Ask Leo: What is the true measure of wealth?

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Wealth is something that has been misunderstood greatly and its been on my mind to discuss it. People often call wealth what it not. Wealth is also not riches as many people thought, its not just having plenty money somewhere save. This is why I decided to talk about it. You see young boys with some money in their bank account claiming to be wealthy. Infact the society has kind of promoted this lifestyle. Just because someone has a very fine car that is worth millions and live in a very fine house doesn't mean they are wealthy. Being wealthy is a component of a whole lot of other things and I will explain that in this post.

WHAT IS WEALTH?

Wealth is the total measure of all the assets owned by someone and if after the measurement, there is a huge flow of income afterwards then it means the person is wealthy.

There are also different type of wealth and they include:

  • Financil wealth(deal with money)
  • Physical wealth (Health)
  • Time wealth(Freedom)
  • Social wealth(Status)

These are the types of wealth we have and I bet most of us has no clear about it like me. When we talk about wealth the first thing that come to people's mind is the monetary part of it that is, the Financial wealth. But trust me, wealth is more than that. You might be rich in one area and poor in order but for the sake of this post, I will be emphasising more on the Financial part.

To be truly wealthy, it is established that one need to have a flow of income. To maintain this wealth, it is paramount to have lots of investment to make these asset appreciate. People get it wrong by quickly getting the latest and fancy cars once they have some money. They forget that car is a liability and will keep collecting money. If its not easing way of life and its just a want, its better to lay low on it.

Wealth is not just a measure of the amount present in the bank account but in the asset the person has. I remember watching how much Jay Z worth and I saw how he has millions tied down in arts. These people tend to buy things that will give them multiple of the initial price they bought it with. This is how a financially mindset should work.

In order to be wealthy, one need to change from one lifestyle to another. Its high time people stop getting it wrong. Being wealthy means rich in assets. I use this to encourage us to be determined and buy more and more assets as we can in order to build lot of wealth in future.

Thank yoi for reading my blog. Have a wonderful day.

Posted Using LeoFinance Beta



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Bang, I did it again... I just rehived your post!
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