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Bogs · 4159 days ago · link · · parent · post: Ask Hubski: How do you define wealth? What is "rich" to you?
There is no amount of money (as a lump sum) that will make one comfortable enough to alleviate financial stress. Instead, it's far better to think in terms of passive income and ability to create income. For example, if you were to own 15 homes free and clear of any debt and they rented for $1200/month each generating $600 after all expenses and a vacancy factor, you'd be getting $9,000/month. If you're monthly living expenses are 7000 then you would be very wealthy. If your expenses were 12,000 then you'd still have a bit of work to do but you would be well on your way. The ability to generate income must come first, then investing in vehicles that provide "passive income" would come next. www.promanas.com