Are You Wealthy? Take 5 Minutes to Find Out.

By Jason Fittler

Being wealthy means a lot of different things to a lot of different people. But you can in fact pin point the moment when you officially become wealthy.

You no longer need to work to maintain your lifestyle.

For the average Australian worker this would mean when your passive income is above $70,000 per annum. So let see if you are wealthy!

1. Add up your total assets; include family home, cars, boats, investment properties, share holdings, managed funds, cash, superannuation, value of business and anything else of significant value.
2. Subtract any debts being credit cards, overdrafts, home loan, investment home loan, margin loans and personal loans.
3. Subtract any assets which are not income producing being family home, cars, boats and any items which are for personal pleasure.
4. Multiply the total by 4%.

If your answer is over $70,000 congratulations you are in the wealthy category. If you are way over, you need to start thinking about generational wealth. More on this later.

If your answer is below, then there is still some more planning to be done. So get on to it now, if you need help call us. Phone 07 4771 4577