What is Wealth? This is a question all of us needs to answer at some point in our lives if we dream of being wealthy. How can you be something if you don’t even know what that something is. The Webster Dictionary defines wealth as having an abundance of something. It could be anything. An abundance of charm, character, power, money, or time. Anything you can think of. From a personal perspective wealth is more than just having an abundance of something; we also value or hold in high regard whatever that something is.
So what is wealth? From our perspective we should be asking “what is financial wealth”. Or better yet what does it mean to be financially wealthy? Some would consider having $100 as being wealthy. Some say $100,000 or $1,000,000. A few years ago I heard it said you were not truly wealthy unless your networth was over $50,000,000.
In the end you will need to decide for yourself what wealth means. For me it’s not some set dollar amount. Being wealthy is having enough passive income that I could stop work and be able to cover whatever expenses I have. Its being able to live the life style I am accustomed to and not have to worry about when my bank account will run dry.