What is Wealth?

Speaking of wealth, why do so many mischacterize it? Is wealth your neighbor's expensive car or your brother-in-law's upscale home? Maybe wealth is exclusive vacations or six figure incomes. Well not if the car is leased, the home is motgaged (especially if it has a large ballon payment), the vacation is charged to a credit card to be paid over time or the income is spent long before it is earned. Politicians believe that the wealthy are simply people with higher than average incomes. Yet, none of these things are wealth. Wealth is the accumulation of assets. That which has been saved and not yet spent. Almost anyone in America can become a millionaire if they wish, since the key to accumulating wealth is not earning a high income. the real key is your ability to save. For those of you under the age of forty I would recommend the book "The Millionaire Next Door." The book does not describe any get rich quick schemes or 50 ways to make money in the market. It simply describes the characteristics of the typical millionaire and will give you a model that can help you attain your goals.