I absolutely find it fascinating that so many people ask for help from complete strangers in their own peer group without knowing one of the most important aspect of investing:

What do you consider wealth?

I know what the media teaches us - you have to be a billionaire with your own private jet and 500,000 followers on Twitter. I feel comfortable saying none of our regular posters meet that media definition.

I was thinking about this after reflecting back on my income tax return. Things are going rather well for me. But I am sure though if your goal is to just have five, 10 or 20 houses paid off - you are also equally content. As much as I am content, boy do I like the hunt of finding another bargain.

Truth is what is wealthy is a person a personal opinion and that opinion changes along life's path. Just over the past five or so years I have seen people go from being full speed into investing go to a sell mode (especially back in 2020 and 2021). Many, many more went to almost a treading water mode where they are not buying nor are they selling. They are content just staying where they are.

Can anyone predict the future of the real estate market place? It is so localized, I understand that is impossible. But it just seems there are many folks who are afraid of a market down turn that they are not shifting their investment strategy. Inflation impacts those un-invested dollars. Those folks out there who refuse to raise rents, they are getting beat up by inflation also. Then there are folks out there that will say there are aren't any deals out there.

Maybe they are right - it is possible there are not any folks out there who are filing for bankruptcy, no one getting divorced, the local hospital doesn't have anyone sick, there are drunks or drug addicts, and the everyone has a job in their small home town. Indeed - there might actually be a place out there like Mayberry USA. But even Mayberry had it's Otis. I believe in opportunity for those who want to find it.

Once upon a time I thought success in real estate investing was about having a certain number of doors. I realized after having reached that 100 door thresh hold, that number wasn't what I looking for. I was looking more for cash flow next. Made lots and lots of money and I lost quite a bit in a divorce too. When I talk of asset protection starting at home, ask yourself what do you have to do to make up a seven figure number? There are lots of tools out there that you should be considering and it helps if the entire team is onboard. Then again, it is only money too - you can and will just make it back.

At this point, I am looking at getting more and more hours back in my life. I am also more concerned about managing risk. So in my search for what is wealth I am looking at

1) Diversification of asset and income types.

2) Evaluation of risk in terms of time

3) Asset allocation

4) Transferring wealth in legacy planning.

So what is my definition of wealth?

Having more than I need but still wanting just a tad bit more. Over time the numbers that come to mind specifically for me change. Just over this last bump in inflation, maybe I should be seeking even more than what I was thinking as inflation slowing eats away year after year. After all no one knows how many years we have left.

So what are your thoughts on wealth?

Wealth isn’t having all that you want.

Hey Howard Hughes,

I'll bet your X is happier.

Wealth to me,is having 2 things:

Financial security.

Time.

The more of I have both,the wealthier I feel.

Invariably you can't have a discussion of what is enough wealth without a discussion on what is greed. Even the billionaire with a private jet would probably say he doesn't have enough, he needs just a little more.

By the way, greed has nothing to do with how much you have. The most wealthy man that ever existed (King Solomon) wrote a whole book about his pursuit of money and other things, the book of Ecclesiastes, it's a difficult read. It even has some wisdom on passing that wealth on. If you want the short/easy to understand version watch this 8 minute video on youtube.

www.youtube.com/watch?v=lrsQ1tc-2wk

My father, an aerospace engineer, knew and work for Howard Hughes for 36 years. Mr Hughes was never happy, he suffered from many mental issues.

I have known and worked for very rich people from all walks of life. People from millions to Billions.

My refined definition of a truly wealthy person is SOMEONE WHO IS HAPPY WITH WHAT THEY HAVE.

I know an actor/actress that lost 30M over night in their charity fund. They simply transferred 10M to a new fund and was happy they had 60M left. They are happy and content.

I know an inventor with 20M. He was able to put his kids thru the best collage, married them off and made sure they had a good business. He and his wife are happy just to have grand children and everyone else is content.

I myself was never content know about inflation. So from 14 to 18 made enough and saved so I could by homes. Then would sell them off to use as a down payment for commercial property.

Wealth for me would be being able to quit my day job and have enough income to pay the bills.

Still working on that goal but it is closer than it was.

The path towards wealth is a marathon and it is bumpy. You will be knocked down. You will need to dust yourself off and move ahead.

Some might view it as a series of wins. In my eyes, if I elect to get up after getting knocked down - that is a win. Success is in the journey. We will all make mistakes

Inflation will be eating at your bottom line year after year. If you avoid "the market" for fear of some crash or mishap, I submit you are not doing enough to limit risk.

" I have different more. I have plenty."

