From time to time, I have received emails from people asking me: “Mark, how can I become wealthy?” But in trying to answer that question, I have to assume that they are asking about wealth in terms of money. In other words, they are asking: “How can I get more money?” But do they mean that? The term “wealth” covers more than just money and includes all kinds of things like happiness, knowledge, health, fame, freedom and so forth. A wealthy person could have a significant accumulation of assets, such as land, stocks in companies, private businesses, gold, jewellery, yachts, etc.
With all those possessions, he may be considered “wealthy”. But what if he purchased all those assets with loans and, in actuality did not have those assets, which were in the hands of banks? One famed author says he is wealthy, but all his assets (primarily real estate) have been acquired through debt. He considers debt as money.
Of course, he is using debt because the interest payments on that debt are tax-deductible, so he ends up paying little or no tax while acquiring more and more property. And, of course, the carrying of all that debt could also be accompanied by worry, stress and fear. It is important to remember that wealth is not only about money and happiness.
Some very financially successful people have died unhappy, some even committing suicide. Alexander Winston was a prominent figure in his community and in the financial world. He was known for his vast wealth, luxurious .