What Is Wealth?
What is “wealth”? Most people think doctors are wealthy…
What wealthy people know is that wealth is measured in TIME, not money.
In other words, how long can you go without working and still maintain your desired standard of living?
For example, say you retire this year and you have $1,000,000 in your 401K.
You think you’re set for life, right?
(And how many people have that much money saved for retirement anyway!)
Well, maybe you are, and maybe you’re not.
If your cost of living is $100,000 a year, in less than 10 years you’ll be broke, and hoping you can get one of those jobs greeting people at Wal-Mart.
And that’s not even taking into account your taxes (in most cases, you will have to pay taxes on your 401k withdrawals) and inflation (that nasty government scam that makes the price of groceries and everything else go up every month) …
And heaven forbid that the stock market is in one of its periodic downturns when you need to be withdrawing your life’s savings.
On the other hand, what if you have a business paying you $100,000 a year in income?
That income can pay you for the rest of your life.
The guy or gal with the business is wealthy, and the guy with the million dollars may eventually be out of money.
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