What is Wealth & Why it is important

You must have heard from various successful people that one should focus on building wealth; and if not, then we must tell you that building it for yourself is the most important thing one must do.

Why? Read till the end and you’ll get to know what exactly wealth is and why building wealth is critical.

When we heard “wealth” for the first time each one of us gave different definitions. We said it’s similar to income; it’s the sum of assets; it’s money present in liquid form i.e. ready to use. We felt it’s better to google it and the first link that came was our beloved Wiki. It says “Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions”. After reading this, it got more complex. 

If we talk in economic terms, Wealth is anything of value so if we want to calculate the wealth of a person then we add the value of everything the person possesses. This gave us some basic idea. Now for more details, like in everything we turn to experts, we did the same here. And, this is what wealth is according to those whom we consider have made it.

Robert Kiyosaki – An American Businessman & renowned author well-known for his work in his book “Rich Dad Poor Dad”

Wealth is a person’s ability to survive X number of days forward. And, he adds on “How many days could you survive if you stopped working today? How long could you survive on the amount of money you have?”

Grant Cardone – American author, renowned sales trainer, and speaker well known for his work in his book “The 10X Rule: The Only Difference Between Success and Failure”.

Real wealth includes the freedom to go where you want when you want to stay as long as you want. He relates it to freedom.

Warren Buffett – An American Investor, in fact, one of the most successful investor in the world of all time and A business tycoon – Chairman & CEO of Berkshire Hathaway

He relates wealth to health and well being. He says after a point, money won’t matter but it’s the wealth i.e. your well-being that matters the most.

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Every time we read these quotes, it got clearer that why we have to build wealth. And, how much important it is to build it RIGHT NOW!

Robert Kiyosaki’s definition made more sense to us. It is also one of our reasons to start this blog – “The number of days one can survive if he or she stops working without changing the standard of living is Wealth“

It is much more relatable right now when people are losing jobs or suffering losses in their businesses. And this why building wealth is important, so that if anything ever happens to our source of living then it won’t take a toll on our health. It’ll give us a sense of freedom. 

But one thing we want to tell you is how wealth and income are different from each other. Basically, income is something that helps us to build wealth. Income is the money coming in i.e. coming to us. Through this money coming in, we build wealth so that this money coming in, never stops even if we stop working. 

So folks, now that you know what wealth is and what it can give to you; it’s time you start building it; start working for yourself; start working to get a secure future.

If you want to know which industry you should be part of or which industries are booming due to Covid-19 then Click here to Read

Thank you for reading. If you got our message then feel free to spread it amongst your friends and make them also realize the need of the hour.

Please do share your views in the comments section below, we are very happy to hear from you.