Well if you find yourself here , and have not read part 1 & 2 of course you first should. Many of you may be thinking why do I need to have wealth defined anyway.
Well thats why because most have a wrong mindset about wealth . Plus to achieve something it must be defined, specific & obtainable. If I said im going to run a race & start training right away. The first question is start training how ? To answer that i must know several key things . Like what is my current fitness level? How much time do I have before the race? What will the distance of the race be? What will the weather & terrain be ? A really big question is do I want to win or simply finish? The journey to obtain wealth is no different. To accomplish a goal you must first define what it will look like when you do. Wealth is no different. Ok enough is enough heres the definition. There may be others, but I dont know of any. This one can be obtained by all who decide to. I must admit its not my own idea it was written by a man named Buckminster Fuller in 1961 as he applied for a patent called the geodesic dome. This was also written about in the book " Rich Dad Poor Dad " .
Wealth is a persons ability to survive so many number of days forward. Or you can say if I stopped working today , how long could i survive? Knowing this you can actually measure where you are in terms of being finacially independent.
Wealth is the measure of cash flow from assets when compared to the expenses.
Once you know this it becomes very possible to obtain wealth. So heres an example lets say your assets produce 1500 a month in passive income & your monthy expenses are 3000. Thus you have 15 days of ability to live forward & 15 days to cover. Income from a job or work of course does not count in the Wealth proccess. What I love about this is now you know what to do . Either create 1500 more in passive income or reduce expenses by 1500 or a combination of both. I bet many people are closer to wealth than they thought now. I know I am & getting closer every day. My personal goal is the example above. I describe it this way 100 dollars per day everday without working. I have reduced many expenses & will be without debt within 30 more days. I could live comfortable on less than 3000 , but I prefer to have a solid base. I want to add one more thought here. You dont have to limit your assets to just savings. The income can come from investments both cash or property. It can come from a real business where you get passive residual without you being present or performing actual work( dont mix this up with self employment). So now you know we all can have wealth . You must take two actions here to obtain it. First what are the real expenses you need to live comfortable & are you willing to reduce any & stop creating debts. Debt even buying a house is the biggest wealth killer. Second where do you want the income to come from ? Are you just going to save money until you make enough in interest ( that can take a long time for most). Are you going to try stocks, bonds ect? Invest in properties? Become a true business owner that can reap passive income that will grow without you? Ive chosen mostly the business route, and currently own 2 debt clear cash flow business. One I bought for 20,000 in 1990 the 2nd I bought for less than 400 in 2006. Now remember a business may not be fully walk away the day you buy it or it might , but it must be your goal to walk away from it @ some point. So if you need 1000 or 10,000 a month I say make some wise choices, think out of the box, dont shoot down opportunitys until you see all the information ever!! Choose to live in faith not fear & doubt, and by all means have a positive attitude because a cup half empty person seldom will have a full cup!! Best wishes obtaining wealth & dont confuse it with being rich!! Rich has no true definition , but I bet you will know when you are!!