“Wealth is measured in time, not dollars.”
Being rich is only about making money. People can make money, but often times it simply goes straight to their expenses. Being wealthy is different. In the very interesting book, Rich Dad Poor Dad, Robert Kiyosaki describes how being rich is not the same thing as being wealthy, and wealthy is where you want to be.
He defines “wealth” as “the number of days you can survive without physically working (or anyone in your household physically working) and still maintain your standard of living.” Wealth is measured in time, not in dollars. How many days can you survive without working? That number is your wealth. When you are wealthy, you are considered financially free.
I find this differentiation to be so interesting and very simple to understand. The definitions on these terms seem to vary from person to person given their perspective, but I think this explanation really makes it clear.
Check Out What I’m Studying
- Book: Rich Dad Poor Dad, Robert Kiyosaki