Rich vs Wealthy: How Are They Different?
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Being rich and being wealthy are two different things. Yes, a wealthy person can be rich, and a rich person can be wealthy
Rich is an adjective we use to describe how much money you are bringing in via your income.
What Does It Mean to be Rich?
An athlete making over a million dollars a year is considered rich. They would be regarded as some of the richest people in America.
Where to Go?
Being wealthy is about having the money to cover your expenses and being able to have the freedom to do as you like.
What Does Being Wealthy Mean?
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.
Where to Go?
Most Wealthy people have a few traits
– Buy Income producing assets
– Own their own time
– Can do what they like
– Spend less than they earn
Here are 5 steps to lead you to your path of wealth.
The Path to Wealth:
Saving 20-50% of this income is a sure-fire way to become wealthy.
Step 1: Save More than you Earn
Investing is key to producing necessary income to achieve financial freedom
Step 2: Invest Your Money
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