Peace Tr3 Fam! The first month of 2020 is almost over wow! I always look at January as the foundation month, implement new habits, and tactics that will help you grow. This month has been super productive, I started the home buying process. Summer 2020 I will be a homeowner, I refuse to pay over $1,200 in rent. This year I'm beginning to build equity, without a doubt. I'm documenting the journey and I can't wait to share it with you all. So let's jump into the topic of this post, the true meaning wealth. This was inspired by a post I saw on Instagram and a conversation I had recently so let's jump right in.
The definition of wealth is "plentiful supplies of a particular resource" (well that's 1 of the definitions) but one thing I noticed as a culture is we idolize high income earners and the material items they possess. But is that the true meaning of wealth? The crazy thing is we idolize this lifestyle that actual wealthy people don't even live. Don't get me wrong, it's perfectly OK with having nice things. But luxury material items are not a key sign of being wealthy or possessing wealth because at the end of the day it's a liability. Wealth is determined by the assets you possess, so instead of investing in luxury liabilities put your money into income producing assets.
The true meaning of wealth is being able to survive without another paycheck, one thing about the high income earners I mentioned in the last paragraph is that when things go left they lose EVERYTHING! That's what happens when you invest heavily in liabilities. There are examples like the Recession in '08 and the Government shutdown in '19 that I hoped would open people's eyes that they need to focus on planning for the future. Nothing lasts forever, so you have to prepare for that. Ask yourself this question, can you survive without another paycheck? What good is creating a luxurious lifestyle that can fall apart after missing just 1 paycheck?