How Rich is Rich – Wealth is A State of Mind or Is It?

How wealthy should a person be to be considered financially

self-reliant? This is a difficult question to answer. Two

people who have the same financial status in life are likely to

disagree on what defines true wealth. Obviously, we can expect

an even grater difference in the opinions of two people of

dissimilar financial status.

How do we define “rich?” Common answers might include: Having at

least a million dollar net worth, being totally debt-free, living

a chosen lifestyle, owning a house and landscaping it or running

a flourishing business, affording to take several trips a year,

buying desired luxuries, and being able to give to charities.

You can appropriately consider yourself to be financially

self-reliant when your income exceeds your expenditures, and your

asset values stay ahead of inflation rate. But there is no

definitive line that divides the rich from the financially

stable. Wealth, after all, is in the eye of the beholder. Some

people even value health as wealth. For others, spiritual wealth

might be their priority.

For the wealthy, there never seems to be enough wealth. Their

goals continue to grow in direct proportion to their pocket

books. Wealthy people generally continue to pursue growing

assets, and their ability to generate income does not retire when

they do. They make intelligent financial decisions that allow

their money to work for them.

Financial knowledge is even better than money. To prioritize

money over financial knowledge is to put the cart before the

horse. True wealth is a state of mind. Continuously pursue

updated financial thinking, and there will never be a hole in

your pocket.

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