What's the Difference Between Income and Wealth?

What is the difference between income and wealth, and why is it fundamental to understanding wealth creation? What do people get wrong by focusing on income instead of wealth? Bill talks about the importance of building wealth for retirement and reiterates a formula introduced in the Season One episode "Spending Control" for determining how much your net worth should be by age, how to find out what you will receive in Social Security in retirement, and how much you will need in order to retire. Bill shares an example from his career of what can happen when you aren't focused on wealth and Anastasia finds a way to talk about Gilmore Girls again. For questions and comments, you can email us at [email protected]. Be sure to send us questions for our upcoming episode on cryptocurrencies.