WEALTHY not RICH
What is Wealth?
I have come to believe that wealth is not about how much money you make, where you live or what you drive (or fly).
Wealth is about the difference between your income and what you spend. The age-old adage of spend less than you earn; is indeed the essential element. If you are spending less than you earn, you are by definition wealthy; and more importantly, you are going to become wealthier. In a recent posting by
Christine Zellers she pointed to this article about the super rich…
My response is WOW, just WOW! Having a huge income (which I don't have) seems to me to have nothing to do with having a “Wealthy-Mind-Set”. I have (by Southern Californian – SoCal standards) a tiny income. I earn right at $70K, am married & my wife and I have four kids. My wife has for the past 16 years been a full time stay home mom. I don't pay for housing, this is part of my “benefit package”. I do however pay Income Tax on that $24K benefit and since I am considered self employed; so my housing benefit factors into that self employment tax too. Yet I consider myself wealthy. Wealthy, not rich!
My net worth according to PC is $656.2K and my PHAT-FI number is $1.2 million (I know this should be FatFi, but I prefer Pretty Hot And Tempting). PhatFi is considered 30 times Annual Expenses; so for me that is 30 X $40K.
For an ordinary man, I live an extraordinary, amazing and wealthy life. I have a 3000 day (8 year) plan to hit PhatFi; but may hit that milestone earlier. Regardless of what happens I am not likely to stop working before 2025. Part of the reason is that I really love my job. I derive a huge pleasure in what I do and working with the people around me.
So perhaps I will never become rich; but I am already wealthy! And each day, I am becoming wealthier. I choose wealth, not rich. ~PastorFi
Wealth is about the difference between your income and what you spend. The age-old adage of spend less than you earn; is indeed the essential element. If you are spending less than you earn, you are by definition wealthy; and more importantly, you are going to become wealthier. In a recent posting by
Christine Zellers she pointed to this article about the super rich…
My response is WOW, just WOW! Having a huge income (which I don't have) seems to me to have nothing to do with having a “Wealthy-Mind-Set”. I have (by Southern Californian – SoCal standards) a tiny income. I earn right at $70K, am married & my wife and I have four kids. My wife has for the past 16 years been a full time stay home mom. I don't pay for housing, this is part of my “benefit package”. I do however pay Income Tax on that $24K benefit and since I am considered self employed; so my housing benefit factors into that self employment tax too. Yet I consider myself wealthy. Wealthy, not rich!
My net worth according to PC is $656.2K and my PHAT-FI number is $1.2 million (I know this should be FatFi, but I prefer Pretty Hot And Tempting). PhatFi is considered 30 times Annual Expenses; so for me that is 30 X $40K.
For an ordinary man, I live an extraordinary, amazing and wealthy life. I have a 3000 day (8 year) plan to hit PhatFi; but may hit that milestone earlier. Regardless of what happens I am not likely to stop working before 2025. Part of the reason is that I really love my job. I derive a huge pleasure in what I do and working with the people around me.
So perhaps I will never become rich; but I am already wealthy! And each day, I am becoming wealthier. I choose wealth, not rich. ~PastorFi
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