Many people have the wrong idea about wealth. So what is ultimate wealth? Ultimate wealth is when the income from your assets exceeds your expenses. It does not matter if you are only making 20,000 from your assets as long as your expenses are lower, then you are wealthy. If your expenses happened to be over the amount your of your income then you are not wealthy. That is basically it. So let’s say Don is bringing in 5,000 a month from his commercial real estate and his expenses are 2,000 a month then Don is wealthy. Now let’s say Sam is bringing in 1 million a month in income from his assets but his expenses are 2 million a month he is not wealthy.
In the above example is where the majority of people get confused. Have you heard people say he must be rich because of the car, house or any number of other items a person may have.That is completely wrong. Those items are liabilities because they do not put money into the pocket of the owner.The next big myth is about the amount of money a person makes. This does not matter for two reasons. One what good is it to make 20 million a year if you are spending 40 million year, for example Mike Tyson. Next it depends...
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