Moving towards my old goals while I set new goals is what I have been doing.

My spreadsheet had a small section that showed the goal of $XX/year in income, then I put in another line that pulled 20% out for mishaps along the way. I have changed that goal multiple times over the years. I no longer strive for that tho, it is just there as a small motivator.

What I want is more spare time. To be able to work on my own projects just because I want to. I have been selling two places on contract that come due this year. Happy I got rid of one of them, the other I should have kept. But now I am short of nearly 23% of my annual income because of the money paid on these two places monthly.

Used to be that I thought making 100k a year would mean I was wealthy. It just meant I was making 100k a year tho.

I am looking for more FREEDOM. All my bills are paid. A little goes into retirement. I am able to help the kids if they need it. I own my house outright, have two nice vehicles and more streaming services than I need.

We are comfortably middle-class. No jets, no trips around the world, no endowing of charitable foundations, and not even a single X follower.

We eat what we want, buy what we want, give what seems appropriate, pay our fair share of taxes while trying to avoid paying more, and, contrary to SID's hostile definition of the term, we are Housing Providers who do good for our local community while doing well for ourselves.

We hope to leave a sustainable business to our kids and grandkids, as they have gotten a raw deal over the past few years from the federal government through rampant inflation through no fault of their own.

Great question and valuable responses.

I am reminded of two quotes that guide me.

When a journalist asked the world's richest man, John Rockfeller, how much money is enough, he said, "Just a little bit more." This helps me to keep my wants in perspective and within healthy limits.

"Net worth is a measure of wealth that's calculated by adding up the value of all assets and subtracting debt."

Many years ago, a wise older friend once told me.

Being rich is having money. Being wealthy is having time.

Wealth is not about having a lot of money. It's about having a lot of options.

@WilmaPA, thanks for sharing. I saw a biography about his business career and he doesn't get much credit for the good things he accomplished.

@SteveMA good point.

I believe my quality of life is determined by two considerations.

One, the quantity of the options I have. Those options are usually determined by the quantity of money I have available. It can seem that pursuit of money is the means to life quality. But, really money is the provider of options.

Do I have a choice of health providers?

Do I have a choice of education providers? Or, am I left with poor quality schools in slums?

Second, is the quality of my interpersonal relationships.

I have been blessed with both considerations.

Before reading all of the other replies, I like the question and the thought-provoking post.

To answer your question, I believe that if a person is happy, content, and has peace of mind, then that is surely true wealth. If you have that, does anything else matter?

Robert J said; "My refined definition of a truly wealthy person is SOMEONE WHO IS HAPPY WITH WHAT THEY HAVE."

To add to what Heartland stated;

After watching the video that MikeA suggested;

If we look in the past will we find disappointment?

If we continue to look in the future do we miss the present?

Perhaps wealth is living in the present?

I have a book titled: Enjoy The Ride by Steve Gilliland

Perhaps you may enjoy the book? It is a small book but a powerful message.

“Seek not greater wealth, but simple r pleasure; not higher fortune, but deeper felicity.” ~ Mahatma Gandhi

The meaning of wealth just smacked me in the face about 2 weeks ago. I used to think it was about how much money I could amass, but now I realize it is about how much time you have.

2 weeks ago my mother was diagnosed with advanced stage small cell carcinoma (stage 4 cancer). While at the oncologist appointment with her the value of time sunk in when he said there would be no curing, only extending what little time was left.

My mother did well for herself working for the state all her years where she was able to retire around 58. Driving home I sat there and thought to myself if she had gone the “normal retirement route” and worked until 65, she would have only had a couple good years of retirement to enjoy.

My youngest has 9 years before he graduates high school. I told my wife that my new goal was for both of us to be done working the W2 jobs when he graduates at the latest. That would make us 53 and 51 years old.

So now the goal is not so much to expand the empire, as we have enough properties that will be paid off by then to call it quits, but it is now time to focus on paying them off sooner for our freedom. Freedom is my new definition of wealth.

Ray, I keep sleep as I have been thinking about your post.

Let me give you an example of what wealth is to me.

That evening in Nashville before the Convention, where Plenty, Hoosier, you, and myself sat at a table and played the Cash Flow Game. I knew that I was sitting at a table with some of the smartest people on earth and had more finances than myself. All of you excepted me for who I was and what I wore. I never would have dreamed that moment would ever be a possibility for me. We had a great time and became friends. I still learn from you all. If you list every material possessions that you had, I would still feel we were friends. That moment proved the dollar amount didn’t matter. That was one of the best evenings in my life. I believe that is true wealth.