Mikael Rieck is the author of more than hundred articles on topics of how to make money both online and offline. He has been online since 1999 and has always had a passion for money making opportunities and teaching others how to make a profit.Why Do You Want to Retire Rich?
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A lot of people are talking about wanting to make more money and wanting to become rich. Some will want the money in order to be able to buy more items like flatscreen tvs, cars, vacations, a bigger house, designer clothes and all these kind of things. That is a perfectly legitimate reason for wanting to make more money but it is not the only reason there is.
Some people want to make more money because they are struggling in their day to day financial situation. Maybe they have built up credit card debt, maybe it is educational loans that need to be repaid or maybe they have been downsized because of the current economic downturn.
Others might just be in a situation where they can’t help spend more than they earn and to avoid accumulating debt (as least in the short run) they wants more money coming in to fill the gap. If you’re like these people then more money will not help you because you’re most likely just going to raise the amount of money you spend and put yourself in the same situation again after a short while.
For others (and also for some of the people mentioned above) a reason for wanting to increase their income can be that they want to retire rich. Being rich doesn’t mean that you will have to become a multi-millionaire but rather that you’re financially independent and that you do not need to worry about money to pay the bills. Todd had a post about how you define being rich that you might want to check out.
Now I asked the question about why it is that you want to retire rich and I think that if you haven’t done so already you should take out some time to really think about it. Many people will only say that they want to retire rich but if you ask them what it will take for them to be rich and secondly why it is that they want that, many will not be able to come up with a clear answer and the reason is probably that they have never asked themselves these questions.
I can tell you that my reason for wanting to retire financially independent is that I absolutely LOVE to travel. I love visiting countries all over the world (I prefer places that are warm) and seeing new things. One of the things that would be “freedom” to me would be to travel the world when I wanted to and how I wanted to. Sometimes it would only be the wife and I and other times I would like to be able to invite the entire family.
Retiring rich and being financially independent would give me the ability to do just that.
You might not like to travel but instead you might want to be able to hire people to do all the things that you don’t want to do yourself. Maybe you hate to cook, clean the house, do the dishes and take care of the garden. To you retiring rich would probably require something else that it would for me but the point is that if you don’t know what it is that the money you want to make should provide for you then you don’t have a target to aim for. And we all know that without a target it is impossible to ever hit it.
So take some time out and think about what it is that retiring rich is supposed to give to you and your family. When you have a clear picture it will be a lot easier to set a target and go for it.
To Your Success,
Mikael
29 Responses so far
blazingbumblebee
August 12th, 2009
6:34 pm
retire rich? I would just be happy to retire. These days though it looks like it could be a while before I should even start thinking about that.
Mikael
August 12th, 2009
6:58 pm
Hi Blazingbumblebee,
Doesn’t look good. What are you doing to change things?
Rakeback
September 15th, 2009
10:11 pm
In the current financial climate, people are lucky if they can afford to turn the heating on once they’ve retired. I’ll be very happy if i can afford to eat and sleep in peace without worrying about money.
Bill from MBA Program
September 16th, 2009
2:53 pm
I am still working and I consider myself rich (while not financially)
Retirement should never be your ultimate escape plan or goal….you should enjoy what you are doing. That being said, I do respect what you have been able to do with online opportunities. Its something I think a lot of people don’t realize is out there.
Mikael
September 16th, 2009
2:56 pm
Hi Bill,
We’re completely on the same page here. I don’t see retirement as a goal, but most people do. I personally see financial freedom as a goal because that would make me able to do exactly what I like doing.
As for how many knows what is possible online I think your right that most don’t know a thing
James from Cheap Wine Glasses
September 17th, 2009
3:50 am
Retire Rich? A lot of people don’t know what rich is. We have an idea – usually gleaned from media. But the experience is absent. So, you are right: they (we) have never really, properly asked ourselves the question. It’s about quality of life. And, if you can’t get excited or enthused about the quality of your life, then such questions can, I say, can become moot. It is a question we all need to honestly ask and answer. But being online offers so much opportunity, that the experience is only an effort away.
