Are Rich and Wealthy the Same Thing?
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Many people think that being rich and being wealthy are the same thing. There is a difference between the two. The rich have lots of money but the wealthy don’t worry about money.
Rich people consistently find creative ways to spend their money by buying designer garb, fast cars, first class flights, you name it! For the rich, life is all about the finer things in life.
There is nothing wrong with wanting any of that, what matters is what you prioritize first. Wealthy people spend more of their time coming up with creative ways to multiply their income, not deplete it.
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How rich is wealthy?
How many days could you survive if you stopped working today? How long could you survive on the amount of money you have? To be wealthy is to be financially free. It is having more than what your daily expenses require.
It is being rid of the constant worry of not having enough. We live in a world where consumption is cool and having more is always better.
From lavish lives lived by celebrities to billionaires, the American dream has steadily evolved to living a life in perpetual excess. You want the cold, hard truth?
Impulsive, unnecessary spending is the easiest way to keep you from being wealthy! There is a bit more to being rich vs. wealthy than how much money you have in your bank account.
It is possible for someone who makes less than a rich person to actually be wealthier than the rich person with the fancy car and latest fashion designs.
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What’s better rich or wealthy?
A wealthy person saves as much money as possible and invests it in assets. That might mean buying real estate or investing in the stock market.
Regardless of how they invest, wealthy people know that in order to grow their wealth, they need to turn their cash into assets. Rich people spend a lot of money, but wealthy people save and invest most of their money.
Wealthy people might have a lot of money, but they don’t spend it all in one go. And they certainly don’t use debt unless it’s for a very clear purpose, such as an investment on a house.
Every time you spend your money rather than investing it, you are gambling two important things: all the time you spent making that money and the freedom that money can buy you in the future.
Release yourself from the paycheck-to-paycheck mentality. When you spend hours on a shift earning a couple thousand dollars, always remember that there are also other ways to earn just as much money (even more), without having to devote the same amount of time and talent from your end.
Rich people believe that you need 100% of your time and skill in a singular flow of income. Wealthy people understand how to divide their time, talent, and resources to create effective, multiple flows of income.
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Believe it or not, there are more effective ways of building wealth than slaving over your 9–5 shift. Better yet, why don’t you find ways to let your money work for you while you are on that 9–5 shift?
You know what they say: one should never put all their eggs in one basket. Explore other streams of income outside of your job. After all, an important privilege you get from being wealthy is that you are financially prepared for anything.
The goal is to create multiple cash flows that support you through whatever emergency or unforeseen circumstance you might be faced with. Once you realize how important it is to save and invest, it will be incredibly easier for you to start making a habit out of it.
Time is the currency of wealth. The sooner you get a head start in building your wealth, the earlier you are able to achieve financial freedom. Find other ways to make money outside of your job.
There are a ton of ways to let your money work for you. Explore your options and do your research. You’ll figure out what works best for you soon enough.
More often than not, living rich comes at a rather steep price.
Personal debt is the worst liability you can ever acquire. It doesn’t matter how big your paycheck is or how many streams of income you have. If you don’t eliminate debt from your liabilities, building wealth will be a lot harder to achieve.
Remember the age-old saying, live within your means? Carefully tracking the cash that goes in and out of your life allows you to be more mindful about how much you spend, and how else you can increase your income.
Your savings will help create a gap between what you earn and what you spend on, giving you the capability to pay off existing debt and to invest in worthwhile assets.