I heard a talking head say recently: “Real wealth is when what you spend is less than your passive income.”

So if you spend $50,000 a year, but you make $60,000 on dividends, then you have real wealth.

But if you spend $950,000 a year while earning $900,000 from your portfolio, then you are not wealthy.

***

A few days ago, I went for a walk. I had a camera in my hand. The sun was shining. I felt at peace.

This tree in bloom by the farmer’s pond caught my eye, so I took this photograph.

Seeing it now made me smile as I think to myself: “He who kisses the earth with each footfall has real wealth.”