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The Difference Between Being Rich And Being Wealthy by tinziemaine(m): 5:21pm On Oct 27, 2015 |
Being rich and being wealthy seems to be
synonymous as both involves having a lot of
money. However, there’s a big difference
between the two. If you notice, there are a lot 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. Rich people are motivated by money but
wealthy people are motivated by their dreams,
purpose and passion. Most rich people make a lot
of money with their paychecks but the moment
they stop working, they also stop making money.
Being wealthy is defined as that status of an
individual’s existing financial resources that
supports his or her way of living for a longer
duration, even if he or she does not physically
work to generate a recurring income.
For example, if a person’s monthly expenses
amount to N 25,000 and he only have N 100,000 in his savings, his wealth is
approximately four months or 120 days. Wealth,
therefore, is measured in time, and not in amount
of money that you have. It suffices to say that
wealth is dependent not only to the amount of
income but also to amount of expenses one
makes.
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. It makes
sense that if you did not work hard to earn and
build it, then it can just easily pass on your hands
and splurge it on things which are not important.
Some of these people are more commonly known
as ‘one day millionaires’. Now they have it, the
next time 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 can start all over
again and build wealth over time. In contrast, rich
people may find it hard to attain what he or she
previously has. In essence, wealthy people are
financially free while rich people are not. Cc:lalasticlala |
Re: The Difference Between Being Rich And Being Wealthy by logoscope(m): 5:25pm On Oct 27, 2015 |
I'm going to be wealthy. |
Re: The Difference Between Being Rich And Being Wealthy by DuchessLily(f): 5:32pm On Oct 27, 2015 |
I'm wealthy |
(1) (Reply)
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