Comments on: Wealth vs. Income: What Does it Mean to be Rich?

By: The Art of Legacy Blog » The Ultimate Guide to Creating a Legacy: 100 Insanely Useful Posts

Tue, 13 Apr 2010 21:12:54 +0000

[...] Wealth vs. Income: What Does it Mean to be Rich? by Jeffrey Tang [...]

By: Krystina Scenna

Krystina Scenna — Sat, 27 Mar 2010 13:48:26 +0000

I believe that if one keeps up in managing their money well throughout the course of their career until retirement, they are not only following the path of income or wealth, they are following the path to health and happiness.

By: The Book of Wisdom – 101 Posts for the All-Around Balanced Life | Balance In Me

Tue, 23 Feb 2010 22:54:37 +0000

[...] Wealth vs Income – What does it mean to be rich? [...]

By: Justin Wright

Justin Wright — Sat, 30 Jan 2010 22:31:28 +0000

This is a great post and something I have been thinking about for a few years now. When I came out of college, it was all about finding the job with the highest salary. So I ended up taking a few office jobs that I eventually ended up hating. I quickly realized that money alone wasn't the answer, especially if you have to give up your time and freedom to get it.

I agree 100% that it is all about creating income that can sustain your lifestyle. Once you make enough to live off of, I no longer think it is necessary to strive for more money. Instead, it is all about pursing the things you are passionate about and enjoy doing.

Wish you the best of luck on your path to income!

By: Jeffrey Tang

Jeffrey Tang — Sat, 23 Jan 2010 17:16:21 +0000

I love this: “Man at work, or Money at work, be smart and do it both ways.” I think your Grandpa had it right, Loran. No matter what your financial endgame looks like, finding a balance between working to create income and putting your money to work for you is a sound strategy.

Money should be a set of wings to carry us higher, not chains to hold us back or a drug to keep us mesmerized.

By: Loran

Loran — Sat, 23 Jan 2010 16:56:19 +0000

Hi Jeffrey, I'm new to your blog, and I'm enjoying it very much. In regards to this post. My Grandpa, who owned his own businesses and invested all his life, used to say that there was a difference between rich and wealthy. “Kiddo, you can be rich but not wealthy, wealthy but not rich, or you can be both.” He said the rich have a lot of money, but when it's gone it's gone. The wealthy on the other hand, have a lot of cash flow. Grandpa also said, “There are two ways to make money: Man at work, or Money at work, be smart and do it both ways.
Keep up the good work!

By: Jeffrey Tang

Jeffrey Tang — Fri, 22 Jan 2010 05:09:23 +0000

Rich people have a bad reputation, but only some of them deserve it. I agree that attitudes toward wealth are strongly influenced by the environment and culture under which one lives. Today, I think, that culture is shifting away from the old model of “career wealth” and towards “experience before money.”

There are good and bad things about this shift; we have to cut through the hype in order to get a clear vision of what we really want to get out our lives and careers.

By: Jeffrey Tang

Jeffrey Tang — Fri, 22 Jan 2010 05:04:37 +0000

I lean heavily towards the path of income too. I've never had much of an interest in being enormously wealthy (not that I don't enjoy having money; it's just not very high on my list of priorities), and I'd much rather put money issues out of my mind and just enjoy the process of doing things I care about.

That being said, I do have tremendous respect for people who have the tenacity and integrity to create vast fortunes through their own efforts and ingenuity.

By: charleyyousimplified

charleyyousimplified — Thu, 21 Jan 2010 16:59:34 +0000

I think that since we've seen in the most recent recession that Wealth is fleeting, there is a growing band of support for people to look towards the Path of Income instead. All the major Financial pundits say you're gonna need several million dollars to retire. Of course, if you're in your 20's or 30's you won't be allowed to retire till your 70. I don't really want to take any bets on what my health will be like when I'm 70.

So since I need millions of dollars and I didn't start investing when I was 18, I'm basically screwed.

I'd rather not wait till I'm 70 to try and enjoy my life. That's not how I felt during the first decade plus of my corporate career. I'm shifting out of Path of Wealth to Path of Income. I want to enjoy my life now and I have little confidence in the concept of retiring on my savings. So, building an income stream for life that can increasingly sustain itself seems the more intelligen path these days..

Great article, Jeffrey.

- Charley

By: Melissa Gorzelanczyk

Melissa Gorzelanczyk — Thu, 21 Jan 2010 16:26:56 +0000

I'm definitely on the path of income. Money doesn't mean as much to me as flexibility and happiness.