What’s the real difference in a wealthy person and someone barely scraping by? Why do some become millionaires while others end up broke? I previously wrote about how poor and rich are really states of mind and not directly tied to your income level, and even went so far as to say you have to act like a millionaire if you want to become one. That leads to today’s discussion: how do you define “wealthy?”
There are really two schools of thought:
- A wealthy person is someone who EARNS a lot of money
- A wealthy person is someone who can SAVE a lot of money
I’ve read Dr. Thomas Stanley’s books, The Millionaire Next Door, The Millionaire Mind and Stop Acting Rich (Hey FTC, those are affiliate links!). I’ve also been privileged to know some people who would definitely qualify as rich/wealthy if you were to look at their net worth. So which is it: high income earners or skilled savers? Let’s find out.
[Read more…]