on frivolous "toys". Then I spent most of the last 15 years working in Africa. I've done everything to community-based development in war zones to running small companies in larger cities. I quickly realized that as a middle-class American, I was a multi-millionaire in the eyes of most Africans. In the same ways, middle-class Americans berate the wealthy CEO making 5, 10 or 100 times more than them... I was suddenly making 5, 10 or a 100 times more than the people around me.

I realized that I might not be a multi-millionaire (yet), but I need to take responsibility for everything in my life. My education, my gifts, my opportunities. Compared to the upper crust of the US income spectrum, I'm down-right poor. Compared to many of my friends in the Africa, I am the upper crust.

I want to make money in Real Estate. But I also am seeking ways that my business can positively impact my employees/ contractors, tenants and the wider community. Further more, I'd like to take some of the wealth I'm building and invest it social enterprise here in the US and abroad.

That's my two cents. There a lot of "rich" people out there that are miserable. So lets not chase money for money's sake.

Mike

Most people's responses will probably have something to do with financial freedom

Financial independence from passive cash flow is the ultimate way to earn money, in my view. So that's a big motivator. 

But I don't do what I do just for myself. I buy affordable homes in my city and then owner finance them to hardworking people with zero credit history. We help hundreds of families in our city become homeowners, people who usually rent forever. I have seen the proof on the ground of how neighborhoods improve when many people own their houses and stop renting. 

It's actually a Christian ministry, and it is something I am very proud to be a part of.

[SELF PROMOTION REMOVED BY MOD]

I want wealth because I watched my parents work everyday of their lives and loose our house when my step dad got laid off from the steel mill. I seen my mom struggle to make sure we had gifts at christmas. I seen my mother in law struggle every day to provide for her children. I remember my grandfather making what was considered a good living when I was young. He used his money to help his family. He made house payments for his son and daughter when they couldn't. He gave them money for groceries when they had none.

When I was young I was poor, but I didn't really know it because of the my grandfathers generosity. 

Later in life I realized all of the thing he had done for us, and how money gave him the ability to do so. Now money gives me the opportunity to help others in my family. While I won't "Give" them money, I can give them opportunities and creates situations for them to better themselves.

Finally. I like nice things and I'm not afraid to work my butt off to give my wife and I everything we want in life. 

The old saying: I've been poor and I've been rich. Rich is better. I just don't ever want to be broke again. Now that is stressful! @Kira Golden .

I grew up very poor and was not afforded any of life's luxuries.  I worked my early years away trying to get enough money to do things.

Money was always something that was desired but the thought was that large money was unattainable.

One day I talked with someone that said he was still working but no longer needed to.  His background was similar to mine.  I was booted from high school and did not finish 10th grade.  He had even less education.

He talked about apartment ownership and how the money had surpassed his paycheck long ago.

That inspired me.  I quit my job three years later when I had enough income to pay my living expenses.

There has been extreme up and downs but the bottom line is UP.

I went the route of investors as well.  I quit taking them on recently for a couple of reasons.  The market seems a bit overheated at the moment and I no longer need the money.

I still need to do a bit of work buying, selling, refinancing, and making other decisions.  But, the freedom is nice.  I have not had to go in to a regular job for over 16 years.

Just keep in mind that happiness is a frame of mind.

In reading through alot of the other stories already posted a common theme comes across loud and clear - FREEDOM.  

I want to have enough income coming in from sources other than an employer so that I have the freedom to support my parents as they age, support my wife's parents as they age (in another country!) and be a big part of my kids' life.  

Because who doesn't want to be a BALLER??  Nothing says "successful" more than adorning your person with the rarest minks/animal skins, gemstones, and precious metals, driving without regard for "the poor people" (i.e., anyone earning less than 7 figures) in your vehicle (late-model European import only), and spending time with your mistresses at your vacation homes (yes, plural...both).

Actually, it's because time is the only thing that matters to me.  My view of money is that more of it = more time for me to spend with people I love and doing things that I want to do.  That's it.  Yes, I like having clothes to wear, a car that works, and a roof over my head, but none of those things represent anything other than the intrinsic value they provide.

Money = time.

i dont care if i am rich. i just want to be financially stable. at the point where money rules your life, your priorites are messed up

Great topic. Love some of the answers. I can relate to many. Freedom. Ability to travel. I've been poor and it sucks. Parents that would talk about doing things and never take action.

For me, I think its all of those. I don't know that I'll ever reach the kind of wealth that I'm looking to create scholarships.  But I could definitely see giving back. Would love to have the free time to even try my hand at running for mayor. Things that I just could't devote the time to if I had to work a regular job.

But the one thing thats missing on this list is simply that I love doing it. I love taking crappy, beat up houses that nobody should have ever been living in given the condition they're in and fixing them up and providing a good home. 

I love the chase of getting the deals. Its a little like treasure hunting isn't it? There's a reason some people spend their whole life looking for treasure/historical stuff. Its not just for the money. Its because they enjoy the chase.  

I think it was Paul Allen that funded that lengthy search for a missing Japanese battleship.  He clearly didn't do it for any financial gain. It was the chase of doing it and the satisfaction of accomplishment once he did. 

Ultimately, I guess its a combination of things that are unique to investing in real estate (i.e finding the deals, turning around homes for people) along with the benefits of having the type of money that real estate can typically provide.

This are great answers everyone! Thanks. I think it is so very important that we pause and remember why we do what we do. One of my investors is a billionaire next door type. You would never know he was self made and worth 8 figures. Last Christmas we were in the middle of working a deal and he and his partner took their 12 y/o sons out to hand out jackets to the homeless. These guys went to Burlington and bought 10,000 worth of NEW coats and took their boys to hand them out. That to me is what it is all about.  I just print this list and put it up in my office. Thank you all for being my inspiration. 

My reason is as many others mentioned: freedom.  For us specifically, we plan to have kids soon, and I plan to be a stay at home mom (sahm).  For me to be a sahm, we knew that we'd have to replace at least a good chunk of my income, so we started saving and investing when we got married.  We have multiple cash flow properties now, and we could easily afford for only one of us to work, so we're hoping to be able start a family soon.  I want to be there to take care of our kids, and to be able to be involved in their activities (and for my husband to be able to be involved too!).

@Kimberly T. Congrats. I am 8 months expecting my 1st. I too love the flexibility that being a professional investor allows. 

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