How Much Money Do You Need To Feel Rich?


WE all want to be rich, but like beauty, its definition is also in the “eye of the beholder.”

Ask yourself, what’s the minimum amount of money you need to say that you’re rich? Is it P1 million? P5 million? P20 million? Or is it P100 million? Once you arrive at the specific amount, imagine that you already have that much money—what then would you do?

More important, what would change in your life? How differently would you live? Think about these questions first, and continue reading after you have your answers.

Most lower-income families would say that being a millionaire is enough to call themselves rich. With that money, they’d be able to fix their house and send their children to good schools. For them, P1 million means a new lease on life.


Talking to most of my middle-income, single friends, the bar is a little higher with the average response at P8 million. A lot of them said they’d use the money to pay their debts and start their own business.

I asked one “overworked” executive, earning at least P100,000 a month, and he said having at least P25 million in the bank would make him feel rich.

Furthermore, he said that if he had that much money, he’d quit his job and find a less stressful one or probably just franchise a business. He’d also buy his dream house, and secure the educational future of his children.

How much money do you need to feel rich?

The amount of money is different for each one of us—but it’s also the same for everyone. Because regardless of the figure—we all went and imagined a better life, and came up with the list of things we’d do differently.

In short, we all eventually told our hopes and dreams, for us and our family.

Oftentimes, we focus too much on our bank accounts and forget that money is just a tool that we use to achieve our dreams. And more often than not, we fail to realize that we already have the ability now to reach our goals, with or without money.

Are you waiting for that salary increase so you can start paying off your debts? Start by spending less today, instead.

Do you want to secure your child’s future? Build an investment portfolio now. A little amount, invested regularly, will grow and eventually guarantee your child’s education.

Are you dreaming of having your own business? Start working on it today, and don’t wait for that business capital to come. Many successful entrepreneurs actually started with almost nothing in their pockets.

The Santorini dream

A friend once said that it was her dream to visit Santorini, Greece. For years, she’d read about the place, browse the Internet and look at its pictures—always wishing she can have a one-week vacation there with her family.

One day, I asked her, “So, when do you plan to go there?”

“When we’re rich enough to afford it,” she replied.

I went online and looked for travel and tour packages to Santorini. After crunching the numbers, I asked her, “Do you have P200,000?”

“No, why?” she answered.

“That’s how much it will cost to go and stay there with your husband and kids for a week. “Can you afford to save P4,500 every month for the next three years?” I asked.

“Probably, if I really wanted to, why?”

“If you invest P4,500 every month in a moderate-risk fund, it’ll grow to P200,000 in a little over three years,” I answered. “So if you want to really go to Santorini with your family, that’s how you do it.” She did what I said, and this was back in 2008. And three years after, in 2011, she was able to realize her Santorini dream.

What’s the lesson here? Stop working for the money so you can feel rich someday. Instead, focus on your goals and work for your dreams.


Fitz Villafuerte is registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 69th RFP program this July 2018. To inquire, e-mail or text <name><e-mail> <RFP> at 0917-9689774.



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