What is wealth?

[KSMountain]

And I too thought UC Gal’s definition of wealth was right on target.

[flyer]

This is a great thread, and fantastic comments! I have often wondered when this “transition to reality” would occur.

Like other posters, both my wife’s and my family had parents who saved small fortunes, had great homes, no debt, and lived the lives they wanted to live.

By following their examples we were able to do the same. For us, living the lives we want to live, without financial concern, is true wealth.

[flyer]

This is a great thread, and fantastic comments! I have often wondered when this “transition to reality” would occur.

Like other posters, both my wife’s and my family had parents who saved small fortunes, had great homes, no debt, and lived the lives they wanted to live.

By following their examples we were able to do the same. For us, living the lives we want to live, without financial concern, is true wealth.

[flyer]

This is a great thread, and fantastic comments! I have often wondered when this “transition to reality” would occur.

Like other posters, both my wife’s and my family had parents who saved small fortunes, had great homes, no debt, and lived the lives they wanted to live.

By following their examples we were able to do the same. For us, living the lives we want to live, without financial concern, is true wealth.

[flyer]

This is a great thread, and fantastic comments! I have often wondered when this “transition to reality” would occur.

Like other posters, both my wife’s and my family had parents who saved small fortunes, had great homes, no debt, and lived the lives they wanted to live.

By following their examples we were able to do the same. For us, living the lives we want to live, without financial concern, is true wealth.

[flyer]

This is a great thread, and fantastic comments! I have often wondered when this “transition to reality” would occur.

Like other posters, both my wife’s and my family had parents who saved small fortunes, had great homes, no debt, and lived the lives they wanted to live.

By following their examples we were able to do the same. For us, living the lives we want to live, without financial concern, is true wealth.

[investor]

Wealth can be defined as having your passive/portfolio income exceeding your monthly expenses. What this does for you is give you the freedom to choose what to do with your life. Work, sail, give it away, … Passive/portfolio income also can support you in retirement assuming that you have invested well for cash flow. Defined benefit programs are not reliable and 401K’s in the stock market can implode as well (enron anyone?) as you do not have control over the perfomance of the company.A lack of education in the basics of how our country’s financial system works is one reason there are so many seemingly insightful answers to this question. I’m not trying to criticize, believe me.It has taken me a number of years to educate myself to where I am now, which still has a long way to go to achieve financial independance. Something easier in this country than in almost any other country on earth.

[investor]

Wealth can be defined as having your passive/portfolio income exceeding your monthly expenses. What this does for you is give you the freedom to choose what to do with your life. Work, sail, give it away, … Passive/portfolio income also can support you in retirement assuming that you have invested well for cash flow. Defined benefit programs are not reliable and 401K’s in the stock market can implode as well (enron anyone?) as you do not have control over the perfomance of the company.A lack of education in the basics of how our country’s financial system works is one reason there are so many seemingly insightful answers to this question. I’m not trying to criticize, believe me.It has taken me a number of years to educate myself to where I am now, which still has a long way to go to achieve financial independance. Something easier in this country than in almost any other country on earth.

[investor]

Wealth can be defined as having your passive/portfolio income exceeding your monthly expenses. What this does for you is give you the freedom to choose what to do with your life. Work, sail, give it away, … Passive/portfolio income also can support you in retirement assuming that you have invested well for cash flow. Defined benefit programs are not reliable and 401K’s in the stock market can implode as well (enron anyone?) as you do not have control over the perfomance of the company.A lack of education in the basics of how our country’s financial system works is one reason there are so many seemingly insightful answers to this question. I’m not trying to criticize, believe me.It has taken me a number of years to educate myself to where I am now, which still has a long way to go to achieve financial independance. Something easier in this country than in almost any other country on earth.

[investor]

Wealth can be defined as having your passive/portfolio income exceeding your monthly expenses. What this does for you is give you the freedom to choose what to do with your life. Work, sail, give it away, … Passive/portfolio income also can support you in retirement assuming that you have invested well for cash flow. Defined benefit programs are not reliable and 401K’s in the stock market can implode as well (enron anyone?) as you do not have control over the perfomance of the company.A lack of education in the basics of how our country’s financial system works is one reason there are so many seemingly insightful answers to this question. I’m not trying to criticize, believe me.It has taken me a number of years to educate myself to where I am now, which still has a long way to go to achieve financial independance. Something easier in this country than in almost any other country on earth.

[investor]

Wealth can be defined as having your passive/portfolio income exceeding your monthly expenses. What this does for you is give you the freedom to choose what to do with your life. Work, sail, give it away, … Passive/portfolio income also can support you in retirement assuming that you have invested well for cash flow. Defined benefit programs are not reliable and 401K’s in the stock market can implode as well (enron anyone?) as you do not have control over the perfomance of the company.A lack of education in the basics of how our country’s financial system works is one reason there are so many seemingly insightful answers to this question. I’m not trying to criticize, believe me.It has taken me a number of years to educate myself to where I am now, which still has a long way to go to achieve financial independance. Something easier in this country than in almost any other country on earth.

[sdduuuude]

[quote=briansd1]sdduuuude, some people love to work. That’s fun for them.[/quote]

’tis true.

[quote=briansd1]But wealth is just a word to describe something just like “table” or “computer”. It’s not a philosophy of life.[/quote]

Is it not possible to have a wealth of time ?

Time is money, after all.

I do agree, though, that when calculating wealth in dollars, you have to mark you assets to market and back out the debt. Because, if you can’t use your assets to buy time, they are worthless.

I also think that wealth has to be a sustainable condition, unlike the gentleman who borrowed his way into the high-life. UCGal’s comment about free from worries suggests this idea of sustainability as well.

[sdduuuude]

[quote=briansd1]sdduuuude, some people love to work. That’s fun for them.[/quote]

’tis true.

[quote=briansd1]But wealth is just a word to describe something just like “table” or “computer”. It’s not a philosophy of life.[/quote]

Is it not possible to have a wealth of time ?

Time is money, after all.

I do agree, though, that when calculating wealth in dollars, you have to mark you assets to market and back out the debt. Because, if you can’t use your assets to buy time, they are worthless.

I also think that wealth has to be a sustainable condition, unlike the gentleman who borrowed his way into the high-life. UCGal’s comment about free from worries suggests this idea of sustainability as well.

[sdduuuude]

[quote=briansd1]sdduuuude, some people love to work. That’s fun for them.[/quote]

’tis true.

[quote=briansd1]But wealth is just a word to describe something just like “table” or “computer”. It’s not a philosophy of life.[/quote]

Is it not possible to have a wealth of time ?

Time is money, after all.

I do agree, though, that when calculating wealth in dollars, you have to mark you assets to market and back out the debt. Because, if you can’t use your assets to buy time, they are worthless.

I also think that wealth has to be a sustainable condition, unlike the gentleman who borrowed his way into the high-life. UCGal’s comment about free from worries suggests this idea of sustainability as well.

[sdduuuude]

[quote=briansd1]sdduuuude, some people love to work. That’s fun for them.[/quote]

’tis true.

[quote=briansd1]But wealth is just a word to describe something just like “table” or “computer”. It’s not a philosophy of life.[/quote]

Is it not possible to have a wealth of time ?

Time is money, after all.

I do agree, though, that when calculating wealth in dollars, you have to mark you assets to market and back out the debt. Because, if you can’t use your assets to buy time, they are worthless.

I also think that wealth has to be a sustainable condition, unlike the gentleman who borrowed his way into the high-life. UCGal’s comment about free from worries suggests this idea of sustainability as well.

[Author]

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