Comedian Chris Rock might be known for his hilarious observational comedy, but he has some financial advice to offer, too.
It makes sense that Rock would know about money, given that he’s worth $60 million, according to Celebrity Net Worth. The website went on to report that Rock made $60 million between 2016 and 2017 alone, and commands about $20 million per each of his Netflix standup specials.
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Rock’s financial advice isn’t about how to invest or how to flip houses. Instead, it’s more cerebral. Rock is quoted as saying, “Wealth is not about having a lot of money; it’s about having a lot of options.”
Not sure how to interpret that statement? Here’s how financial experts broke it down.
Real Wealth Is Freedom of Choice
Melissa Murphy Pavone, financial planner and founder of Mindful Financial Partners, she explained Rock’s quote by equating wealth to freedom.
“Wealth, in the way Rock describes it, isn’t just about the number in your bank account; it’s about the power and flexibility that money gives you. Real wealth is the freedom to say yes when you want to, and no when you need to,” Pavone said.
She noted this could be anything from leaving a job that no longer serves you, to paying for private school for your kids, to taking time off to help a sick family member. These are the options Rock is referring to.
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Chad Gammon, the owner of Custom Fit Financial, agreed with Pavone, saying that the options can also mean quitting work forever or for an extended time with no guilt or worry.
“An example would be micro-retirement, where you save enough money to take a year off to focus on personal growth, family, travel, etc.,” Gammon added.
Wealth Is Being Able To Weather the Storm
Stock market drops, recessions, expensive home markets and inflation are all issues that the American public has dealt with. As Shana Hennigan, the chief business office of Raisin, explained, Rock’s quote can also be interpreted to mean wealthy families are fine in spite of an economic downturn.
“We are seeing that, especially in this economy, people are focused on flexibility as the true luxury,” Hennigan said. “People are cutting back on non-essentials as they navigate difficulties like inflation, wage stagnation and the high cost of living by cutting back, getting into DIY, and making smarter money moves, like opening high-yield savings accounts or locking in better returns with CDs.”
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This article originally appeared on GOBankingRates.com: ‘Wealth Is Not About Money’: Chris Rock’s Savvy Advice to You
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