2.6 Redefining Success: Living Your Own “Rich Life”

Many of the concepts below are borrowed from Ramit Sethi. His book I Will Teach You to Be Rich and various resources have helped me immensely, and I highly encourage you to explore his content. The ideas here are a blend of Ramit’s perspective and the unique realities of Hong Kong living.

Introduction: What Does “Success” Really Look Like?

You’ve explored how family dynamics, cultural narratives, and personal “shoulds” shape your financial mindset. Now comes a pivotal question: What does success truly mean to you? In Hong Kong, success is often measured by material status—like that coveted flat with a harbor view or a prestigious job in Central. But is that the only path to feeling fulfilled?

Ramit Sethi, personal finance expert and author of I Will Teach You to Be Rich, offers a fresh approach: define your own “Rich Life” based on your values and passions. Instead of chasing someone else’s benchmarks, create a life—right here in Hong Kong or wherever you call home—that’s authentically yours.

Success isn’t just about reaching a financial milestone. It’s about building a life that reflects what truly matters to you. And that means knowing not just how to save, but also how to spend.

Spending Is a Skill—Not Just Saving

Growing up in Hong Kong, we’re taught one financial lesson above all: save, save, save. From an early age, we absorb the idea that financial security means stockpiling money, cutting unnecessary expenses, and never being reckless with spending. And to be fair, saving is an incredible skill—it keeps us disciplined, prepared for emergencies, and builds long-term financial stability.

But here’s something that’s rarely talked about: spending is a skill too.

You don’t want to be someone who saves for decades but never enjoys a single dollar. Ramit Sethi breaks this down brilliantly in this video, explaining why spending wisely is a skill and how to overcome the fear of using your money to actually enjoy life:

Think about it. Saving is easy for many of us—we’ve been conditioned to do it our entire lives. But do we know how to spend money in ways that truly enrich our lives? Do we know how to use money intentionally, not just to accumulate wealth, but to create priceless memories and experiences?

Spending wisely doesn’t mean reckless shopping sprees or throwing money away. It means knowing when to invest in joy, connection, and once-in-a-lifetime experiences. It might mean:

• Booking a private room in a restaurant so your friends can have a deep, uninterrupted conversation that strengthens lifelong bonds.
• Taking your parents on a dream vacation—a trip they always wanted but never allowed themselves to take.
• Splurging on a front-row concert ticket to see an artist who shaped your childhood.
• Saying “yes” to an experience that will become a core memory instead of hesitating over the price.

We’re always told that money can’t buy happiness—but is that really true? Research shows that how you spend money matters just as much as how much you have. People who prioritize meaningful experiences—like traveling, sharing meals with loved ones, or celebrating milestones—tend to be happier than those who just focus on accumulating wealth.This video breaks it down beautifully: why spending on experiences leads to lasting fulfillment, while material purchases often lose their value over time. If you’ve ever felt guilty about spending, this might just shift your perspective:

It’s easy to hoard money and tell yourself, “I’m being responsible.” But is that really fulfilling? Is that truly financial success?

Of course, balance is key. You can’t spend mindlessly or go into debt for luxuries. But just as saving wisely brings security, spending wisely brings freedom. It allows you to live—not just exist.

So, instead of seeing spending as something to fear, start seeing it as a tool. You’ve already mastered saving. Now, learn to master spending.

Part 1: The Concept of a “Rich Life”

1. What Is a Rich Life?

A Rich Life isn’t just about hitting a specific bank balance. It’s about living in a way that makes you say “Wow!” when you look at your day-to-day experiences. Ramit often summarizes it as:

“A Rich Life is your ideal life—one where you look at your personal relationships, your finances, and your ordinary days and say, ‘Wow!’”

It might mean:

• Exploring every Michelin-starred restaurant in Hong Kong without stressing over the bill.
• Picking up your kids from school every day, enjoying that precious afternoon moment.
• Luxurious travel—maybe a spa resort in Bali or a skiing trip in Niseko—because you’ve budgeted for true relaxation.
• Zero guilt shopping—filling your cart without worrying about price tags.
• Time freedom—perhaps working remotely or part-time so you have space for family or personal projects.

The key is that your Rich Life will likely differ from everyone else’s—and that’s entirely the point.

