Being rich and being wealthy are two different things.

[Josefjix]

Debt free is wealth, debt free is wealth, debt free is wealth.

I don't care about savings, owning assets, low paying job or high paying job, whatever. I don't care. What truly matters is been able to maintain, use, arrange, understand oneself into minimizing income to sustain yourself till next payday without been in debt.

So many people had always tag low earners to be poor and not wealthy, while high earners to be wealthy, that's a lie. Average earners aren't wealthy? Nah nah, that's some sort of low vibrational thinking.

Many big ventures are into debt, high value investors who owns assets in different places missuses it and fall into debt upon debt, that's not wealthy living.

[LGD2Business]

Debt free is wealth, debt free is wealth, debt free is wealth.

I don't care about savings, owning assets, low paying job or high paying job, whatever. I don't care. What truly matters is been able to maintain, use, arrange, understand oneself into minimizing income to sustain yourself till next payday without been in debt.

Add homeownership to that. Paying rent your whole life is very difficult. But if you own the house you live in, a lot of things change.

First, you can't become wealthy without being rich. If you weren't born rich, you'll have to work very hard to achieve that status. Just having a good job isn't enough. You need to make the right investments. I think it's very unlikely to become wealthy in the first generation. However you can ensure that your children become wealthy. That's why the investments you make today could turn into a substantial fortune a generation from now.

[Sammye3]

I think the fundamental difference between this two is the ability to contain expenses, that's the simple difference, one Is the judgement of financial standing at time with same or little to same amount of expenses whilst the other sees itself as investment in forms of assets that yields sustainable profit over a long period of time. The good thing is that it's very easy to go from being rich to being wealthy buy I don't think it's good thing to go from wealthy to rich.

I came across a video on the internet recently with a clear distinction between the rich and the wealthy. The man mentioned that anybody could be rich, but not everyone could be wealthy, because wealth is attained through investments and assets generation while riches gives the standard to have enough to maintain a lifestyle.

A rich person could go broke at anytime but a wealthy person can never go below, because their investments and assets are printing money on a daily basis even while they are sleeping. That's the beauty of wealth, but the hardwork it takes to get there is something that is unmatched.

[Queen uloma]

I totally agree with you that being Debt free is part of wealth, why I said so is because it doesn’t make sense to earn big money and still struggle with debt. Anyone that can manage their income, live within their means and reach next payday without borrowing is practicing financial discipline. But being wealthy isn’t to avoid debt, and assets. True wealth doesn’t mean how much you gain but it’s how well you manage what you have.

[Leahized]

I think the fundamental difference between this two is the ability to contain expenses, that's the simple difference, one Is the judgement of financial standing at time with same or little to same amount of expenses whilst the other sees itself as investment in forms of assets that yields sustainable profit over a long period of time. The good thing is that it's very easy to go from being rich to being wealthy buy I don't think it's good thing to go from wealthy to rich.

Yes, this explains the coherence. Op, according to the description, he has presented the expenditure of money independently on one side and mentioned the real role of investment on the other side. When a person has a high accumulated capital and is knowledgeable enough for investment, then it is appropriate for him. But living a luxurious life while being in debt does not make sense. Because a large portion of the earned money each month is used for debt repayment. It should be noted that, this is a good aspect because after repaying the debt, one will be able to save money for investment.

However, the desires of the rich are much greater and they spend money almost uncontrollably. But not everyone's mentality is the same. I have seen many wealthy individuals who are quite frugal and spend money very carefully. Ultimately, they are the ones who are able to become wealthy.

[Dreadboost]

Making a lot of money is the first step to becoming wealthy. I've heard many talk about having a billion dollar idea as what makes people wealthy, but that's not true.

The hardest part of financial freedom, aka being wealthy, is making a lot of money. From making a lot of money, an investment mindset comes in. Through making a lot of money, there is financial power to go into business and diversify income. It won't take long until the person begins to earn from his business or his investment. That is how wealth grows.

[rachael9385]

Based on observation being rich and being wealth is two different words a regular  person can look rich based on his lifestyle wearing designer clothes and renting cars to impress people but being wealthy is when you crate value. something sustainable like investment. Bitcoin investment or real estate oil and gas at least something that will generate funds for a long time.

Good point, if we are talking about looking rich anyone can do that, this reminds me of a picture that showed billionaires like Bill Gates and Mark Zuckerberg and the other picture that was added to it were people that just got rich, they don't have as much as the billionaires but their outfit costs more. Being rich is about what you have at that point because it could be temporary and being wealthy is about the assets you have that keeps on multiplying and creating more channels to get money. The rich people in the image I'm talking about spent on jewelries and cars but the billionaires used what they have to create wealth for themselves, that's the difference between both categories.

