Published On: Tue, Jan 28th, 2014

What is Wealth?

As the author of the personal finance book, How We Prevent Wealth: A Personal Finance Reflection, I’ll give my own definition of wealth, in which you can use to construct your own opinion. This is necessary because one person may define wealth differently than another person. Does being wealthy necessarily mean one is rich? If not, how would you then define rich?

Here is what Chris Rock said about the differences between rich and wealthy:

Wealth, to me, is about having financial freedom.

When you have financial freedom you be in the financial position where you could go on a vacation, play with your grandchildren, read a book, learn a language, golf when the weather is beautiful, fish when the bass are most active, or play a video game all day without the burden of realization that it has to end.  Financial freedom is about living the other half of your life without worrying about going to a job.  It is an actual retirement.

No one should have to work past sixty years old anymore— if they don’t have the desire to do so.  The opportunities to grow a healthy nest egg and build wealth in America today are virtually endless. Yet, more and more, we see people working in their “golden years” not because they want to but, because they have to.

Your “golden years” should truly be golden and depending on how young you are or how aggressively you prepare, your “golden years” can be obtained at a much younger age than sixty.

However, many people prevent themselves from experiencing a wealth life or from having financial freedom because of the choices that they make.  They choose to pay the banks rather than themselves first. They choose to not further educate themselves, formally or informally, so that they can earn more over their lifetime. And they choose to buy “status” symbols instead of accumulate savings. They choose our own demise. You have to choose to be financially different.

Wealth is not about having plenty of money now, per se, but it is about accumulating enough money over a working lifetime so you are able to successfully and eventually live a life where you get to choose what you do with you time, when and how you want to do it.

Wealth is defined by you. What is wealth to you? How would you define wealth? Do you agree with Chris Rock?

Romeo Jeremiah
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Romeo Jeremiah

Personal finance author and philosophical writer. Teaching others how to save money and invest in themselves. Check out his latest book, The Wealth Number: The Financial Solution for Quitting the Job You Hate.
Romeo Jeremiah
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About the Author

- Personal finance author and philosophical writer. Teaching others how to save money and invest in themselves. Check out his latest book, The Wealth Number: The Financial Solution for Quitting the Job You Hate.

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Did you know?

African Americans are significantly more likely to have some type of debt (94%) compared with the general population (82%). Credit card debt, student loan debt, and personal loans are all significantly higher in the African American community.

Source: Prudential’s 2013 "African American Financial Experience" study