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Difference Between Being Rich And Wealthy by kirchofff(m): 1:32pm On Jan 08, 2016 |
It seems to me that there is a big difference between
being rich and being wealthy. When I think about
someone who is rich, I think about someone with a
lot of money. And I typically think about someone
who is quite showy with their money. They drive
fancy cars and live in a fancy house. They wear fancy
clothes and eat at fancy restaurants.
Rich people come into their money in a number of
ways. They may inherit it. They may win the lottery.
They may earn it in a few short years as a
professional ball player or entertainer. Or they may
invent a new mousetrap that is worth millions of
dollars. Or they may simply earn it over many years
as a professional or a business owner.
But doesn't this also describe a wealthy person? Is
there really a difference? I believe there is a major
difference between rich and wealthy. The difference
is in duration. How long does the money last? Will it
be gone once the person's earning power is gone?
Will it be passed on to future generations?
The simple difference between a rich person and a
wealthy person is that a wealthy person has
sustainable wealth. In other words, a wealthy person
will always be wealthy, whereas someone who is
merely rich will only be so for a short period of time
until the money is gone.
Think about people in history who everyone would
consider wealthy, and you can begin to see what I
mean. The Rockefellers, Carnegies, and Campbells
are all wealthy families. Their wealth has lasted
multiple generations. Why is this? What makes them
so different from the lottery winner or professional
athlete who has money for a short time and then it's
gone?
The difference between wealthy and rich is very
simple. It's knowledge. Wealthy people know how to
make money. Rich people only have money. Once
you know how to make money, you can build
sustainable wealth. The money never stops coming. If
you have a reversal of fortune, it's not a big deal. You
just make it back.
Think about Donald Trump. Several years ago, Mr.
Trump was deeply in debt. But, oddly, he didn't
change his spending habits and didn't go away. Why
not? Because Donald Trump understands how to
make money. He is a wealthy individual.
There are many examples in history of wealthy
people who obtained their wealth through knowledge
and valued knowledge more than money. The most
obvious one perhaps was the king of all of the
Israelites - King Soloman. He was extraordinarily
wealthy. And he was extraordinarily wise. When he
first became king, the prophet came to him and
asked what he would ask of God. Solomon asked for
wisdom. And throughout Solomon's writings, he lists
wisdom and knowledge as the two most important
gifts to ask of God. Wisdom and knowledge are what
created Solomon's great wealth.
Wisdom and knowledge can create great wealth for
anyone who desires it. Last week, a vendor of ours
came to me and asked what he could do to create
wealth. My immediate response was to learn
everything he could about wealth. Once he had the
knowledge, then he could begin formulating a
strategy and work with a coach to build the wealth.
But the knowledge needs to come first. Otherwise, if
we do happen to get rich, the money is not likely to
last.
I am most grateful to my mother who instilled in me
and my siblings an unquenchable thirst for
knowledge. This is the greated gift (other than life
itself) that my mother gave me. It's this thirst for
knowledge that drives me to teach others about
wealth and how to attain it. Cc lalasticlala seun mynd44 1 Like |
Re: Difference Between Being Rich And Wealthy by MzPecs(f): 1:38pm On Jan 08, 2016 |
Nice piece |
Re: Difference Between Being Rich And Wealthy by Nobody: 2:41pm On Jan 08, 2016 |
Thoughful write up until I read the line of "king solomon fairy tale" Edit that out of this write up to make it look 99.9 percent perfect. 1 Like |
Re: Difference Between Being Rich And Wealthy by kirchofff(m): 6:00pm On Jan 08, 2016 |
Cc lalasticlala mynd44.........let pple hav their thought on dis |
Re: Difference Between Being Rich And Wealthy by Toxicwapsng: 12:29pm On Nov 09, 2018 |
cc:lalasticlala |
(1) (Reply)
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