What Do Rich People Have That The Poor Does Not Have Apart From Money? The rich has money which the poor does not have but aside that, there are other urbane possessions of the rich that the poor don't have and I will just write on10 of such. The rich has money because they have learnt how to make money flow to them effortlessly but the poor would never know or do that These other urbane possessions of the rich include: 1. Wealth Mindset The rich has learnt that his mindset is everything and thus he guards jealously never allowing weeds and negative thoughts to live therein and making every effort to avoid the victim mentality. But the poor has accepted his condition as his fate and thus makes no efforts to extricate himself from the poverty pool. 2. Personal and Financial Discipline The rich has taught himself both physical and financial discipline. He does not speak out of tune, he has a cultured mannerism, is often courteous and humble. He also...
What Is Wealth?
"A
person's, community's, company's, or country's wealth is the total sum of all
their valuable properties. Wealth is calculated by subtracting all debts from
the overall market value of all real and intangible assets held. Wealth is
essentially the accumulation of finite capital. When individuals, groups, or
nations are able to acquire a large number of valuable resources or
commodities, they are considered to be rich. Wealth differs from income in that
it is a stock while income is a flow, and it can be measured in absolute or
relative terms "
There are as many definitions of wealth as there are writers
and thought leaders.
Henry David Thoreau says
“Wealth is the ability to fully experience life.”
And Robert Kiyosaki says
"Wealth is NOT a measurement of how much money you have but how long you can live without working."
Understanding the Definition of Wealth
Wealth
can be represented in a number of different ways. In a strictly material sense,
wealth is defined as all of one's physical assets. In terms of money, net worth
is the most common measure of wealth.
Wealth
has been described and measured in various ways by different societies over
time. Money is the most common way of calculating wealth in modern society.
Money's
role as a unit of account can be seen in the measurement of wealth in terms of
money.
The
degree to which outside forces can influence the value of capital can have a
significant effect on how wealth is measured in this way, but it does provide a
useful common denominator for comparison.
Wheat was once used to measure wealth among the ancient
Egyptians.
Sheep, horses, and cattle have long been used as wealth
indicators in herding cultures.
The problem of assessing wealth in the form of various kinds
of products is solved by measuring wealth in terms of money. After that, these
values can be inserted (or subtracted, etc.). As a result, net worth can be
used as a convenient indicator of income.
Assets minus liabilities equals net worth.
Net worth is also known as shareholders equity or book value
in the corporate world. In layman's terms, net worth is described as all of
one's controllable real assets, except those that ultimately belong to someone
else.
Wealth is a stock variable, while income is a flow variable.
Wealth is defined as the amount of valued economic resources acquired at a
given point in time, while income is defined as the amount of money (or goods)
earned over a given period of time. Income is the accumulation of capital over
time (or subtraction, if it is negative).
A individual with a positive net income over time will become
increasingly wealthy.
While it is sometimes incorrectly referred to as a measure of
wealth, Gross Domestic Product (GDP) may be thought of as a measure of income
(a flow variable) for countries (a stock variable).
While someone with a significant amount of net worth may be
considered wealthy, most people think of the term in a more relative context.
Total wealth may differ between individuals and groups,
whether calculated in terms of money and net worth, or in commodities such as
wheat or sheep.
We generally refer to relative wealth differences between
people when determining who is wealthy or not wealthy. People's perceptions of
their own well-being and happiness are based far more on their assessments of
income compared to other people than on absolute wealth, according to research.
This is also why the term "capital" is commonly
applied only to scarce economic resources; goods that are plentiful and
available to all offer no justification for comparing individuals' wealth.
KEY TAKEAWAYS
1. Wealth is a set of desirable economic resources that can
be calculated in tangible commodities or monetary value.
2. The most common indicator of wealth is net worth.
3. The term "capital" is generally applied only to
scarce economic resources; goods that are plentiful and free for all offer no
basis for comparing individuals.
#wealthisearned
A renowned definition of wealth and its qualities. Thank you
ReplyDeleteYou are welcome #ChukwuebukaAsadu
DeleteLucid, interesting and enterprising.
ReplyDeleteI feel refreshed. Thank you sir.
Big Ben
Deletenice to read from you
Do keep in touch
Dr.Dennis Ekwedike: Very enriching !
ReplyDeleteGood to read from your here Dr. Ekwedike
DeleteKeep in touch
Robert kiyosaki' s definition of wealth truly touched me...that is the wealth we should aspire. Am sure Jerry the First will give us the necessary skills to accomplish it
ReplyDeleteRobert Kiyosaki is an authority and we shall work together
DeleteGood. It's a foundation in understanding how wealth is put to action.
ReplyDeleteWealth is not an elusive master, it is a willing companion of anyone who would meet it where it abides
DeleteThe Robert kiyosaki's definition of wealth has nailed it all, and Also the second key points That "Wealth is an indicator of a Net worth" is a categorical statement. Thanks plenty Dr for Giving this top notch Articles for free without a penny. You are indeed a blessing to us. More Divine wisdom I pray for u Dr.
ReplyDeleteWe shall continue to do the best we can to empower those who would take advantage of these write ups
DeleteVery correct philosophical postulation.
ReplyDeleteI have had this perception that ideas that can generate wealth can also be referred to as wealth, but I have seen something slightly different, I take this one also. It's a nice definition.
ReplyDeleteIdeas are capital which can in turn generate wealth
DeleteVery educational.
ReplyDeleteWow!!!
ReplyDeleteVery informative.
Thank you Sir
Franca Ezekwem
ReplyDeleteI love Robert kiyosaki's definition of wealth which means wealth is freedom from work.
Thank you very much Dr.
You are very much welcome
Delete