the

first you need to decide what it means for You "to be rich".

  • This will help you understand of what items is Your "financial freedom" and how You the best way to pave your way to financial independence.

Exact formulation of the problem will in the shortest possible time to realize his dream into reality.

There are three main approaches to the description of what "wealth":

1) Wealth as a high level of income

This is the most common sight. When people talk about financial independence, they usually mean that they have an ongoing high income.

Rich is considered to be people earning over $ 1 million a year.

This level of income can be achieved in two ways:

  1. Become a TOP Manager to get a huge salary (and bonuses for the year).
  2. Become a businessman owning a company with multi-billion dollar.

2) Wealth as the net assets of

a More professional approach to the concept of wealth is based on the perception of it as the amount of the net assets in excess of $ 1 million.

Net assets, in terms of accounting is the difference between the market value of the assets and the liabilities (loans).

Based on this approach:

  • many millionaires from p. 1 in fact are not "rich", because their high incomes usually entail excessively high costs of living (including the availability of credit, illiquid securities of real estate);
  • from the rich to claim 1 are able to earn a lot, but do not know how to save and invest earned money;
  • rich people are the investors, living on the income from their capital (assets and investments).

3) Wealth the absence of the necessity to earn a living

Financial independence comes at a time when You completely removed its dependence on active income (i.e. when You don't need every day to go to work to provide for his family).

This view of wealth provides You complete freedom of choice of how to live and what to do. You can afford to do what You like.

SUMMARY:

  1. Wealth has many interpretations and meanings.
  2. Understand what it means "wealth" is for You — this will allow You to determine the necessary steps and tools for gaining the financial freedom.
  3. Read my article "Where NOT to invest? TOP 3 most dangerous for the money."
  4. Read my article "What it takes to become rich".

TO consolidate the MATERIAL VIEW MY ANOTHER VIDEO:

Stuart McPhee
2018-04-28
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