Most people have it all wrong about wealth in America. Wealth is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.
Thomas J. StanleyMultiply your age times your realized pretax annual household income from all sources except inheritances. Divide by ten. This, less any inherited wealth, is what your net worth should be.
Thomas J. StanleyThe foundation stone of wealth accumulation is defense, and this defense should be anchored by budgeting and planning.
Thomas J. Stanley