Income statement vs. Balance Sheet. Earnings do not equate to wealth.
Was thinking the same. Income is a very poor metric of “wealth.” There’s a huge difference between someone making a $300,000/year who spends it all and has no savings/investments and someone making a $300,000/year who has $10 million in assets.
Well said!
I know millionaires who have an annual income of under $100,000.
“Income statement vs. Balance Sheet. Earnings do not equate to wealth.”
exactly ... i don’t “earn” shite anymore, but have an enviable net worth AND an enviable liquid net worth ...
one of the tricks to actually being wealthy is to figure out a way to avoid overt earnings as much as possible ... the other trick is to live below your earnings level and save, save, save and invest, invest, invest ...
Exactly... Had an uncle in the very high 6 figure income when I was struggling in the.military back in the early 80s. He told me it’s all relative. He said he just has bigger car payments, house payments etc.
When he retired he had nothing because he spent all his money vice planning ahead.
I’m retired and we’re doing great.