I have been working with clients this tax season, who are well into the top 10% of US taxpayers, none of them consider themselves wealthy. Even those whom I know are the truly wealthy.
During a recent webinar, they defined real wealth by having passive income greater than monthly expenses.
I think I can get behind that definition, it makes perfect sense.
I know that there are people who are handsomely paid for their job, but that alone does not make them wealthy. I heard the story about one actor (not to be named) who was interviewing business managers. The one he hired was the one who explained that the actor was well compensated, but was not wealthy, based on his portfolio and holdings. That manager was hired and they had a long career together.
So, are you wealthy or just compensated well?