Significant Differences between being  Rich vs Wealthy

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. 

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. 

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.

The wealthy people work on using their money to accumulate assets that can produce wealth for them.

It is all about your spending habits. Rich people will save less than those that are wealthy. Those that are wealthy will spend less and use their money as a tool to create a portfolio full of assets that bring in income. 

The Key Differences between being Rich vs Wealthy:

The Path to Wealth:

Here are some steps to lead you to your path of wealth. These steps may seem like no-brainers, but you too can be considered wealthy if you follow them.

Step 1: Save More than you Earn

Your first step towards wealth should be to spend less than you earn. This step cannot be overlooked. If you make a high salary, then that gives you the income to create massive wealth quickly. You need to have the discipline to save it. 

Use these savings to invest your money. Investing is key to becoming successful. There are many places you can start. Investing is key to producing necessary income to achieve financial freedom. 

Step 2: Invest Your Money

Debt can be a massive deterrent to your wealth-creating. Having high-interest debt can be something that slows you down. I have learned from many people on their debt-free journeys about how they have knocked out debt and created a better life for them. 

Step 3: Pay Off High-Interest Debt

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