Home
>
Wealth Building
>
What it Means to be Rich

What it Means to be Rich

Many people have a false understanding of what it actually means to be rich. If you were to ask a stranger what makes a person rich, he or she would say "A person is rich if they have a lot of money and can buy whatever they want!". But that isn't what it means to be rich. This is what it means when a person is rich: The person's assets create enough cashflow every month, to cover his or her expenses. So basically being rich means that whether you work or not, money will still be flowing into your pockets.

Creating assets is the key to becoming rich. The rich have many different assets, which provide them with a monthly income. The truly rich people are those who don't work for a paycheck because their assets provide them with a lot cashflow. So if your assets make more than enough money to cover your expenses, you're rich. Having a large sum of money in your hands may cover your expenses for a while, but it isn't going to last forever.

When you're rich, you're making your money work for you. You send your money off into bonds, stocks, businesses, gold, or real estate, so that it'll make more money. You don't really have a job, because you don't need one. The rich let their money do all the work, so that they don't have to. But many of the people who became rich weren't born with a silver spoon in their mouth. It takes hard work and dedication to become rich. We grew up believing that if we don't get paid by the hour during a job, then we shouldn't do it. The rich aren't addicted to an hourly wage. They'll work for hours, days, months, and years without pay in order to create their assests. Once the assets are created, little or no more work is required, and the cash just flows in.

During high school, we're taught that you can only make a lot of money by getting a good job. Because of this, many of us become addicted to an hourly wage. When a friend or relative gets a new job, we congratulate them and then ask, "So, how much do you make an hour?". Once in a while you may ask your boss for a raise, because you feel you work really hard and deserve it. The rich don't ask, "How much do you make an hour?", or, "Can I have a raise?" they ask "What's your monthly cash flow from your assets?", and "What's the dividend yield on your favorite income stock?". Many employees say "I'm going to retire with $700,000.00 in my 401K!". The rich say "I'm going to retire with $30,000.00 a month coming from my assets".

So it's easy to tell when a person is rich or not. If a persons assets produce enough money every month to cover his or her expenses, then that person is rich.

Michael Press is an investor and teenage entrepreneur. He currently owns and operates passiveincomeinfo.com, a free website with articles about how to build wealth.

housekeepers near Park Ridge ..

In The News:

Costco has expanded into EV infrastructure with new ultra-fast charging stations that can charge most electric vehicles to 80% in 20-60 minutes while shoppers browse the warehouse.

The new Gemini Robotics On-Device AI allows robots to perform complex tasks without internet, offering enhanced privacy, reliability and adaptability for real-world use.

Protect yourself from Amazon phishing scams by spotting red flags like suspicious sender addresses and spelling errors while using Amazon's Message Center to verify communications.

GAC Group's new Govy AirCab flying car combines lightweight design with advanced safety systems and smart cabin technology to revolutionize city travel with an 18.6-mile range.

The Berkeley Humanoid Light (BHL) is a lightweight, open source humanoid robot that anyone can build using 3D-printed parts and off-the-shelf components.

Meta’s new AI chatbot is getting personal, and it might be sharing more than you realize.

A new threat targets both Android and iPhone users: SparkKitty, a powerful mobile malware strain that scans private photos to steal cryptocurrency recovery phrases and other sensitive data.

Thanks to a team at the University of California, Davis, there's a new brain-computer interface (BCI) system that's opening up real-time, natural conversation for people who can't speak.

Privacy risks are hiding in plain sight, as your personal data is likely being collected, tracked, and sold without your knowledge.

VenHub, a fully autonomous, AI-powered smart store just opened at the LAX/Metro Transit Center in Los Angeles.

A woman's Facebook account takeover reveals dangerous social engineering tactics and provides lessons on recovery, avoiding scams and enacting stronger security measures.

Shanghai engineers are using 432 walking robots to relocate a complex, preserving Shikumen architecture while creating space for a modern underground hub and cultural center.

Major healthcare data analytics firm Episource had a cybersecurity incident exposing 5 million patients' medical records and personal information in recent breach.

A new sophisticated PayPal scam sends legitimate-looking emails from official PayPal addresses, using phone numbers instead of links to convince victims to download remote access tools.

Fox News' AI Newsletter brings you the latest on this rapidly evolving technology.

The innovative Kara Pod device extracts moisture from air to create mineral-rich water and brew coffee, featuring UV sterilization and compatibility with Nespresso pods.

Gov. Hochul unveiled New York's nuclear power plant project to power a million homes, which faces permit challenges while promising jobs and a cleaner energy future.

SAFE introduces Aerie, an underground luxury bunker combining high-end living with advanced security, wellness amenities and interactive walls simulating panoramic views.

A Facebook scammer posing as Elon Musk tricked a victim with promises of a Tesla and $250,000, requesting gift cards that become untraceable once the codes are shared.

Experience hands-free golfing with the Robera Neo smart caddie that uses AI to follow you, navigate obstacles and carry your clubs with GPS course mapping.

Cybersecurity alert: 16 billion passwords exposed in massive credential database affecting major platforms. Protect your accounts with password managers

The innovative BeBot robot uses electric power to remove pollution from shorelines, covering 20-30 times more area than manual collection while preserving wildlife.

A new ClickFix campaign targets macOS users with fake Spectrum support sites, tricking victims with CAPTCHA failures to paste commands that install information-stealing malware.

AI-powered autonomous trucks from Plus Automation are being tested across the U.S., Europe and Asia to solve logistics challenges while facing regulatory hurdles and labor concerns.

Your health information might feel private and secure with your doctor, but the reality is far more complicated. Data brokers collect a wide range of sensitive health data, from diagnoses and prescription details to personal identifiers, and sell this data to marketers, insurers, and other third parties.

What it Means to be Rich

Wealth Building