Comments on: Wealth is not about the money

By: Carol@inthetrenches

Carol@inthetrenches — Sun, 19 Sep 2010 23:47:48 +0000

Important distinction. Each person has to choose their own priorities and often ends up unhappy in the end. It’s nice to know them early enough to make the changes.

By: Jacob

Jacob — Sat, 18 Sep 2010 19:36:42 +0000

The Honest Dollar shut down, so it’s a defunct link. I make about $150/month on ads (left sidebar) and amazon affiliate commissions. It’s free money and zero hassle to me, so I’ll take it. It’s more of a bonus than a required part of my income

By: phaedruscj

phaedruscj — Sat, 18 Sep 2010 17:29:17 +0000

The link to the hnest dollar brings up go daddy.com

What gives?

You have some kind of affiliate relationship as part of your retirement income generator?

By: Jackson

Jackson — Sat, 18 Sep 2010 04:47:06 +0000

Money and wealth are two very different things. Although making lots of money can help you reach your financial goals, it’s not how much you make that’s important but how much you save and how wisely you invest those savings.
For example, there are many famous people who made tons of money but filed bankruptcy anyway. The list includes Mike Tyson (boxer), Donald Trump (entrepreneur), Anna Nicole Smith (model-actress), Ted Nugent (rock star), Robert Kiyosaki (Rich Dad, Poor Dad author), and Larry King (talk show host) just to name a few. I’m sure you can think of many others. So obviously money alone is not enough and does not guarantee you financial freedom.

So you are correct that wealth is not about money. Wealth provides you with options and the freedom to do what you want.

By: veganprimate

veganprimate — Fri, 17 Sep 2010 16:52:48 +0000

I have a friend/former co-worker who, due to having more education than I do, makes 10 bucks more an hour doing the same job. She is in terrible financial shape, though. She is in serious debt, is paying off a six-year car loan on a brand-new car. She claimed she didn’t know you could finance used cars at dealerships. She pays almost twice as much rent as I do, b/c as she says, “She deserves to live in the nicest place she can afford.” She is paying off personal loans to friends and her family.

What sparked me to comment was your mention of the lottery. I was in the store with her when she bought a couple lottery tickets. I told her, “You know what my dad calls the lottery? A tax on the stupid.” She didn’t appreciate my wit.

Anyway, we both hated our jobs. I had money saved and I finally quit. She is still there, miserable, and instead of saving money, she spends it on clothes and consumable items to make herself feel better for having such a terrible job.

By: Moneymonk

Moneymonk — Fri, 17 Sep 2010 14:09:46 +0000

” A man is rich in proportion to the number of things which he can afford to let alone ”

-Henry David Thoreau

By: frugalscholar

frugalscholar — Thu, 16 Sep 2010 23:19:09 +0000

My son spent last year studying in France. There, he met many other American students and heard a lot about their education debt. He sent us a fervent email, “Thank you for explaining about debt.” He’s going to graduate and go off into the world with about $20,000–that gives him a lot of freedom to start with.

By: deegee

deegee — Thu, 16 Sep 2010 23:13:10 +0000

Great post, Jacob.

As an early retiree for nearly 2 years, I live off dividend income from a big blob of investments. I am wealthy but not rich because I don’t have a lot of things. I live in a small co-op apartment but it is all mine (no debt).

Contrast that with my younger brother who is rich because he lives in a McMansion and just had a built-in pool finished. He makes a lot of money, has a lot of things (and debts), and is married and has a kid. But he isn’t going to retire any time soon (and he doesn’t want to; he is only 42) but would like to cut back if he could.

By: George

George — Tue, 22 Jun 2010 19:08:51 +0000

This is very true. Wealth in existence is not always about money as some believe. What good is money if you cannot use it, or what good is it if you build a huge bank account only to die before you can spend it. Wealth is about health, happiness and the ability to live!

By: Steve (cpastories)

Steve (cpastories) — Sat, 19 Dec 2009 17:47:42 +0000

This is a very nice post. Sometimes when I read your writing, it is almost like I am hearing a sage or philosopher talking. I am amazed by how well thought-through your ideas are, and how you managed to explain lucidly ideas/things that can easily be complicated.
I like coming back to read gems like this, and making a late comment when I cannot resist the urge!
I would like to be wealthy at some point, to retire earlier than I otherwise would, and I think I have made good progressive in developing the habits that will allow me to achieve that.
Thanks for sharing your life, and as you know by now, you are an inspiration to me!

By: Kristin

Kristin — Wed, 30 Jan 2008 04:00:18 +0000

Becoming Financially independent has made a huge difference in my outlook. I am much more at ease and savor everyday, not just weekends. I still work full time at the same job that helped get me to independence, but now I have the “power”. The job doesn’t own me. I can walk out anytime. I actually enjoy work more now than ever.

So yes, being Fin Indep and having the ability to choose is liberating, but the one thing that I also recognize now is that most of the job stress and pressure to perform was of my own making!

By: Jacob

Jacob — Sat, 26 Jan 2008 21:22:31 +0000

Right on! Wealth is all about having options. Odd as it may sound, I would prefer to have the option to buy a car, for instance, rather than buying a car. I also prefer to have some financial backing to my freedom. It is certainly a possibility to live hand to mouth if one is not carrying around a lot of stuff. However, it is also hard to switch back to renting or owning without having saved any money.

By: Amanda @ Me vs Debt

Amanda @ Me vs Debt — Sat, 26 Jan 2008 12:56:11 +0000

Jacob, you rock! I enjoy this post on many levels. Ownership of my time is one is my top priority. It just so happens that I enjoy things that make me money right now, but that could change any time. With my current obligations I’d be stuck taking whatever I could get. I’m definitely one of those people that couldn’t afford to miss more than one paycheck because I am owned by visa, mastercard, and the federal government – chained down by credit and loans.

This post summarizes my motivation for becoming debt free. I’ll ‘suffer’ now to be free later. I’d rather live under my means forever than be risk becoming stagnant.

Oh what I would give for a clean slate. You know, I have friends that choose to live an alternative lifestyle. They hitchhike around the country for months at a time — ‘couchsurfing’, working on farms, sleeping in tents, carrying everything they own on their backs. Might sound crazy, but I’ve wanted nothing more than to join them. They own nothing and have nothing which truly allows them to be free. With tens of thousands of dollars of debt I couldn’t even manage to take one trip without risking my future. Now that I’m starting to see the light at the end of the tunnel I don’t want to quit my job and hitchhike out to a farm, I just want the option

Lastly I feel very lucky to have been brought up with a middle class mentality even though we were technically poor. That allowed me to escape a cycle that the friends I grew up with will never even realize they are a part of. I wouldn’t give up my education for anything even though the whole experience set me back. However, now that I’m an adult I’m ready to put middle class behind me and live the rest of my life wealthy and free. Like you said, its all in the mind. Making the decision is as good as being there. The rest just takes time and commitment.