Rich or Wealthy?
As many here in WA are progressing with the online businesses. I wanted to share a financial though I think you will enjoy.
Their is a significant difference between being rich and wealthy. The definition of wealth is the number of days you can survive without physically working and still maintain your stand of living. For example if your monthly expenses are $2000 and you have $20 000 in savings, that means your wealth is 10 month. In other words, you measure wealth by month not dollar. If your monthly expenses are $1000 and you have $20 000 in savings, that means your wealth is 20 month and so on. It not how much you earn that matters, its about how much you keep that is very important. So you can earn a lot of money, being rich, but it doesn’t mean that you are financially wealthy.
Hope you all will have a productive day :)!