RULE 9

Decide what you want money for

This is part of your defining, setting an objective process. There are no right or wrong answers. For example, making a fortune and spending it all on cocaine seems, to me, like a foolish thing to do. But that’s personal. You might find a problem with me spending mine on a decent Châteauneuf-du-Pape. We all spend on what we think will satisfy us, make us happy. We all choose our own pleasures and it’s not for me to sit in judgement on anyone else.

So why do you want to be wealthy? The answers you give will tell you a whole lot about your hidden money myths and how you really see money.

Sometimes it’s very simple: we have a dream and need the money to fulfil it. The dream comes first. Gerald Durrell had wanted a zoo since he was a small boy and wrote 36 bestselling books which helped to fund his zoo (on the island of Jersey). What’s your dream?

It might not be that simple, however. I asked a close acquaintance why she wanted to be wealthier the other day and the results were quite revealing. She said she wanted to be ‘better off’ so that she could give her children more. And in giving them more, they would stay at home longer. And if they stayed at home longer, she wouldn’t have to face a possible old age alone. So basically she wants to be wealthy to stave off loneliness.

Another acquaintance said he wanted to get wealthy so he could have adventures. When pressed further it seemed his adventures were the ‘running away’ sort where he could be young, free and single again.

Is money really the answer for either of these people? Is it for you?

When you know what you want greater wealth for, think also about alternative ways to meet your needs: I said earlier some people want to be wealthy so they can pay for medical care for any close family member that might need it. They could invest in some simple medical insurance to cover that instead.

Consider also what you don’t need more money for. I like my toys – cars and boats – but have found that my investments in such things hasn’t increased as my income has gone up. I still like old cheap sports cars and old boats that need plenty of maintenance. Do you really need as much as you think? If so, fine, you just need to be sure and be clear about it.

So what’s your excuse? What do you want money for? It might be to free you from having a job, or it might not even be for yourself but to support causes you believe in. Set your own agenda, my friend, and keep it to yourself. But I do recommend you write it down, because it makes it so much more real. It is a useful exercise to look back on one day and see if your dream and achievements match.