Wow, there are a lot of differing views related to this definition, like: When I have more stinking money than I could ever spend, when I don't hold my breath every time I swipe my plastic with a line of people behind me, being able to do anything I want to do. These are all workable definitions of wealth, but my favorite is: Having more passive income than I have monthly expenses. The keys here are; knowing what your expenses actually are, passive income means just that you don't have to be working to create the income because it's passive. So it's an annuity, it's an amount of money that you see as profit coming automatically from an investment into your wealth account.
I think it's really interesting to watch people come to this point in their investing lives, 1) they inventory all of their resources, 2) they id all of the barriers they are facing to get to a point of wealth, 3) they maximize their resources, and finally their passive income exceeds their expenses and 4) they wake up the next morning after this realization and ask: What do I want to do with my life?
How would you answer that question?
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