To be wealthy means to have recurring passive income exceeding recurring expenses.
I have reached the end of the wealth journey when my net worth is enough in volume and accessibility to comfortably cover expenses for the rest of my life, my wife’s life and potential children until they are adults. Past that, generational wealth and legacy are not part of my vision.
Wealth gives peace of mind. If it increases stress or reduces security, it’s not wealth.
Wealth increases freedom by providing options. If it decreases freedom, it’s not wealth.
Wealth does not necessarily provide health or happiness. However, if acts against them, it’s not wealth.
My wealth does not define me or determine my value.
While I own my wealth, I do not fully control it. My responsibility is to manage what I can and plan wisely for what I cannot, including the unexpected.
the true cost of a small, recurring purchase—like a $6 latte—is not just the immediate expense, but the lost potential growth of that money if it had been saved or invested instead (known as the latte factor).