Why ‘Being Rich’ Might Look Different Than You Think

A Wealth of Choices

What if “being rich” is very different in practice than in theory? Is it all about shopping trips and vacations, or more about letting your money work for you in the smartest way?

Every person’s definition of “rich” is different, and more often than not, it’s a goalpost that moves as one gets older. This was the case with Vivian Tu, aka Your Rich BFF, who, when she was younger, associated richness with buying designer goods and driving expensive sports cars, but has since changed her mindset.

“Being rich to me is all about being able to have freedom of choice,” Tu told SoFi’s Head of Advice and Planning Brian Walsh on SoFi’s YouTube series Richer Lives.

Having options can be powerful, even if it’s about something as simple as taking a cab when you’re in a hurry without worrying about the cost.

In a world of sticky inflation and high interest rates, with industries plagued by layoffs and mental health stress on the rise, the answers to this question might look different today than they would have before the pandemic.

Even people making six-figures might be living paycheck to paycheck today, concerned about layoffs and the cost of living, says Tu. That’s why it’s key to find how your money can work for you. That being said, one of the barriers to entry is the sheer amount of choice that can leave people confused about where to start.

“Do your research, make a smart, educated decision, but don’t belabor any one decision for years on end to the point where you’re actually missing out on any sort of investing or a higher yield savings account or anything that could really benefit your financial goals right now,” Tu said.

What does being rich mean to you? Asking yourself this question could give you clues about your inner-most motivations when it comes to money and financial success, while asking others can give you food for thought. So that’s exactly what we did.

Richer Lives by SoFi brings you conversations with inspiring guests to help you learn how you too can live a richer life. Watch the first episode of season one below and check out the rest of season one and two on YouTube.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

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