Guest Author - Sharon Michaels
What’s the difference between rich and wealthy? Is it a mind-set, lifestyle or an actual dollar amount? Let’s explore some interesting facts, figures and thoughts about being rich and wealthy.
~ According to a recent survey by Salary.com, the best city in the United States to build wealth is Plano, TX. Their survey focused on salary possibilities, cost of living and time spent commuting to and from work. New York City was rated the worse city for wealth building.
~ Some economists rate “rich” as the upper five percent of the population. Wealth is reserved for the top one percent of the financial population.
~ These are some words we commonly use to define rich and wealthy – Abundant, affluent and opulent.
~ Believe it or not, becoming a millionaire is no longer a sign of being rich. There are more than 7,000,000 Americans with a net worth of one million dollars or more excluding the equity in their homes.
~ The new definition of rich seems to begin at 2.5 million net worth excluding home and business equity.
~ The number of millionaires in the United States grew 21% last year.
~ According to many of the leading economic experts and government statistics, the gap between the ultra rich and the rest of the U.S. population is becoming wider each year.
~ If he were alive and based on the value of today’s U.S. dollar, John D. Rockefeller of Standard Oil would be the richest man in the world with an empire worth more than 318 billion dollars.
~ The word wealth is derived from an old English word meaning well-being.
~ Philosophically, wealth often refers to an accumulation of resources. Rich refers to accumulating an abundance of those resources.
~ The concept of being “rich” or “wealthy” varies from country to country and even society to society and can be both objective and subjective.
~ The United States is considered the wealthiest country in the world. It is followed by the United Kingdom.
~ In most countries, achieving wealth and riches places you in the “upper class” of society.
~ Today, in the 21st century, psychologists are finding that more people define wealth in terms of emotional and physical well being rather than financial well being.
~ Most people agree that achieving wealth gives them (or will give them) a wider range of life choices and greater personal freedom.
~The youngest billionaire on the Forbes Magazine list of richest people in the world for 2008 is only 23 years old.
Let me ask you this: Have you written your definition of wealth? Do you know what it is going to take to consider yourself “rich?”
Somewhere I read a definition of wealth that said something like this: If you weren’t working a job or career everyday, how long could you live off your savings, investments and passive income before you’d go broke? That’s something for all of us to seriously consider.
Some of the source used in this article: Forbes Magazine, CNNMoney.com, WSJ.com
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