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At the core, wealth is actually time. Wealthy people have more of their time to purpose. Poor people have less. If we suddenly get a lot of new resources, we
by ddingus 7y ago
At the core, wealth is actually time. Wealthy people have more of their time to purpose. Poor people have less.
If we suddenly get a lot of new resources, we should ask how does that impact people's time, and those answers will indicate meaningful changes in wealth.
Just as examples:
The CEO making millions, but also working non stop, could be fairly poor in the basic sense. Slave to the job. One can make the argument they want to do that, etc... and once family, other basics are factored in, that argument may not be as easy as one might think.
Close that next deal, or attend the soccer game?
Another example may be someone who has very little financially, but maybe lives lean, has few dependencies. They may just not need too much, and have lots of time to purpose. That person is fairly wealthy, despite a low net worth.