I believe wealth is defined in many ways. In some cases the amount of money that classified someone as wealthy might not classify another. For instance, Mr A might have $500,000 and be classified as rich by some people also Mr B might also have $350000 and be classified as wealthy by another set people or even by himself.
from my own personal analysis of being wealthy,I will say the level of the stability of your financial inflow from your asset is what I can measure to consider you wealthy not the amount of money you have at hand. What if expenses arises and 80% of the money that is seen as bogus blows off. I personally don't go with the saying that the amount of money you have could classify wealth,rather I will say it as the amount of money you have that could classify riches.
Wealth is an innovation,an idea used in generating income. It is the idea that keeps money flowing. It is very possible to be rich in few days but the possibility of being wealthy within same period is not in anyway certain. Why because there are lots of unreliable schemes that can make one rich but not wealthy.
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Being wealthy is that status of an individual’s existing financial resources that enables one to live conveniently even if he does not physically work to generate a recurring income.
We all have different opinion to matters. some believe that being wealthy was about enjoying life’s experiences and being able to afford what they want. Some measure their wealth with their income and expenditures.
Which ever way we believe, I will stress according to the question that the amount of money that individual may have to classify him as wealthy is the level of his income producing asset that generates his passive income.
For me, being wealthy is relative to your lifestyle. I'll have to refer to Robert Kiyosaki's definition of financial freedom to come up with a criteria to be considered wealthy.
First is financial freedom - if your passive income (e.g., cashflow that come from sources and that do not require your active participation and time like dividends from stocks) exceeds your expenses, then you're financially free.
Being wealthy for me is something beyond that - once your basic needs are covered and you have excess cash - you are able to do better things like give back to charity.
For example, me and my family's monthly expenses is close to $1,400. If my passive income, let's say my earnings from my delegations or curations, exceed $1,400 a month, then I consider myself financially free. Earnings beyond that is wealth for me.
I believe wealth is defined in many ways. In some cases the amount of money that classified someone as wealthy might not classify another. For instance, Mr A might have $500,000 and be classified as rich by some people also Mr B might also have $350000 and be classified as wealthy by another set people or even by himself.
from my own personal analysis of being wealthy,I will say the level of the stability of your financial inflow from your asset is what I can measure to consider you wealthy not the amount of money you have at hand. What if expenses arises and 80% of the money that is seen as bogus blows off. I personally don't go with the saying that the amount of money you have could classify wealth,rather I will say it as the amount of money you have that could classify riches.
Wealth is an innovation,an idea used in generating income. It is the idea that keeps money flowing. It is very possible to be rich in few days but the possibility of being wealthy within same period is not in anyway certain. Why because there are lots of unreliable schemes that can make one rich but not wealthy.
.
Being wealthy is that status of an individual’s existing financial resources that enables one to live conveniently even if he does not physically work to generate a recurring income.
We all have different opinion to matters. some believe that being wealthy was about enjoying life’s experiences and being able to afford what they want. Some measure their wealth with their income and expenditures.
Which ever way we believe, I will stress according to the question that the amount of money that individual may have to classify him as wealthy is the level of his income producing asset that generates his passive income.
For me, being wealthy is relative to your lifestyle. I'll have to refer to Robert Kiyosaki's definition of financial freedom to come up with a criteria to be considered wealthy.
First is financial freedom - if your passive income (e.g., cashflow that come from sources and that do not require your active participation and time like dividends from stocks) exceeds your expenses, then you're financially free.
Being wealthy for me is something beyond that - once your basic needs are covered and you have excess cash - you are able to do better things like give back to charity.
For example, me and my family's monthly expenses is close to $1,400. If my passive income, let's say my earnings from my delegations or curations, exceed $1,400 a month, then I consider myself financially free. Earnings beyond that is wealth for me.
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Only if your net worth is comparable to @mrshev
A person who is wealthy, is someone who not only has abundance of money but also possessions.
That means someone that can afford to spend money without having to check his bank account.
Someone that lives a life of affluence is considered wealthy.
View this answer on Musing.io
View this answer on Musing.io