How Would You Define Rich?

Too many people confuse a high income with being rich or wealthy. There are a lot of people with very high paychecks who use their income to buy a large, beautiful home, pay for private schools, expensive vacations and fancy cars but have little to show in the form of net worth. Their home is mortgaged, their cars are leased. They look rich to outsiders, but they're actually relatively poor and if they have an unexpected incident, such as bad health, they will quickly teeter on the edge of financial disaster.   To help sort through the topic and give context to the definitions of wealth and rich, I've developed the 5 Stages of Wealth. Certainly, there are people we could all agree are ‘wealthy' but who are at the same time ‘cash poor'. Read more here >>>

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