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What is wealth?
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It really depends on who you ask.
Some people say it's a dollar amount, others insist it's being able to afford the necessities in life, and still others swear that true wealth has nothing to do with money whatsoever.
Robert Kiyosaki, multimillionaire and author of personal finance classic "Rich Dad, Poor Dad," has his own outlook.
In his newest book, "Second Chance: For Your Money, Your Life, And Our World," he defines wealth as freedom from work.
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"Rich dad defined wealth by asking, 'If you stopped working, how long could you survive?'" Kiyosaki writes.
He compares this approach to that of inventor and theorist Bucky Fuller, who said wealth was "the ability to survive X number of days forward."
Put another way, Kiyosaki is saying that wealth is about staying power: How long can your money keep you afloat?
Kiyosaki, whose estimated net worth is about $80 million, provides a definition of wealth that excludes anyone living paycheck to paycheck, no matter how large those paychecks may be. In fact, his definition places significantly more weight on the money you have saved for tomorrow — whether for retirement, emergencies, or major events and purchases — than the money you have available to spend today.
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"The reason [my wife] Kim and I could retire at 37 and 47, respectively, was because we focused on our wealth," he writes.
Libby Kane, CFEI
Executive Editor, Personal Finance Insider
Libby Kane is a personal finance expert who has reported and edited stories about money for more than 10 years. She holds the Certified Financial Education Instructor (CFEI) certification issued by the National Financial Educators Council.ExperienceShe has written and edited articles on everything from investing tips to model budgets and has interviewed dozens of authors, financial planners, and early retirees to share their advice, experiences, and insights with a global audience.Before joining Business Insider in 2014, she was an associate editor at LearnVest, a personal finance site to help women learn about money. Her work has appeared on sites such as MSN, AOL, Forbes, Slate, and The Street.Her team at Business Insider has tackled projects including:• Women of Means, a series about women taking control of their finances• Inside the Racial Wealth Gap, an exploration of the causes, effects, and potential solutions of the racial wealth gap in the US (finalist, Drum Award, "Editorial Campaign of the Year," 2021)• Strings Attached, a series of essays from people who have left insulated communities and how that journey affected their relationship with money• Master Your Money, a year-long guide for millennials on how to take control of their finances (first runner up, Drum Award, "Best Use of Social Media," 2022)• The Road to Home, a comprehensive guide to buying your first house (silver award winner, National Association of Real Estate Editors, "Best Multi-Platform Package or Series – Real Estate," 2022)Libby believes in one universal truth about money: Advice is never for everyone. The best strategies, tools, and products depend on your preferences, financial situation, history with money, and goals.ExpertiseHer expertise includes:• Behavioral finance• Early retirement• Budgeting• Saving moneyEducationLibby holds a bachelor's degree from Wellesley College.Outside of personal finance, Libby enjoys reading, baking, and walking her dog.
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