There are countless definitions of wealth. Some measure wealth by money in the bank, some measure it by qualify of life. Variables such as net worth, spending habits, debt, the total market value of tangible and intangible assets owned, inheritance, investments, and so much more, all factor in to the conversation and it's a subjective one. Robert Kiyasaki talks about the definition of wealth that was introduced to him several years ago by R. Buckminster Fuller: “Wealth is a person’s ability to survive X number of days forward.”
However you define it, my grandmother is wealthy. Not in a "comes from a rich family like the Rockefellers” type of wealthy, but wealthy still the same. She is the most fascinating person I know. She was college educated when it was not the norm for women. She welded ships during WWII, dragging her infant son and the family dog to Portland while her then husband was deployed to Southeast Asia. She taught at the University level, worked as a Social Worker in an Arizona hospital, and at about the age I’m at now, she was divorced. That is when her life turned around. She saved her money, was frugal but not cheap, she invested in stocks, bonds and real estate, and the dividends just kept coming. When family needed help, she was there with her checkbook. When she wanted to take a vacation, she was off on a plane or cruise ship, often taking someone with her and paying for the entire trip. She even rode camels in Egypt. If you define wealth by financial freedom, she is wealthy. She is 95 now and has been retired for decades, and has enough money and assets to sustain her for decades more.With almost $700,000 in assets still, some of which are still paying her dividends monthly, I would say she epitomizes R. Buckminster Fuller's definition of wealthy too. She is loved, respected, wise, and she is my inspiration and my muse. This whole financial coaching idea stemmed from wanting to be just like my grandma, and wanting everyone I know to have that financial freedom too.
Financial freedom is an amazing thing. To be able to leave an inheritance for your family is an amazing thing. However, to have more than enough money to sustain you until the end of your life, well, that's the goal.