The definition of wealthy is changing. More and more people are becoming wealthy by finding new and innovative ways to make money, and by creating value for others.
Definition of wealthy
Wealth is no longer just about having a lot of money-it’s about being happy and fulfilled with what you have.
What defines a wealthy person?
In the past, it was simply someone who had a lot of money. But in today’s world, there is so much more to wealth than just money. Wealth is about having a positive attitude, being happy and fulfilled with what you have, and making a difference in the lives of others.
There are many different ways to become wealthy.
How much money is defined as wealthy?
Ok we get it, wealth is more than money but – how much money means you’re wealthy? $100,000? $1 million? $10 million? While there is no wrong answer, society does tend to put a number on it.
The top wealthiest percentage in the world has always been and probably always will be those with over $1 million. In the U.S., the average person believes it takes $2.4 million to be considered wealthy, according to Schwab’s 2019 Modern Wealth Survey.
How do you become wealthy?
There are a number of ways to become wealthy. You can earn it, save it, invest it, or even inherit it. But no matter how you come by your wealth, there are some common traits that all wealthy people share.
What is the difference between rich and wealthy?
Rich and wealthy are often used interchangeably, but there is a big difference between the two. Rich people have money, but wealthy people have assets. Wealthy people are able to live off of their assets, while rich people could lose all of their money and still be considered rich.
What are the benefits of being wealthy?
There are a number of benefits to being wealthy. Wealthy people have the ability to live a life of luxury, travel the world, and retire early. They also have the financial freedom to do what they want, when they want.
What are some Wealthy Assets?
Assets of the wealth include but are not limited to:
A primary residence that is paid off
This means that you own your home outright and don’t have a mortgage payment.
An investment portfolio
This can include stocks, bonds, mutual funds, real estate, and other investments.
A retirement account
Such as a 401(k), IRA, or pension.
A trust fund is an account that is set up to provide financial security for someone in the event of your death.
Owning a business
This can be a small business, online business, or brick-and-mortar business.
Real Estate Properties
This can include rental properties, vacation homes, or commercial real estate.
Stocks and bonds
These are investments that can be bought and sold on the stock market.
Such as gold, silver, and platinum.
Such as art, coins, or cars.
What Wealthy People do with their Money?
Some wealthy people choose to live a life of luxury, while others give back to their community or invest in charitable causes. Wealthy people also have the financial freedom to do what they want, when they want.
How can I become Wealthy?
There is no one-size-fits-all answer to this question, as there are many different ways to become wealthy. However, some commonwealth-building strategies include earning a high income, saving diligently, investing wisely, and living below your means.
Income vs Net Worth
It’s important to note the difference between income and net worth. Income is the money you earn each year, while net worth is the total value of your assets minus your liabilities. Just because someone has a high income doesn’t mean they’re wealthy. Wealth is built over time through saving and investing.
Saving and Investing
One of the best ways to become wealthy is to save and invest your money wisely. Wealthy people typically have a good understanding of how to grow their money and make it work for them.
Some commonwealth-building strategies include:
– Investing in stocks, bonds, and mutual funds
– Putting money into a 401(k) or IRA
– Buying a home and investing in real estate
– Starting your own business
Living Below Your Means
Another important Wealthy strategy is to live below your means. Wealthy people understand that their money needs to work for them, so they are careful not to overspend. They live modestly, even if they can afford to live extravagantly.
Some wealthy people enjoy a life of luxury, while others give back to the community or make philanthropic contributions. Wealthy individuals also have the financial flexibility to do whatever they want whenever they choose.
Wealth Standards in 2022
Many who do qualify as wealthy by these standards may not consider themselves to be so.
Others battling debt or unemployment may believe that these standards of wealth are unattainable. Wealth is relative, and what one person may consider wealthy, another may not.
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