Your neighbor might be secretly wealthy if:
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Most rich people do not flaunt their wealth: They don't live in high-class neighborhoods or drive expensive cars. They look like you and me.
The rich have a net worth of above $1 million. Most rich people got wealthy through a simple combination of earning an income, saving for retirement, and spending wisely.
They buy things that convey success. They want you to know just how much stuff they have by showing off their success.
The pseudo-affluent feel insecure about how they compare with the Joneses and the Smiths. They hold on to the belief that all economically successful people display their success through prestige products.
The pseudo-affluent generally:
It does not mean that every person that drives a BMW pretends to be rich, but those who do spend the majority of high incomes spend it in a way to display their wealth.
... is a ‘state of excess’ when the stuff we own makes us poor, as the debt we incur has trapped us to keep working our jobs to fund the expensive lifestyle and habits.
Your wealth is the value of the assets you own.
A wealthy person aims to build or acquire assets that hold their value or generate ongoing income, thus providing security and peace of mind.
Self-made millionaires create a personal vision, set goals and actively pursue those goals. They allocate their time, energy and resources effectively.
Even if they hire an outside financial adviser, they still monitor the budget to ensure the investment portfolio matches the level of risk taken.