Rich vs Wealthy: How Are They Different?
August 26, 2021 by Steve Cummings
Rich and Wealthy are two words people talk about interchangeably, but why?
Is being rich the same thing as being wealthy? “NO!!!”
Being rich and being wealthy are two different things. Yes, a wealthy person can be rich, and a rich person can be wealthy, but we have seen that high-priced athletes make vast sums of money but end up broke while a janitor makes a little bit of money and ends up super-wealthy.
How does all of this make sense? There are significant differences between being rich vs wealthy.
What Does It Mean to be Rich?
Rich is an adjective we use to describe how much money you are bringing in via your income. In the dictionary, it says having a great deal of money or assets. An athlete making over a million dollars a year is considered rich. They would be regarded as some of the richest people in America. A teacher bringing in $50,000 a year is considered not rich at all. They would be regarded as middle income or middle class.
Being rich may also mean that you have high expenses. Your house is the biggest on the street. You drive fancy cars. Going out to eat at excellent restaurants is a norm for you. These things come with massive debt as well. If you are rich and spend the money as a rich person would, you will be poor once that job and income cease to exist. You will have high debts but no way to pay them off.
How is being rich different than being wealthy?
What Does Being Wealthy Mean?
Being wealthy is about having the money to cover your expenses and being able to have the freedom to do as you like. Wealthy people have accumulated assets that help produce a good flow of income.
In the book, Rich Dad Poor Dad Rober Kiyosaki talks about accumulating assets. It is not about how much you make it is about how much you keep. The wealthy people work on using their money to accumulate assets that can produce wealth for them. It is not about spending the money; it is about accumulating assets that will make income to hit financial freedom.
Most Wealthy people have a few traits that have:
Buy Income producing assets
Own their own time
Can do what they like
Spend less than they earn
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