I will write more on this once able; however, I think that free from debt, and free from the fear of debt, is what wealth is all about.
I believe that wealth is a state of mind, and that it has little to do with what you have, but more to do with how you view what you don’t have. Personally, I want for very little. I don’t need more money to have things that I want. What I do want, is to be free from the risk of losing what my family has. I know that the biggest risk to that is our health. For that reason, I want enough wealth that I can go to the mat when it comes to medical bills for anyone in my family, and for us to be able to survive that financially.
My parents were teachers, and my father broke his neck when he was in his early 40’s. Due to their healthcare, my parents were able to keep their jobs, keep their home, and keep their retirement. Teachers aren’t wealthy in the traditional sense, but my parents had wealth. It wasn’t in their bank account, however. I believe that most teachers today do not have that kind of wealth.
I have mixed feelings about generational wealth. From the limited experience I have with beneficiaries of generational wealth, it doesn’t seem like a healthy thing. I can honestly say that, I am glad that I didn’t have generational wealth. I don’t’ think I’d be a very interesting or fulfilled person if I did. I have a feeling that if passed on generational wealth declined by at least 50% per generation, it would be a good thing; not for the sake of society, but for those that are beneficiaries of it.