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(John A. Rizzo)
(John A. Rizzo)

Smart Cookies

So you really want to be rich? Add to ...

Do you have what it takes to be wealthy? Money Magazine created a quiz this month to help you answer the question. I took the quiz and discovered that there are a lot of factors aside from just being smart with your money - like the number of siblings you have and how nice you are - that determine your abilities for financial success. If you're curious to see whether you've got the goods to acquire riches, then grab the magazine or take the online quiz.

The results might surprise you. After taking it, I started thinking, "What is rich, anyway?" There are a lot of rich (and famous) people floating around my city for the Toronto International Film Festival right now, and their definition of wealth is certainly different than mine and yours. How much money we need, or want, is relative to our expectations, our situations and our goals.

In order to get to a place of financial success, it's essential to have a clear idea of why you want to build wealth in the first place - security, flexibility, freedom - and then work on attaching a realistic dollar amount to that vision. Ask yourself: Why do I want to be wealthy? If you're truly honest with yourself, you'll be well on your way to living your richest life - whatever that means to you.

Angela Self is one of the founders of the Smart Cookies money group. Read her weekly column on managing debt and saving money at globeinvestor.com.

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