Wealth Beyond Numbers: What Does It Truly Mean to Be ‘Rich’?

When we hear the word “rich,” what comes to mind? Big mansions? Fancy cars? A bank account that could make Jeff Bezos smile?
Sure, wealth has often been tied to numbers, but what if being “rich” is so much more than that?

I used to think wealth was strictly about numbers, achieving financial breakthroughs, hitting certain income boundaries, getting a good job, landing a good salary, or owning luxurious items. But as I explored deeper, I realized that richness goes beyond the material. Being rich isn’t just about the things you buy. It’s about how secure you feel in your finances, no matter what life throws at you. 

It’s easy to fall into the trap of thinking that wealth is tied to your job, a paycheck, or climbing the corporate ladder. 

In this guide, we’ll be  diving into the true essence of wealth.

What Does It Truly Mean to Have Money

Let’s flip the script. Imagine a life where you’re completely dependent on your job, with no plans beyond it. You’re constantly waiting for the next paycheck, scrambling to cover bills, having no plans for self-growth and development, and even asking for salary advances just to make ends meet.

True wealth means breaking free from the cycle of job dependence and financial stress. It’s about having the freedom to make choices without constantly worrying about money. To be truly rich is to have financial independence, where your income doesn’t solely rely on your job, but on multiple sources, investments, and financial planning. Instead of living paycheck to paycheck, you’re in control of your finances, with the ability to cover your needs, save for the future, and invest in personal growth without being constrained by the limitations of a traditional job. True richness is about having a million bucks without spending a million bucks. That’s true wealth.

Curious to see where you stand on the journey? Let’s explore together.

What Does It Take to Be ‘Rich Beyond Numbers’?

My colleague Toby once believed that being rich meant living a life filled with luxury—sports cars, first-class flights, and a prestigious career. For years, he worked tirelessly, climbing the corporate ladder, thinking that financial success meant relying on a highly paid-job. But after an unexpected layoff, Toby had to completely rethink his definition of wealth.

The pursuit of material wealth often leads us to depend heavily on our jobs—chasing raises, promotions, and the next big paycheck. While these milestones are valid, Toby’s story reveals an important truth: true wealth isn’t about depending on a job or building your life solely around a paycheck, it’s about having the freedom to live on your terms, without being tied to a traditional 9-to-5.

So, what does it take to embrace the idea of being “rich”

It’s about creating a financial system that allows you to secure income independently and focus on what matters most to you. Let’s break down the steps Toby took to rebuild his life and redefine what it means to be truly rich, outside of the office.

1. The Freedom to Live on Your Terms

After his unexpected layoff, Toby learned a vital lesson: true wealth isn’t about flashy possessions or extravagant lifestyles. It’s about stability and freedom; having the ability to make decisions without the burden of financial stress. This wake-up call led him to embrace the concept of financial independence, a term he hadn’t fully understood before.

Toby realized that financial independence isn’t just about having a lot of money. It’s about having enough to cover your bills, handle emergencies, and make life decisions without the constant stress of financial worry.

This awakening led Toby to the concept of financial independence; the ability to pay bills, handle emergencies, and make choices without fear of financial ruin. Financial independence is the key, and it starts with:

Living within your means: This means cutting back on non-essential expenses and focusing on what truly matters.
Back then, Toby struggled to pay his bills. His salary was never enough, and there always seemed to be one bill after another, whether it was for fuel, car maintenance, groceries, or rent. He was always afraid of visiting the supermarket because he would often overspend on things he didn’t need, like late-night snacks, impulse buys, and items that seemed convenient at the moment. This habit added up quickly, draining his budget.

Prioritizing savings: At first glance, it might seem that wealth is best defined by the person who makes the most money. After all, a larger income typically signals financial success, right?
But is that truly the case? When we dig deeper, the answer is less straightforward.

Take two individuals as examples. One makes $100,000 annually but has $95,000 in extravagant expenditures, while the other makes $50,000 but spends very little, saving a large portion of their income. On paper, the first person might appear wealthier. However, when you consider the impact of living expenses on their overall financial picture, a different narrative begins to emerge. The second individual, despite earning less, maybe building wealth faster due to a lower cost of living and higher savings rate.

While Toby worked on cutting costs, he also realized the power of saving a portion of his income regularly even if it’s a small amount, consistent saving over time compounding into significant wealth.
Toby started small, saving just three months’ worth of living expenses. Having a financial cushion meant that if anything unexpected came up, like medical bills or car repairs, he wouldn’t be caught off guard or forced to rely on credit cards.

True financial independence isn’t about how much you make—it’s about how much you can save, manage, and invest for the future.
Tools like Acorns automate savings by rounding up purchases and investing the spare change, while Rakuten offers cashback on everyday purchases. Both platforms help prioritize savings and accelerate financial goals, regardless of income size.

• Avoiding debt: Toby once found himself in a tough spot, facing mounting bills that pushed him to consider asking for loans or salary advances just to make ends meet. The stress of managing debt quickly became overwhelming, and it became clear to him that one of the most important aspects of financial freedom is avoiding unnecessary debt.

Rather than relying on loans or credit for temporary fixes or lifestyle upgrades, Toby made a conscious decision to focus on paying off what he owed. He committed to staying debt-free, recognizing that true financial independence would only come when he broke free from the cycle of borrowing. By focusing on reducing his debt and living within his means, Toby took control of his finances and worked his way toward the stability and peace of mind he longed for.

