Today, I am going to simply break down what being rich vs wealthy really means. And trust me, you’d rather be wealthy than rich in 2022.
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Alright, so let's start with #1 - What does it mean to be rich?
The most accurate definition of rich is to have an abundance of something. So when it comes to money, It’s simple ok. Being rich usually means you have a lot of income or a lot of cash.
But what is "A LOT".... Well, according to the Economic Policy Institute in 2019, you need to earn about $421,926. And today, that’s probably closer to $500,000.
However, it is important to note that this varies greatly depending on the state you live in, as well as your age.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
