As we grown-up, we have heard Rich many times, like someone is rich, but we never heard about someone wealthy. But the question is, who is Rich? Anyone can be Rich, those who have a handsome salary, a good car on EMI, a big bungalow,
Now guess all are liability according to Rich Dad and Poor Dad. You are not Rich, but The Psychology of Money said few people could be Rich but not Wealthy. I agree with Morgan Housel; Rich People do not have any intangible assets; who is Wealthy. Wealthy people believe in creating value, which lasts a decade; they always build assets and buy assets.
Here a few excerpts:
- Rich means what you possess at the present moment, but the value will degrade in the future.
- Rich people become poor at any time, but opulent people never become poor by any short turbulence.
- Rich is tangible while Wealth is intangible; if you are Rich, you can buy anything within seconds,
- Rich, you become overnight, but wealth never generates overnight; it will take decades.
- Rich people can spend their money overnight, but wealthy people do not because they have assets.
- Rich people only think about today while wealthy people think about a decade.
- Rich people always buy on EMI while opulent people have never buy anything on EMI.
- Rich people think Banks are Fool, while wealthy people respect the bank.
- Rich people are short term investors; Wealthy people are long term investors.
Wealth is just consistency… I don’t want to be rich. I want to be wealthy. _Quavo
Conclusion: There is a very thin line difference between Rich and Wealthy. In the current era, everyone can be Rich, but not everyone opulent.
Thank You for reading! The article is originally published on Author’s Medium profile.