Wealth is NOT determined by your income.
It is important that you really grasp this concept because it is totally true.
What does determine your personal wealth is how you manage your income. What does this mean?
If you look at the different ways people spend their money you'll get some idea.
Please understand also that I am not trying to be rude or put anyone down here just that this is what happens and, if you choose, you can change where you are to where you want to be.
Poor people mostly spend all their wages before they get their next paypack. Because they don't make careful purchases they often run up expensive consumer debt (credit card, payday loan, department store card etc.) and struggle to make the minimum payments.
This means that they are constantly short of cash and their cashflow is all out.
The middle class don't actually do much better. They use their higher income to improve their lifestyle and have a greater debt load to manage. The slight advantage they have is that they mostly have bank debt which has lower interest costs. Unfortunately they use this advantage to increase the amount of money they owe.
They also are constantly short of cash and their cashflow is also all out.
Wealthy people on the other hand treat their income with a much greater respect. They carefully assess all their purchases and eliminate wasteful practices. They put the first 10% of their paypack into their own investment account (might be a jam jar) until they have a big enough lump sum to buy some investments.
They only use that money for investments, nothing else. They live on the 90% of their income for all their other expenses. When they are starting out this seems like a waste of time as the lump sum grows so slowly but this is what separates the wealthy from the rest of us.
You can become a millionaire with this method with very safe investments if you have sufficient patience and enough time. Time and compound interest are the other keys.
The investments the wealthy people prefer are those which pay a nice steady regular dividend. This gets added to their income and they save 10% of the total income for more investments.
When their passive income is greater than their paypack they then have the choice to work or not.
Now that's a different way to go to work isn't it.