.-= James @ Cheap Wine Glasses´s last blog ..Cheap Theme or Handpainted Wine Glasses =-.
Gerri from FinancesForEveryday
September 17th, 2009
10:39 pm
Mikael,
Great information. The key to retiring rich is financial education like this. People need to understand that that “retiring” can happen comfortably whenever your passive income exceeds your expenses. At that point your are financially free and start building to the “rich” portion of retirement.
.-= Gerri@FinancesForEveryday´s last blog ..First time homebuyers – you are running out of time!! =-.
bethany from san antonio makeup services
September 17th, 2009
11:36 pm
Yes, I definitely want to retire rich, which is why I am working on my own personal business! I do love to travel, and I also am the type of person that has accumulated credit card debt. However, I am not all about the get rich quick schemes because I want to make long-lasting money through my business.
Danie Dutche
September 22nd, 2009
6:18 am
I’d be happy just retiring early. Full of life and plenty of time to travel.
Mack from Las Vegas Real Estate
September 22nd, 2009
11:49 am
Mikael, I second your thoughts on retiring rich. Yes and the reason is to travel. My passion and hobby is photojournalism and I would like to swap my current job with my hobby at a later point of time in my career. For that good sum is need. Above all reading this post has really motivated me. It is alarming me about the future and how do i want to take it up like the way i wish it to be. Todd has written an interesting post too and its quite evident that you are motivated by it. I am sure you will retire rich and I wish i too
Thanks!
Mack
.-= Mack@Las Vegas Real Estate´s last blog ..Commercial Real Estate Bubble =-.
Dermot
September 22nd, 2009
7:20 pm
Mikael I think you are really hitting on the fact that people need to change their spending habits in order to reach financial freedom. In my opinion people really need to create a budget for themselves and actually stick to it. If you can control your spending everything else will start to fall into place. Great site and great post.
Mike
September 25th, 2009
2:39 pm
I don’t really care about retiring rich…I just want to retire!
.-= Mike´s last blog ..Dunnage Rack Rotates =-.
Mikael
September 25th, 2009
2:54 pm
Hi Mike,
Would you care to explain a little further? I find it interesting that you don’t care about money.
Thanks,
Mikael
Robert from Sports Betting Systems
September 27th, 2009
7:46 pm
Hi Mikael,
A lot of people want to become rich and then retire, to enjoy the money. However, IF they ever can reach financial freedom, most likely they won’t retire. I think this because of the following reasons:
1. You have to have a goal in your life. Moving from a hotel to another or even from contonent to continent won’t make your life fulfilled. You will enjoy it at the beginning, but after that, you will need to set you a new target.
2. Financial freedom comes with responsability. That’s why you will have to make important decisions on an everyday basis, otherwise you would just kick up all the work you’ve done before.
.-= Robert @ Sports Betting Systems´s last blog ..About us =-.
Mikael
September 27th, 2009
7:52 pm
I fully agree with Robert. Unfortunately most people don’t understand this and is therefore chasing instant wealth. If they get lucky and become wealthy (winning the lottery or by inheritance) they will most likely loose everything and be back where they started (or worse).
Fern from Second Chance Checking Banks
September 30th, 2009
4:15 am
I never want to retire. If I retire, what am I going to do? Yeah vacations and all that would be fun, but I honestly cannot imagine myself retiring. If anything, the closest thing to retiring I would do is just work less. So instead of working full time, maybe I will only work part time.
.-= Fern@Second Chance Checking Banks´s last blog ..Second Chance Checking Accounts =-.
Peter from Hostelio
September 30th, 2009
7:50 pm
If you are planning to retire rich you have to “retire young” also. I cant see any logic in having several millions dollars while it is obvious that you dont have enough time to spent it…
Katrin from Tagesgeldzinsen
September 30th, 2009
9:19 pm
Hi,
for me retire rich means that there is a financial independance from daily business. That doesn’t necessarily means that I wouldn’t work anymore. But there would be a different perspective to the work if you do not really need the money.
