Rich vs Wealthy

the goal isn't to be rich. Rich is the things you see. Wealth is what you don't see. And your pursuit should be wealth or economic security. And this is what wealth is. Wealth is having passive income that's greater than your burn. Uh, two examples. I have a buddy who runs MNA for a bulge bracket investment bank. Makes between three and ten million dollars a year depending upon the market. Because it's all current income, he pays 50% taxes between his ex-wife, the Hamptons, and his master the universe lifestyle that he feels he deserves. He hasn't saved money and he spends most of it. And I know that firsthand. He has a lot of sleepless nights wondering what happens if the music stops. He is not wealthy. My father who is 94 between his pension from the World Navy, Social Security, and he owns six washing washer dryer machines in trailer parks where he goes and collects the walker. He makes $52,000 a year. He spends 48. So he is saving money despite the fact that he's not working. So his passive income is greater than his burn.