Check out this video from Ramit, he breaks down the idea of a “Rich Life” in a way that feels empowering and refreshing. It’s a much more positive approach to money than the limiting beliefs we’re often taught:

2. Why Dream Big? (Even If It Feels Unrealistic)

In Hong Kong, it’s easy to absorb the idea that success must look a certain way. Growing up with strict financial “shoulds,” you might feel pressured to stick to a safe job, buy property ASAP, or live frugally for decades. While these can be valid strategies, they’re not your only options.

Dreaming big:

• Breaks mental barriers: Instead of settling for autopilot living, you set exciting goals—be they small daily joys or grand adventures.
• Boosts motivation: When you tie your finances to meaningful dreams (like a special family holiday or learning a new skill abroad), saving and spending wisely becomes less of a chore and more of a purposeful plan.

Part 2: Redefining Success in a Cultural Context

When you layer Ramit’s Rich Life perspective onto Hong Kong’s cultural landscape, you see how easily we can slip into status-driven definitions of success. Sure, property ownership, job titles, or a certain lifestyle may matter—but they’re not the only way to measure success.

1. Common Cultural Traps
   
   • Equating Net Worth with Self-Worth: In a status-focused city, it’s easy to feel your value is tied to property or finances.
   • Obsessing Over Property: While real estate can be solid, some push themselves into hefty mortgages that dampen other life goals.
   • Chasing Titles: A big job title might bring prestige—and stress. Ask yourself if it truly aligns with your passions.
2. Building on Hong Kong’s Strengths
   
   • Global Opportunities: Remote work, side hustles, and access to international markets can let you craft a more flexible “Rich Life.”
   • Diverse Experiences: From local eateries in Sham Shui Po to world-class dining in Central, Hong Kong’s cultural richness can fuel daily joy—if you allow it to.
   • Family Ties: Strong family values can also become part of your Rich Life plan—spending more quality time, supporting loved ones in meaningful ways, or creating multi-generational travel experiences.

Part 3: How to Envision Your Rich Life

Ramit Sethi often recommends a “no-limits” exercise—where you imagine having all the resources and freedom you desire. Don’t dismiss it as fanciful; it’s a powerful way to uncover what truly moves you. 

Here’s another video from Ramit talking about how he prioritises quality, experiences, and convenience (not just luxury), when deciding where to spend. It’s a great reminder that money should support what truly matters to you. Give it a watch and think about how you’d apply this to your own life:

Now, try this:

1. Your Ideal Day
   
   • Where do you wake up? Who are you with? How do you spend mornings, afternoons, evenings?
2. Your Ideal Relationships
   
   • More time with family? Frequent friend gatherings? Volunteering locally?
3. Your Ideal Experiences
   
   • Would you dine at that Michelin-star restaurant monthly, guilt-free?
   • Splurge on a weekly massage?
   • Travel for 1–2 months each year?
4. What You No Longer Worry About
   
   • Picture living without constant rent or mortgage stress.
   • Imagine no guilt about daily expenses—like bubble tea or groceries.
   • Feel confident that an emergency fund covers unexpected curveballs.

Tip: Be specific. Instead of “I want to travel more,” say “I want to spend April in Japan, exploring onsen towns and local architecture.” Clarity fuels motivation.

Part 4: Ramit Sethi’s Rich Life Rules (Adapted for Hong Kong)

(Adapted from Ramit Sethi’s original post at: https://www.iwillteachyoutoberich.com/how-to-live-a-rich-life/)

1. Your Rich Life Should Fit You Like a Handmade Glove
   
   • Meaning: Choose what brings you joy, not what society says.
   • Example: Ramit hired a firm in Japan to explore local architecture—odd to some, perfect for him. Maybe you dream of a sushi pilgrimage, or visiting every Cha Chaan Teng in Hong Kong. Own your unique passions.
2. A Rich Life Puts You in Control
   
   • Meaning: No one’s coming to rescue you financially; you’re in charge.
   • Example: Ramit turned down “safe” jobs and VC funds to preserve freedom. In Hong Kong, maybe you opt for renting so you’re not locked into a mortgage, or negotiate remote work for family flexibility.
3. Getting Started Beats Becoming an Expert
   
