The Definition of Wealth: What It Really Means To Be Wealthy
If you just want to have a comfortable life, it is increasingly out of reach. If you earn the minimum wage of $7.25 an hour, you can't afford a two-bedroom apartment anywhere in the US. In 1963, wealthy families had $6 for every $1 of families in the middle. By 2016, it was $12 to $1.
It is very easy not to "look poor." If you have access to credit, you may be poor because you're in debt, but you can buy the same things rich people have, iPhones or vacations. When people can hide being poor from themselves, they don't demand change.
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By making wealth your priority now, you could be both later. Establish a strong financial foundation that will give you financial security and peace of mind moving forward.
Living paycheck to paycheck is a guaranteed way not to build wealth.
If you’re just starting on your personal finance journey, it might not be time for you to start acquiring these assets yet.
A high income and a regular acquisition of expensive stuff do not necessarily make people rich. People may have a high income, but many won’t survive three months if they are suddenly without their...
Wealthy people have sustainable access to money, often for a very long period of time. Their habits are now aligned with the wealth that they have incurred.
Pseudo affluence, on the other hand, is what people experience when they are currently earning lots of money and start to believe that they are rich. They pay for their expensive lifestyle with a high amount of borrowed money and are just a job-loss away from being poor again.
... 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.
Self-made millionaires choose moderation over extremes. They often buy used cars, don't live in the most expensive houses and don't try to time the investment market.
A defining characteristic of many millionaires are their willingness to work hard and stick it out in high-paying careers until they are financially independent.