Lots of people tend to overhype the importance of net worth. Plenty of it has to do with an old school of thought, but it’s easy to get tricked into believing it.After all, social media is full of people flaunting their extravagant lifestyles. And when your feed is full of people flashing wads of cash at you and showing off their fancy cars, it’s only natural to start thinking it’s synonymous with wealth.And it isn’t. Not by a long shot.You can even see examples of it in the real estate industry, with “coaches” who are doing everything they can to sustain this illusion of wealth.But high net worth doesn’t imply long-term financial success.If you’re spending more than you’re bringing in, and if the way you’re bringing it in is limited to the now, it’s only a matter of time when things start going sideways.You can find proof of this concept in shocking, real-life stories from athletes and celebrities who were reeling in millions, only to end up broke with nowhere to go. Your net worth is only good for as long as it lasts you.So if net worth isn’t equivalent to wealth - what is wealth?The definitions can vary based on what you deem most important. For instance, Steve and I have devoted ourselves to income replacement because we always consider wealth in the long-term.To us, wealth is about security and controlling our own financial fate.For this episode, we’re going to dive deeper into the concept of wealth and prove why replacing your income is the only real way of attaining it.The great thing about it is, regardless of where you are in life, there’s always a way of getting on the right track.Tune into today’s episode to hear more about the true measure of wealth!And if you’re not sure whether you’re on the right track, check out our quiz listed in the Additional Resources section below, and get an answer in just 60 seconds.Key Takeaways:The outdated, old-school understanding of net worth (2:04)What is the true measure of wealth? (6:45)Why I aspire towards being “The Millionaire Next Door” (9:57)How do we show the next generation that there’s a better way? (11:11)Make sure you’re choosing your own heroes (13:26)How close are you to replacing your income? (17:16)Understanding true wealth (the story of Dr. Jones and Mr. Jones) (18:30)You can always start right where you are now (23:21)A good rule of thumb for spending money (24:53)Real-life examples of why net worth doesn’t matter (26:36)Additional Resources:Learn more about Done For You Real Estate: VISIT HEREGet a FREE Income Replacement Estimate (IRE): APPLY HEREFind out if you’re on track to retire in 60 seconds: TAKE THE QUIZ--SUBSCRIBE for more Replace Your Income:https://bit.ly/ReplaceYourIncomePodcastIf you enjoyed this episode, please rate and review our podcast. Thank you for your support!--And remember...Income replacement for you and your family may only be one property away!
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