The "wealthy" I am using in this question is finanically wealthy.
I define wealthy as 500k in liquid assets/cash.
So is anyone here wealthy (by my definition) or know someone who is?
If so, what is your main source of passive income?
*I am asking this question because I am a curious guy...*
2006-08-20 16:24:27 · 8 answers · asked by mookie123 1 in Business & Finance ➔ Other - Business & Finance
I know some wealthy people with amounts far above the 500k you mention in liquid assets. One is my neighbor. And here's a book for a curious guy like you... if you haven't read it, you will really learn something. The book is called, "The Millionaire Next Door." It's nonfiction and based on real-life millionaires and how they achieved their dreams.
2006-08-20 16:31:42 · answer #1 · answered by Mike S 7 · 0⤊ 0⤋
I have several family member who would most likely qualify. First are my grandparents. My grandfather started a sheet metal buisness that designed parts for companies like Texas Instruments, Dell, Compaq, and IBM. He sold it about a month before the dot com bubble burst. Smart man.
Second is my uncle who worked with my grandfather, but now is semi-retired (at age 45 btw) and owns a winery in Napa Valley.
2006-08-20 23:32:13 · answer #2 · answered by robbet03 6 · 0⤊ 0⤋
Anyone who is "wealthy" is not going to have that much liquid cash. They may have assets in the millions, but they do not leave money sitting around un-invested!!
2006-08-20 23:34:24 · answer #3 · answered by fire4511 7 · 0⤊ 0⤋
well, I'm wealthy by your definition. I'm living off the interest of my investments. And I earned most of it by buying low and selling high; bought my house in a down market and sold it just before prices fell last year.
2006-08-20 23:38:48 · answer #4 · answered by lee m 5 · 0⤊ 0⤋
Hard work and clean living. The best advice I could give you is to educate yourself. The higher your education, the more money you have the ability to make.
2006-08-20 23:31:16 · answer #5 · answered by Richard B 3 · 0⤊ 0⤋
Yes I zdo know someone who is that wealthy.
2006-08-20 23:32:45 · answer #6 · answered by keda 3 · 0⤊ 0⤋
I know someone and he is the vice president for cisco systems
2006-08-20 23:31:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I know a few people with money...shh i never told you
2006-08-20 23:33:33 · answer #8 · answered by Kevin M 3 · 0⤊ 0⤋