I grew up in a rural part of middle America in a little town that was about a 50/50 mix of both farmers and factory workers. One common phrase that was used commonly and that has always stuck with was the term "good money". "Did you hear about the opening at xyz factory? Man I hope I can get in there, they make good money!" " I heard Joe got on with ABC I bet he is going to make good money there" "kaylee and I are getting married in the fall, between the two of us we will make good money"
I always found that phrase so weird and would often think to myself, "what is good money?" Like how much per hour is that? What is that actual dollar figure that you could earn to where you hit the rarefied air that is "good money". What was always so interesting was that when I asked for some more specific detail (yeah I know not politically correct) I would get different answers. If I asked 100 people I might get 100 different responses.
The answer is that "good money" is the just midwestern America term for WEALTH. What is that number that you have in the bank where you can consider yourself wealthy? Is it $1 million, $2 Million or $10 Million? The truth is , its all relative. I can tell you that in my hometown some people would feel rich and want to quit their job and retire if someone gave them a $100,000. Don't laugh, its really happened. When I say relative what area of the world you live in, how much you make annually, what your living expenses are can all affect whether or not you can consider yourself wealthy.
For me when I read the book Rich Dad, Poor Dad it really caused me to question what I thought wealth and "good money" was. If you haven't read it I strongly urge you to. Robert Kiyosaki outlines how wealth should not be measure in dollars but instead by time. Meaning if you stopped working, how long would you be able to live the exact same lifestyle your currently living. So for example if your current monthly expenses are $2000 per month and you have $24,000 to live off you would be 12 months wealthy. But if your living expenses are $2000 per month(and theoretically that being consistently stable) and you have passive income that pays you over that then you are infinitely (in terms of time) wealthy. You can go on forever with not having to work, that is true wealth. This is now what I consider the definition of wealthy to be.
I'm curious, do you share my and RK's idea of what wealth is or do you have your own idea or a dollar number you cling to? Leave a comment I would love to hear it!