What is wealth?
It really depends on who you ask.
Some people say it’s a dollar amount, others insist it’s being able to afford the necessities in life, and still others swear that true wealth has nothing to do with money whatsoever.
Robert Kiyosaki, multimillionaire and author of personal finance classic “Rich Dad, Poor Dad,” has his own outlook.
In his newest book, “Second Chance: For Your Money, Your Life, And Our World,” he defines wealth as freedom from work.
“Rich dad defined wealth by asking, ‘If you stopped working, how long could you survive?'” Kiyosaki writes.
He compares this approach to that of inventor and theorist Bucky Fuller, who said wealth was “the ability to survive X number of days forward.”
Put another way, Kiyosaki is saying that wealth is about staying power: How long can your money keep you afloat?
Kiyosaki, whose estimated net worth is about $US80 million, provides a definition of wealth that excludes anyone living paycheck to paycheck, no matter how large those paychecks may be. In fact, his definition places significantly more weight on the money you have saved for tomorrow — whether for retirement, emergencies, or major events and purchases — than the money you have available to spend today.
“The reason [my wife] Kim and I could retire at 37 and 47, respectively, was because we focused on our wealth,” he writes.