There are many wealth myths, but one seems to endure: that income equals wealth.
We often confuse wealth and income. Some people appear to be rich, like your neighbors driving luxury cars and friends wearing designer jeans. When in fact, they only spent more on these purchases.
Someone who earns while sleeping from dividends and investment gains at $60,000 per year and spends $50,000 per year is rich. I personally know a husband and wife who make a combined half a million dollars a year yet have nothing in their bank account despite having private schools, second homes, and luxurious lifestyles. They are poor. Being 'rich' has little to do with the size of paycheck.
Possessing things does not equate to wealth. Money does. And they are not the same. A teacher's savings account may be larger than that of a doctor, who earns six times as much each year. High earnings can lead to wealth, but not if you spend every last dime on luxury cars or fashionable clothes. Even those with great incomes might live paycheck to paycheck.
It is what they do with their money to develop wealth that makes people wealthy. They have enough perseverance to avoid the urge to spend more as their income rises. They spend below their means. This leaves enough money to commit to savings and investments... which eventually increase net worth.
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Thanks @poshthreads !
There are so many opportunistic to enjoy nice things on a tight budget. The trick is to HAVE A BUDGET!
Hello @ironshield, and yes...
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Having multiple properties and if they pay down the mortgage to own them out right is a form of wealth. From the way you describe that couple sounds more like they have a vacation home. !LOL
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They have a cabin in Lake Tahoe, another in Mexico, and a timeshare in Hawaii.
They have a lot of revolving debt, which is why they don't have money in savings. Or maybe they have it in investments?
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I agree one hundred percent! Goes back to living paycheck to paycheck, those who spend it all are poor!
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Yes, the moneyed-poor.
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Thank you @ssg-community !
Well said. You don’t get rich by spending money. 👍🏻
Always live below your means.
!PIZZA
Thanks for the rehive!
This is the way! Spending below our means and investing is what leads to wealth. Spending all our income is a recipe for looking rich without being rich.
You got it right, @takhar.
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What’s pretty funny is the group of friends that I keep in touch with it’s a 50/50 split on that. What’s crazy is my one friend who makes without a doubt the most owns numerous houses, all but one are paid off. He’s the one that found the private security place by me, even though he lives in the west. He owns a graded gold coin collection I’m very envious of, he also owns a bunch of paintings as well. I don’t know of anything else but I’m sure it more. He’s the only one that never got married. We all ask him why he’s still working so much. On the other hand I have two friends that have very good jobs and all they do is complain about not having any money.
I bet his net worth is in the millions on his houses alone, if they are paid off! Life must be good for him, hehehe!
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I have met folks that appear rich on the outside flaunting their nice car and fancy cloths and it makes me wonder how much of that is on credit. My Bank is expensive even with my $40k Line of Credit I use for urgent needs should I deplete my Emergency reserves. They charge a 2.9% premium on top of the prime rate but also an Insurance premium fee of 1.9% which is pure profit gouging at its best. So even LOC rates are starting to look like Credit cards of a few years ago. Borrow responsibly! Only you can prevent poverty.
Always, with love 🤗🌺❤️
It is nice to have a line of credit in case you need it. I have the same (Equity Line of Credit) available to me. But I have no need for it, thank goodness.
Hugs and kisses, sis🤗
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What I would like to say about this is that if a man has a good income, he must spend money on himself, not so much that he comes close to spending so much that he has some words for compulsion. Go ahead and live your life well.
Very true @silversaver888 !😀
A high salary only last as long as you have that occupation....
Dividends, investments, that work while you are sleeping is true wealth!
You got it @silvertop ! I wonder if everyone gets the concept.
Save money... first and foremost for emergency fund, and then for investing.
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I remember your post stating one third of people don't have enough money in savings to cover a $300 emergency that's what's really scary @silversaver888 !
A $300 emergency isn't much.....😳
Ms. Saver @silversaver888
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Indeed! It all adds up-whether you are looking at money from a wealth perspective, or whether you spend it like it was going out of style and have no real wealth to show for it. It takes perseverance and commitment to acquire wealth. Love ya much sis!🤗😘💞🌸 !LADY
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Lifestyle creep is what they call it. Lifestyle creep refers to the phenomenon where discretionary consumption increases on non-essential items as the standard of living improves. With lifestyle creep, luxury goods and discretionary spending become perceived as a right to have and not a choice—as a necessity versus a want.
Hugs and kisses sis🤗
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So true!🤗😘🌸💞
Thats so right as rich does not mean you are. You spend more than your paycheck, but its not really necessity. If you can manage to spend 50% of your income and save the rest, then you are doing something right !
Living hand to mouth is tough, one has to tighten the belt from young, discipline saving little each month till it grows sufficiently to invest. Some things in life like a home one normally enters into debt.
Buy quality it lasts longer, don't follow fashions or take advice from friends, build your own when young and employed, enough to carry you through later years.
True wealth is when money makes earnings for you, enough to live comfortably on.
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Good post
Valuable and beautiful.
All Money really is, is a Tool used to Measure Value... It also helps when you're buying and selling...