One of the most crucial aspects of financial freedom is avoiding unnecessary debt. Instead of relying on loans or credit for lifestyle upgrades, Toby focused on paying off what he owed and staying debt-free.

True financial independence isn’t about how much you earn, it’s about how well you manage, save, and secure your future. It’s about living within your means, cutting unnecessary costs, saving consistently, and avoiding debt. By focusing on these key principles, you free yourself from the constant worry of living paycheck to paycheck. Instead, you take control of your money, putting yourself on the path to a life where financial freedom gives you the power to make choices without constraints.

Toby’s shift in mindset allowed him to comfortably pay his bills, handle unforeseen challenges, and experience peace of mind, knowing he had a safety net to support him. True wealth isn’t about a big bank balance, it’s about the freedom to live life on your terms without financial stress. Start by saving, cutting costs, and managing your finances wisely. This is the first step toward financial independence and lasting wealth. Are you ready to take it?

Action Tip: Start by tracking your expenses and living within your means. Cut unnecessary costs and save a portion of your income regularly. Build an emergency fund covering 3–6 months of expenses. Avoid high-interest debt and prioritize essential purchases. By practicing these habits, you’ll gain financial independence and peace of mind.

2. Creating Income That Works for You

After Toby’s wake-up call, he realized that the secret to true wealth wasn’t just about saving; it was about creating income that didn’t require his daily effort. That’s when he started building streams of passive income. Instead of constantly working for a paycheck, he focused on ways to make money while he slept. He refused to put all his eggs in one basket.

Here’s how he did it:

• Investment: Instead of spending all his free time working a second job, Toby invested in dividend-paying stocks. These investments started paying him regular returns, giving him a steady stream of income. It wasn’t about making quick money, but about building a reliable source of cash flow over time

• Now, he makes a significant income. The beauty is that he’s not tied to his job anymore, his financial independence allows him the freedom to spend his time doing what he loves. Whether he’s traveling, learning a new skill, or simply enjoying more time with family, Toby’s wealth continues to grow passively, without him having to trade hours for money.
  
  Toby also bought a rental property. The idea of earning money without working for it every day appealed to him. With tenants paying rent each month, the property brought in consistent income. This gave Toby a sense of security knowing that he had this backup even if things didn’t go as planned with his career.
  Toby’s investments provide additional financial security. If one source of income takes a hit, the others are there. This diversified approach to wealth building ensures that Toby remains financially independent and free from the stress of relying on a single income stream.
  
• Building a Side Hustle: Another way to build financial independence is through a side hustle, an additional source of income that can eventually replace your job altogether. Whether it’s starting an online store, offering consulting services, or creating a blog that generates ad revenue, a side hustle can give you control over how much you work and how much you earn.
  
  Toby used the money he started receiving from his investments and rental properties to fuel his passion for fashion. He invested in developing his fashion brand. With the income coming in passively, Toby was able to focus on growing his brand without the constant pressure of trading time for money. At the same time, his passive income streams continued to grow and support his entrepreneurial journey.

He decided to only work part-time at any day job and spent the rest of his time focusing on his fashion brand. This extra income has provided him the flexibility to travel, pursue hobbies, and even hire others to help manage the business, all without needing to rely on a traditional 9-to-5 salary.

These two steps helped Toby rebuild his financial security and transition toward financial freedom. His story shows that with the right planning and consistent effort, it’s possible to build wealth that isn’t tied to working around the clock. When you rely solely on your job, you’re vulnerable to job loss, pay cuts, or other unexpected challenges. But when you have multiple income sources, you’re less likely to be financially shaken by external factors.

Action Tip: Look for ways to build passive income. Whether it’s through investments, property, or leveraging your knowledge, having multiple income sources can free you from living paycheck to paycheck. Start small, and watch your financial independence grow over time!

3. Personal Growth: Advancing Skills for Financial Independence

One of the fastest ways to break free from financial dependence on your job is through skill development and career advancement. By sharpening your expertise or learning new skills, you increase your earning potential and open doors to higher-paying roles that pay more for less effort.

Toby was a graphic designer. He was okay in his present state, but he never took the advice given to him for advancement. He decided he wanted to move beyond his entry-level job. He took courses in motion graphics and UI/UX design, skills in high demand. Within a year, Toby was able to land a part-time job, a promotion, and secure freelance clients who valued his expertise. The additional income allowed him to save more, invest, and cut back on working overtime at his full-time job.

Career advancement also doesn’t always mean climbing the corporate ladder, it can involve transitioning to a field that aligns with your passions and has greater earning potential. Upskilling in areas like tech can lead to lucrative opportunities that offer financial freedom while reducing reliance on a single income source.

By focusing on skill development and career growth, you’re not just increasing your paycheck, you’re also gaining the flexibility and resources to design a lifestyle where financial independence becomes your reality.

Final Thoughts: Are You Truly ‘Rich’?

At the end of the day, being “rich” isn’t about owning a luxury car or vacationing in exotic places, it’s about being in control of your life. It’s about building the kind of wealth that provides freedom: financial freedom, time freedom, and peace of mind.

So ask yourself, are you focused on the right kind of wealth? Passive income and time freedom are the true signs of richness, and with dedication, you can achieve it too.

Call to Action

We want to hear from you! What does being “rich” mean to you? Share your thoughts in the comments or tell us about a moment you felt truly wealthy in life.

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And hey, while you’re at it, compile a playlist of songs that make you feel like a million bucks—because sometimes, wealth is a vibe.