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Wealth = how long you could sustain your current lifestyle (same expenses) if your income stopped, today. EDIT: what I like about this definition is that it is not subjective and doesn't imply any need for comparison. As well, it conveys the idea that time and mobility are the new currencies, which I believe. (the definition I use; read it in a french book by Olivier Seban)
Wealth = how long you could sustain your current lifestyle (same expenses) if your income stopped, today. EDIT: what I like about this definition is that it is not subjective and doesn't imply any need for comparison. As well, it conveys the idea that time and mobility are the new currencies, which I believe. (the definition I use; read it in a french book by Olivier Seban)
What if you have a cushy job that earns you $100k / year working 4 hour a week? (lifestyle business like Ferris like)
If you earn $100k per year, spend $80k per year (saving $20k per year), then you'll earn "3 months of wealth" each year.
If you earn $60k per year, spend $20k per year (saving $40k per year), then you'll earn "2 years of wealth" each year.
The entire economy is built around providing individual humans with the means to satisfy their needs.
Taking my family to the Renaissance Festival and not having to worry about the cost of a Henna tattoo, or the cost of an elephant ride.
Time to sit down and play with the inner workings of celery, RabbitMQ, and just how exactly am I going to be able to leverage the subtask module for some high-latency network operations.
Vacations across the country, with the ability to go to Long Beach's quirky downtown and pick up novelties for my wife without worrying about what else I might be giving up later.
Taking my 8 year old daughter to breakfast and discussing how well her steak and eggs were prepared.
This isn't much of an answer, but looking over the past few months, these are the main reasons I enjoy making the money I make. The TV in my living room is broken. I'm in no hurry to fix it. I drive a Jeep Wrangler, though I can afford a much nicer car. I don't have to worry about the cost of gas (for now), which means I don't have to live in dirty old DC, and can instead enjoy being by the water in Annapolis.
I'm going to guess that you intuitively feel that there is "good" wealth, like a bicycle repair shop, and "bad", like speculating on housing prices.
The problem is that, at any given moment, you can't tell between the two -- they're both useful, and both have their places, and in some circumstances both are useless and counterproductive to have around.
I think the difference happens when you consider how useful they are over time. The bicycle shop is more useful in the set of all possible futures. Is there a word for that?
Why do you want to narrow the definition? What about it isn't working for you? I'm going to guess that you intuitively feel that there is "good" wealth, like a bicycle repair shop, and "bad", like speculating on housing prices. The problem is that, at any given moment, you can't tell between the two -- they're both useful, and both have their places, and in some circumstances both are useless and counterproductive to…
Sure, these shares might have been something that someone wanted, but it's a form of fraud. What you earned is what someone else ends up losing, for nothing.
I also consider most financial endeavours under a debt-money system to fall somewhere under the "fraud" category. This includes things like speculating on currency and house prices, or anything where your primary activity is hacking the monetary system.