   • Meaning: Overthinking leads to paralysis. Begin now, even if it’s imperfect.
   • Example: Ramit keeps finances simple. You might automate a small monthly investment, pick a budgeting app, or schedule a weekend to plan your Rich Life goals.
4. It’s Okay to Make Mistakes
   
   • Meaning: You’ll stumble—everyone does. Learn, adapt, keep going.
   • Example: Ramit invested in individual stocks early on, then changed course. You might buy property and realize renting suits you better. Mistakes = growth.
5. Play Offense, Not Defense
   
   • Meaning: Rather than reacting (like dreading your credit card bill each month), proactively shape your money strategy.
   • Example: Ramit automates key finances. You might set up automatic savings for a “Michelin Star Fund” or plan a dream trip a year in advance.
6. You Don’t Have to Wait Until Retirement
   
   • Meaning: Don’t postpone living well until 65. Infuse your Rich Life experiences now, in small or big ways.
   • Example: Ramit and his wife take extended vacations yearly. You might budget monthly spa treatments or an annual family getaway to Hokkaido.
7. Focus on the Big Wins
   
   • Meaning: A few major financial moves (like investing early, negotiating salary) overshadow small savings like skipping coffee.
   • Example: Ramit invests heavily and doesn’t sweat daily treats. You might set up a robust MPF/ETF strategy or negotiate better rent, so you can enjoy daily bubble tea guilt-free.
8. A Rich Life Is Generous
   
   • Meaning: When you’re truly abundant, you share with others—through tips, donations, or kindness.
   • Example: Ramit donates to causes he loves, tips big. In Hong Kong, you could sponsor a local school program, pay for dinner if a friend is struggling, or volunteer regularly.

Part 5: Bringing Your Rich Life to Life (A Step-by-Step Guide)

Let’s translate dreams into concrete steps. These ideas are especially helpful if you’re starting fresh or feeling unsure where to begin.

1. Dream Big—No Limits
   
   • Brainstorm your wildest visions: Michelin-star tours, a cozy rental near your favorite market, a year of world travel, a daily yoga routine by the harbor.
   • Focus on the Vision: Don’t worry about price tags yet—unleash creativity.
   • Ask ‘Why?’: Each dream has a deeper motive. Maybe it’s connection, adventure, or family time.
2. Identify Your Non-Negotiables
   
   • Highlight Top 2–3 Must-Haves: Circle the experiences or values you refuse to compromise on—like “travel 1 month each year” or “weekly family dinners.”
   • Keep It Small: Staying focused avoids overwhelm and directs resources effectively.
3. Transform Dreams into Simple Goals
   
   • Use Time Frames:
     
     • Short-Term (1–3 months)
     • Medium-Term (6–12 months)
     • Long-Term (1 year+)
   • Apply S.M.A.R.T.: Specific, Measurable, Achievable, Relevant, Time-Bound.
   • Baby Steps: Even major goals start small—research flights, open a travel fund, or block off days in your calendar.
4. Stay Flexible—Mistakes Are Okay
   
   • Life Changes: In a city as fast-paced as Hong Kong, shifting priorities are normal.
   • No Dead Ends: If an expensive hobby disappoints, pivot. If a sudden cost arises, adjust your budget.
   • Learn & Adapt: Mistakes refine your vision, helping you discover what truly excites you.
5. Celebrate & Share
   
   • Enjoy the Journey: A Rich Life isn’t just future milestones; it’s daily pleasures.
   • Be Generous: Tip kindly, treat friends, or donate to a cause—Ramit’s principle that true abundance extends beyond yourself.

Conclusion: Start Small, Dream Big

Designing your Rich Life is like crafting a handmade glove—it should fit you perfectly, even if it looks odd to others. By combining Ramit Sethi’s principles with an understanding of Hong Kong’s environment, you can create a roadmap that balances financial savvy with real joy.

• Remember:
  
  • Your Rich Life is unique; don’t let others dictate it.
  • Little steps taken today—like automating investments or saving for a dream staycation—can lead to big results over time.
  • Embrace mistakes and remain open to evolving your vision.

Take one small step this week—maybe as simple as writing down your top five “Rich Life” experiences or automating $500 into an index fund. Each action fans the spark of your Rich Life into a bright, sustainable flame. Because ultimately, a Rich Life isn’t about extravagance; it’s about shaping a life aligned with your personal values, freeing you from money worries, and sparking genuine joy in your everyday routine.