What Do Rich People Have That The Poor Does Not Have Apart From Money? The rich has money which the poor does not have but aside that, there are other urbane possessions of the rich that the poor don't have and I will just write on10 of such. The rich has money because they have learnt how to make money flow to them effortlessly but the poor would never know or do that These other urbane possessions of the rich include: 1. Wealth Mindset The rich has learnt that his mindset is everything and thus he guards jealously never allowing weeds and negative thoughts to live therein and making every effort to avoid the victim mentality. But the poor has accepted his condition as his fate and thus makes no efforts to extricate himself from the poverty pool. 2. Personal and Financial Discipline The rich has taught himself both physical and financial discipline. He does not speak out of tune, he has a cultured mannerism, is often courteous and humble. He also spends his mon
Key
Differences Between The Rich And The Wealthy
We may mistakenly believe that
being wealthy and being rich are the same thing, but they are not.
For some reason, the terms rich
and wealthy are often used interchangeably to refer to the same thing.
While the two terms can appear to be synonyms, they are not. It can be difficult to distinguish between the two, but being affluent and being wealthy are not the same thing.
What does it mean to be rich?
Getting a lot of money or profits is what it means to be rich.
It all boils down to the amount of money you have in your bank account. However, being rich does not imply that you are wealthy.
In reality, being rich may also imply a high level of spending. It may also indicate that you are heavily in debt. It makes no difference how much money you have if your expenses exceed your revenue. Being in debt is not what everyone wants to be!
Rich people may drive a flashy car or live in a magnificent home in the best part of town, but it comes at a price. You may seem rich if you earn $200,000 a year but spend $225,000 on expenses, but you're on your way to bankruptcy.
In reality, many celebrities have gone bankrupt as a result of their lavish lifestyles.
Take MC Hammer as an example. At a point in his life, he had a whooping sum of THIRTY MILLION DOLLARS in his bank account and that made him a multi-millionaire and because of that, he lived in a ONE MILLI0ON DOLLAR Palatial Mansion, employed 200 workers to serve him, had a horse stable that housed 19 horses
However, all of those expenditures took their toll, and Hammer declared bankruptcy in 1996 as a result of all of the spending (along with a host of lawsuits). He ended up owing $13 million.
What does being wealthy imply?
Being wealthy means not only having enough money to meet your basic needs, but also having enough money to avoid working if you don't have to.
It's all about accumulating assets and putting your capital to good use.
To put it another way, it's making a sizable net worth.
Wealthy people don't always have the most up-to-date appliances or cars, and they don't always throw lavish parties. They do, however, have a large number of properties, including real estate, shares, and cash. If your monthly expenditures are $5,000 and you have $30,000 in investments, you have approximately six months' worth of wealth. You would be rich if you spend the $30,000 and earn $5,000 a month in investment income.
Company owners are often among America's wealthiest people. Amazon founder Jeff Bezos has a net worth of $145 billion, while Warren Buffet has a net worth of $80.8 billion.
Buffet is regarded as a thrifty billionaire.
Despite his enormous wealth, he
continues to live in the Nebraska home he purchased for $31,500 in 1958. In
1971, he paid $150,000 for a vacation beach house in California, which he later
sold for $7.5 million.
The distinction between becoming affluent and being prosperous
Being wealthy vs. rich is about more than how much money you have in your bank account. In reality, someone who earns less than a rich person can be wealthier than the rich person with the flashy car and the most up-to-date fashion designs.
That's because rich people spend a lot of money, but they save and save the majority of it.
People who are wealthy may have a lot of money, but they do not spend it all at once.
They still don't use debt
unless it's for a very specific reason, such as a home purchase.
A wealthy individual, on the other hand, saves
as much as possible and invests it in cash. This could include purchasing real
estate or making stock market investments.
Wealthy people understand that
in order to increase their wealth, they must convert their cash into assets,
regardless of how they spend.
#wealthisearned
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Related Post: The Topmost Secret That Separates The Rich From The Wealthy
This was insightful will aim for wealth instead of riches....
ReplyDeleteCos at the end of the day we are all caught up in "getting our dream job" and thus the big pay comes with big expenses...
Being wealthy is a destination everyone must strive to reach. Thanks Dr Jerry the First!
I like that phrase - "being wealthy is a destination everyone must strive to reach" and it makes a whole lot of sense
DeleteIf only men knew that what is keeping them away from wealth is what is inside of them, they would need to get of it without delay
Thank you for this extensive explanations on the rich and the wealthy.This has opened my yes to other features of the rich and the wealthy I never thout of before now.Thank you once again sir.
ReplyDeleteIt's good to read from you Doctor and I am glad that this made some meaning to you. Remember to make use of what you have learnt from this post
DeleteRemain blessed