.-= Katrin@Tagesgeldzinsen´s last blog ..Tagesgeldkonten im Vergleich =-.
Mikael
September 30th, 2009
10:12 pm
@Peter, spending money isn’t hard. You can give away billions in a few days
Just look at Bill Gates and Warren Buffet.
@Katrin, I completely follow you. I wouldn’t start doing nothing either.
Jannice from Project Colloboaration
October 1st, 2009
5:24 pm
Financial independence beyond retirement age is definitely a goal for most people. That’s why a lot of people are also investing on various things to be able to stretch their money in time they retire.
kasey from toronto tours
October 5th, 2009
5:25 pm
Well. One reason why some people want to be rich is for the social status. Rich = Success! Other that that, yes, traveling would be an awesome perk of being financially secure.
fred from working at home
October 6th, 2009
9:19 am
It is a fact that we need money to survive, and if we have enough money we could also help our beloved ones.
I am happy that I am informed that I could earn more working at home. My wife and my kids are really happy because I could attend to their needs and we could spend time together whenever we want because my schedule is flexible.
It makes me smile whenever I remember the sad times in my office when I was daydreaming, hoping that I am with my family instead of being burned out in the office.
I want to retire financially dependent, but I think I will find other things that will make me happy after I retire, I want to contribute something significant to my kids and to my society.
.-= fred @ working at home´s last blog ..Work From Home Canada =-.
Mikael
October 6th, 2009
9:51 am
Hi Fred, it is great to hear that you have been able to work from home.
You write that you want to retire “financially dependent” but I am guessing that you mean that you want to retire “financially independent”, right?
Will from Commission Payload Bonus
October 10th, 2009
7:08 am
Hi Mikael,
A very thought inspiring article.
Personally, I was fortunate enough to retire early once already – if you call 30 years of work early. Which most people do.
Unfortunately, the economy kicked me hard … so, hows the old song go … back to work I go. I’m not complaining though i consider myself very fortunate to be healthy, knock on wood, and able to continue on.
I subscribed to your newsletter.
I’ve seen that picture in the post before aat CTC. I wonder are you involved, I guess I’ll soon see.
Cheers,
Will
.-= Will @ Commission Payload Bonus´s last blog ..About Us =-.
Mikael
October 10th, 2009
8:07 am
Hi Will, I’m sorry to hear that you have had to go back to work. Luckily it sounds like you are a positive minded spirit and that you will learn from the experience rather that dig yourself into a black hole.
As for the picture…. I have no clue what CTC is.
/Mikael
Charles from Las Vegas Retirement Communities
October 19th, 2009
7:54 pm
How wouldn’t want to retire rich? I think a lot of people right now are just worrying about retiring with enough to live on. The recession can’t last forever and when its over I’m sure things will be booming. Wealth is security and freedom.
.-= Charles@Las Vegas Retirement Communities´s last blog ..Time Running Out for the First Time Home Buyer Tax Credit =-.
Mikael
October 19th, 2009
10:20 pm
Hi Charles, I think the problem for most people is that they “want” and “wish” but they never act. Hoping for things to get better is a VERY insecure way to live a life IMO.
Jeff
October 28th, 2009
2:30 am
Retire rich? I’m still on the venture of being rich myself. Financially rich that is. Moreover, there are still lots of things that need to be done before I would be able to do just that. And even before I put myself into debts I have to pay someday, I’d rather choose to spend my money “now’ wisely. Eventually, I’ll get that goal and save for me and for my family’s benefit.
Robert
July 28th, 2010
9:59 pm
Oh yes I will be retiring rich or at least die trying! I have been working online for a few years and have the experience. So now I am just making some major moves in the final stretch of the hard part before I hit gold with it.
Freedom is to do what I want when I want and not worry about the bills.. When I get old I want to just relax and maybe go on vacations, not worry about if walmart is hiring..
Robert
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