Comments on: The real meaning of wealth has to do with goals http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/ Articles on game theory and personal finance Thu, 29 Jul 2010 12:43:59 -0500 hourly 1 http://wordpress.org/?v=3.0 By: Presh Talwalkar http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/comment-page-1/#comment-4068 Presh Talwalkar Wed, 17 Dec 2008 22:58:05 +0000 http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/#comment-4068 Yes, wealth is a subjective matter. Passive income at least allows people the freedom to choose what they want to do...although amazingly there are still people who have lots of money but are unhappy in other ways. I think the point is that money is a means to an end and that sort of philosophy can help one acquire internal wealth which is what really matters. Yes, wealth is a subjective matter. Passive income at least allows people the freedom to choose what they want to do…although amazingly there are still people who have lots of money but are unhappy in other ways.

I think the point is that money is a means to an end and that sort of philosophy can help one acquire internal wealth which is what really matters.

]]> By: Marcello http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/comment-page-1/#comment-4025 Marcello Tue, 16 Dec 2008 18:08:50 +0000 http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/#comment-4025 I have always felt wealth had more to do with your passive income. Someone could have a high net worth but have a difficult time meeting their expenses (such as owning a large home free & clear but having little income) and I would not consider that wealthy. I will take a large passive income that lets me live comfortably without having to worry about earning. This of course is just my opinion, but isn't this what everyone is shooting for in retirement to a degree...to have a passive income that pays for a lifestyle? Thus, the higher the passive income, the better the lifestyle, and the wealthier one is considered. I think this represents a better measuring stick than goals, as goals tend to be quite subjective. I have always felt wealth had more to do with your passive income. Someone could have a high net worth but have a difficult time meeting their expenses (such as owning a large home free & clear but having little income) and I would not consider that wealthy. I will take a large passive income that lets me live comfortably without having to worry about earning.

This of course is just my opinion, but isn’t this what everyone is shooting for in retirement to a degree…to have a passive income that pays for a lifestyle? Thus, the higher the passive income, the better the lifestyle, and the wealthier one is considered.

I think this represents a better measuring stick than goals, as goals tend to be quite subjective.

]]> By: Presh http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/comment-page-1/#comment-298 Presh Fri, 28 Sep 2007 20:56:01 +0000 http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/#comment-298 @anonymous: It is good to balance time and money. I never liked those cliches any way. @anonymous: It is good to balance time and money. I never liked those cliches any way.

]]> By: anonymous http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/comment-page-1/#comment-297 anonymous Fri, 28 Sep 2007 08:59:44 +0000 http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/#comment-297 So, if money is time and time is money, maybe it's wise idea to balance both? So, if money is time and time is money, maybe it’s wise idea to balance both?

]]> By: Presh http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/comment-page-1/#comment-296 Presh Fri, 28 Sep 2007 04:05:29 +0000 http://mindyourdecisions.com/blog/2007/09/27/what-wealth-means-to-me-and-why-i-write-financial-goals/#comment-296 @RohoMech: You hit the nail right on the head. Lots of people I know who are unsatisfied with work talk about working "just for money", i.e., getting net worth. I'm not too surprised by mid-life crises--that's the first time people don't *need* the money and then they realize they've wasted lots of time in their life. @Joe P: I haven't heard a single person say they enjoy those longer work hours. I really like your analogy of the card deck and sharing wealth. @RohoMech: You hit the nail right on the head. Lots of people I know who are unsatisfied with work talk about working “just for money”, i.e., getting net worth. I’m not too surprised by mid-life crises–that’s the first time people don’t *need* the money and then they realize they’ve wasted lots of time in their life.

@Joe P: I haven’t heard a single person say they enjoy those longer work hours. I really like your analogy of the card deck and sharing wealth.

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