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

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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?

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An athlete making over a million dollars a year is considered rich. They would be regarded as some of the richest people in America.

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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?

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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.

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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

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Here are 5 steps to lead you to your path of wealth.

The Path to Wealth:

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Saving 20-50% of this income is a sure-fire way to become wealthy.

Step 1: Save More than you Earn

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Investing is key to producing necessary income to achieve financial freedom

Step 2: Invest Your Money

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