December 16, 2019 10:12 AM
If you lost your job today, how long would you be able to continue living every day paying all the bills while maintaining your current lifestyle? That, my friend, is how wealthy you are.
Money Patched Up Piggy Bank
Wealth is measured in time, not dollars.
Some people think being wealthy means having a lot of money and valuable assets but that’s what exactly what it means.
From what I’ve read over the years, I can tell you this:
- Some people who are wealthy for a day.
- Some people who are wealthy for one month.
- Some people who are wealthy for three generations to come.
If you lost your job today, how long would you be able to continue living while maintaining the lifestyle that you have right now?
Say you lost your job today and you had $20,000 in the bank. If life costs you $5,000 a month, that means you are wealthy for 4 months. If life costs you $2,000 a month, you are wealthy for 10 months.
It means you can continue to pay all of your bills and maintain your current lifestyle for 4 months or 10 months with no new money coming in.
Now, if you had an asset, say a house that you were renting out that was generating that money for you automatically month after month, wealthy for quite some time.
Tags: Money, Personal Finance, Saving Money, Money and Finance
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