To Be Rich, or Wealthy?!

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

Wow! – There’s a Question.  Is there a difference? Really?… You Bet! And it goes something like this;

So often views of being rich and being wealthy seem to be synonymous with having a lot of money. However, there’s a massive difference between the two. If you notice, there are a plethora of so-called ‘get-rich-quick’ schemes but there are no ‘get-wealthy-quick’ schemes.

The main difference between being rich and being wealthy is ‘Knowledge’. Wealthy people know how to make money while rich people only have money. Being wealthy is defined as; that status of an individual’s existing financial resources, or more their ‘financial fitness’, that supports his/her way of living for a longer duration, even if he/she does not work to generate a recurring income. Wealthy people can build sustainable wealth that can last for years through asset investments producing multiple streams of income.

Rich people, on the other hand, may get money in an instant such as inheritance or winning a lottery. However, because of lack of proper mindset and poor money management skills, all of it can be lost in a short period of time, and then struggle to regain it. Some of these people are more referred to as ‘one day millionaires’. Now they have it, the next day they don’t.

Wealthy and Rich people both may experience downfalls and failures in their ventures. However, because wealthy people are knowledgeable when it comes to money matters, they are able to start all over again and build wealth again and again. In contrast, rich people may find it hard to attain what he or she previously had. In essence, wealthy people are ‘financially free’ while rich people are not.

…And isn’t that what we people seek, to live lives as ‘freely as possible’, but without the knowledge nor the means, ie a wealthy mindset, the chances are slim…not quite as bad odds as winning the lottery, of course, but certainly far-fetched without the ‘know-how’.

Which would you rather have; a lumpsum of a couple of (¥€$)millions drop into your lap, or to be ‘empowered’ with knowing how to make millions again and again compounding ever more and more?….

I have my answer!

And put simply, it’s about one’s ‘financial fitness’ and it goes something like this; – afterall, … it’s no secret, since wealth is not an overtime success, learn to distinguish assets from liabilities, focusing more on creating and buying income-producing assets to generate passive or portfolios of income, for example.

For more along those lines; Check it out!