Being Rich vs Being Wealthy. Can You Be Both?
Updated: Jul 20, 2020
Is it possible for someone to be both rich and wealthy? There is a difference between the two but some don't really understand what sets them apart.
Being rich is having the ability to spend lavishly and enjoy life to the fullest without the constraints of money. This is made possible due to a high income. However, once those earnings have been exchanged for goods the money does not find its way back to your bank account. It's gone for good. In contrast, wealth is having streams of income that provide long term prosperity. The wealthy don't have a fear of outliving their money because their currency is replenished.
So again I ask...Can you be both? I believe so but it requires levels of discipline and understanding that may allude many. In my opinion, the ultimate goal should be generational wealth. An everlasting wealth that is cultivated and passed from generation to generation. However, the longevity of wealth is hinged on an important factor. Education. Without proper guidance, the wealthy make a gradual transition to being rich and ultimately to broke. So what are you learning and who are you teaching?