Being wealthy is so much better than being rich. Wealth, as I define it, is when you have more checks coming in the mail than you need to survive and enjoy life.
Additionally, these checks must increase over the years in relation to the cost of living.
I love getting checks in the mail!
Lastly, the taxes on this ongoing income must be as low as low can go.
Hey, my Dad always told me if you are paying taxes, you are making money — but pay as little as possible. The only way to retire this way is to own cash producing assets (C-P-A’s). C-P-A’s consist of deeded real estate, real estate notes, business ownership (a business you own but do not have to operate daily), and royalties from business ventures.
You need cash-producing assets that you own or control. Mimimize your risk by owning as directly as possible.
RISK equals lack of Control
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