This post will be a short one as I am swamped with work and in addition have crazy demands on the family front. It will be about the best topic in the personal finance world to discuss, and it is called what is wealth.
Wealth has been defined by Investopedia as: A measure of the value of all of the assets of worth owned by a person, community, company or country. Wealth is found by taking the total market value of all the physical and intangible assets of the entity and then subtracting all debts.
If you do this money management exercise it will reveal a positive number and you might be ecstatic. On the flip side for some, it will reveal a negative number, and a feeling to turn things around to eventually bring things on the positive side of money.
Now I leave you with what is wealth to me and hopefully you can relate to how I described wealth below in Acrostic writing style.
What is Wealth
W – We need to have more goals in life, and specifically financial achievements to get to a new monetary status.
E – Every time you touch or receive money ask yourself how much of this can I save or invest for future compound results?
A – Attaining Assets is the only path to help all of us reach a rich level in a life full of average finances.
L – Liabilities will always be bad for anyone trying to succeed with money management and attempting to build wealth.
T – Taxes are a real concern for anyone with wealth so please plan to master the tax code as much as possible.
H – Hope you embrace wealth, but never place above health, love or joy.
Wealth for me doesn’t mean having a net worth of 180 million dollars, it can mean being happy and content with just enough dollars to cover annual living expenses.
If you can add anything relating to wealth I would appreciate the feed back.
Thanks for reading,