People often use the words ‘rich’ and ‘wealthy’ to talk about money. They both mean having a lot of money, but they have deeper meanings.
Being ‘rich’ means having enough money to buy things you want and live comfortably. It’s about having a good income or business. Richness is when you don’t owe money and can buy things without borrowing. This is called financial freedom.
Being ‘wealthy’ means having a lot of money and valuable things that can grow and make more money. It’s not just about what you earn, but also about the assets that can keep growing and giving you more money, like investments. Wealthiness means having a lot of money so your money can help you live the way you want. This is called financial independence.
The difference is that, being ‘rich’ can be poor if your income goes away, but being ‘wealthy’ can last because your assets can keep growing even if you don’t work.
For example, if you have a job and make a lot of money, you’re ‘rich’. But if you have investments that keep making lot of money for you, you’re ‘wealthy’.
So, ‘rich’ is about having a good income, while ‘wealthy’ is about having assets that grow and give you more money over time.
To make sure you have money for a long time, try these tips to move toward financial independence :
-
Start with a plan, set a goal.
-
Make a budget and stick to it.
-
Set up systematic automatic investment plan.
-
Manage the money you owe / loans.
-
Save a lot for retirement.
-
Keep your money in different places.
-
Find ways to earn more.
-
Watch your spending and make a money plan every month.
-
Protect your ability to earn money with insurance.
-
Prepare for unexpected costs (emergencies) by saving extra money.
-
Invest at least 30% of what you earn each month for the long term.
-
Live simply and spend less than you make.
-
Plan what will happen to your money after you’re gone.
-
Know how taxes affect your money.
By following these steps, you can build wealth that lasts a lifetime.
Being Rich is temporary,
Being Wealthy is permanent!!
Wealthy individuals use their time and thoughts in special ways. They often read, exercise, and work more with discipline. They don’t spend too much time on social media.
They like having a free schedule. They hire others for tasks they don’t like. They use money to save time. Money can’t buy happiness, but it buys time. If you spend time to earn money, you won’t be truly wealthy. True wealth means using money to gain time.
Investing through Sanriya can help you build wealth.