Wealth is a measure of a person’s ability to survive so many days forward!
Almost everyone wants to be wealthy…
What is the definition of wealth?
To some people, it’s becoming millionaire…
To others, it could be looking forward to the day where they can finally be free from their job…
According to Buckminister Fuller1 (affectionately called Bucky), wealth refers to…
The number of days one can survive…when the income stops coming in.
Today…
Take some time to reflect how many days can you survive when your active income stops…
Notice, I said ‘When’, not ‘If’…
Be honest with yourself, there will come a day when the active income will stop…
Could be due to retirement…
Or retrenchment…
Or by your own free will…
Which one would you prefer?
There are two ends of the equation, the inflow (income) and the outflow (expenses)…
We focus on managing the easier one first …expenses…
Multiple ways to manage expenses…
Simpler options are…
Automating savings. Budgeting. Packaged deals from service providers. Review insurance plans.
In-depth methodology includes…
Understand expense pattern. Discern wealth personality.
Food For Thought
1. Reflect on how many days you can survive if your active income stops today.
2. Can you implement any of the listed ways to manage expenses?
1 Buckminster Fuller was a renowned 20th century inventor and visionary born in Milton, Massachusetts on July 12, 1895. He dedicated his life to making the world work for all of humanity. https://www.bfi.org/about-fuller