Why Do People Aspire to be Rich? (2024)

FAQs

What motivates people to get rich? ›

Social status: Money as a Symbol of Success

Money can also be a motivator because of the social status it provides. In many cultures, wealth is seen as a symbol of success and status. The desire to achieve a higher social status can motivate people to work harder and earn more money.

Different people have different motivations for being rich. Some want to be "rich" so they can retire and live comfortably , and some want to be rich and be able to buy half the world. Being poor makes it harder to live life peacefully.

No one benefits from you being poor. And no amount of depriving yourself of wealth will ever bring others to a greater level of wealth themselves. The best thing you can do for your own life and for those around you is to be abundant – in all aspects of your life.

Humans have a natural curiosity for lives outside of their own. The poor are intrigued by the rich, curious about the way that their lives differ from their own.

In his “General Theory of Employment, Interest and Money” (Keynes 1936), Keynes distinguishes between three reasons for holding money: the transaction motive, the precautionary motive, and the speculative motive. Money held under the transaction motive are balances which are needed to carry out planned expenditure.

Money is a big motivation for most people. Although not for the reasons you'd think. Money is a motivator because it's a means to an end. Whether it's to care for others, for financial security, or to have freedom and control over your life, it's more than a measure of success.

You'll discover that becoming a millionaire is not about luck or overnight success, but rather daily choices to live below your means, invest early and often, take calculated risks and continually educate yourself on how to master your money.

The great wealth of America's richest people came from the businesses they created, not inherited wealth. Billionaires' wealth is concentrated in company stock, and their companies' value lies mostly in ideas and processes, not cash and physical property.

It is undeniable that wealth can afford individuals a luxurious lifestyle, filled with material comforts and pleasures. The desire for a higher standard of living, exquisite possessions, and the ability to indulge in life's finer things can be a significant motivator for some.

Saving and investing your money can help you make a million dollars. By investing, you use the power of compounding by earning interest on your interest to build wealth. Saving money early in your working career means more interest can accumulate.

Is being rich enough to be successful? ›

Examples of success

A small employee feels he is successful if he can make his own house without taking a loan or if he can repay the loan before he retires. Here, it is important to know that being rich is definitely being a successful person. Most of the times, success is defined in terms of money.

Being rich may sound like the dream, but it's not a guarantee for long-term financial security. To truly secure your financial future, it's important to aim for wealth. Wealth provides a sense of financial freedom and stability that being rich cannot always offer.

According to late happiness researcher Ed Diener (who was known as “Dr. Happy”) in his book Happiness, “Financial resources can serve as a buffer against life's negative events.” Having more money means avoiding the stresses and worries that being poor bring. We evolved during scarcity, so we seek abundance.

There are many causes to a person developing this belief system. One of the most prominent ones is growing up with scarcity, leading individuals to think that there is not enough money for them and that they need to save as much as possible to be financially secure.

People value money because it enables them to enjoy the fruits of other people's labor. It acquires interpersonal or transactional value, because it enables people to relate to one another constructively by exchanging goods and services. The value of money issues from the fact that it is a social product.

These included items such as “The wealth can make me feel happy”, “the wealth can make people respect me”, “the wealth can reflect my success”, “the wealth can give me freedom”, and the wealth can make me love my job more”.

Start Investing Now

The longer you wait to start investing, the longer it will take to get rich. It's not enough to save money. To get rich you must put your rupees to work by investing in markets. Learning how to invest is not a simple task, but the time to get started is now.