[danherbias07]

It depends on how a man lives and lived.

If I got rich, I'd probably stick with my old house and just renovate it. Then, a huge portion of the money will go to real estate. There are still undeveloped lands here in our country, and some of them are sold very cheaply, although you can see they will be part of the transforming city. I'd probably wait 2 to 5 years, and then someone will ask to rent it. That's where the money will come in. Passive and can help with the expenses, or it will probably cover everything.

For me, that is wealth. Being wise and not living too much luxury in life. Just practical and convenient. For some, it may be different, and I respect that. We have different POV about wealth.

[GeorgeJohn]

Personally, I've come to realize that earning a lot of money doesn't necessarily mean that someone is building wealth.

Earning a surplus money without putting it into investment, it's not wealth, but Earning and expanding it into investment can make you to build wealth, a positive investment is kind of building of wealth....

Some one can earn a lot of money daily, weekly or monthly as the case may be, drive expensive cars, wear very good designer clothes and still be one payment away from getting into financial woes. Simply because their lifestyle is hugely dependent on money that requires them to keep working.

Yeah! That mean the person is depending on what it earn monthly as a salary, when you depend only on salary and you spend it all the time without investing, it’s obvious that you're not building wealth....

Conversely, someone earning way less might be buying productive assets, investing in businesses, or even building other streams of income. They may not look as flashy or wealthy today, but they could be building something that can earn the financial freedom in the near future.

Yes, it depends on the person's agenda and targets..if you reschedule yourself, you make a lot of money for you the little you invest

[Nheer]

It depends on how a man lives and lived.

If I got rich, I'd probably stick with my old house and just renovate it. Then, a huge portion of the money will go to real estate. There are still undeveloped lands here in our country, and some of them are sold very cheaply, although you can see they will be part of the transforming city. I'd probably wait 2 to 5 years, and then someone will ask to rent it. That's where the money will come in. Passive and can help with the expenses, or it will probably cover everything.

For me, that is wealth. Being wise and not living too much luxury in life. Just practical and convenient. For some, it may be different, and I respect that. We have different POV about wealth.

I agree, I think everything depends on your lifestyle and how you choose to do things.
There are those who prefer to live and show their wealth on their body, using flashing things, wearing flashy wears and living the lifestyle of "you only live once". These set of people don't prioritize investing their money, they prefer to live luxurious lifestyle. For me I won't say it's a bad way to live as long as you have a means of of living that lifestyle without unnecessary pressure. Personally I also like the lifestyle, I prefer to enjoy my money when they come but I would do that wisely and still have some set aside for investment, whichever I can think of.

[Hyphen(-)]

In my opinion, being rich is about how much money you can gather in earnings from different sources, and being wealthy is how much you can utilize, invest, manage and preserve those diverse earnings.

It's not how much comes in as earnings, it's about how much your dependent on the next payment!

That’s your opinion about being wealthy and being rich. It is understandable but everybody have their own point of view; but it is almost the same in my opinion. Based on your explanation about being wealthy, you need to be rich before you can think of investing and become wealthy, so it is almost the same thing because wealthy person is a person that is rich and can afford all his needs and also help others, and you need to be rich before you can afford to take these responsibilities, therefore,  being rich is the beginning of becoming wealthy.
Rich can be just having the money and ability to afford your needs without bothering anyone, while being wealthy can mean having a lot of assets and investment globally.

[Mpamaegbu]

Just owning assets doesn't automatically make you wealthy. Owning 5 houses with heavy debt and inquire constant expenses can definitely be a bigger burden than an ordinary good paying job with good savings.

Even without incurring any debt on the houses, I don't regard anyone owning houses as wealthy because there's no productivity in it.

It's not how much comes in as earnings, it's about how much your dependent on the next payment!

The way I see it, when we talk of people depending on the next payment; we aren't referring to wealthy people but rich people. Wealthy people make their money work for them, they don't let it lie idle in some banks or hedge funds. I once watched a clip where someone talked about how around 90% of Elon Musk's money was in asset and not in cash or some banks. Yet, Elon is the richest human on planet earth as it's currently. It's an easy differentiation for me on who I consider rich and who I regard as wealthy. The rich without assets that "recircle or plunges" back into the society productively, those I call money bags and not wealthy.

[Son $f Grace]

Just owning assets doesn't automatically make you wealthy. Owning 5 houses with heavy debt and inquire constant expenses can definitely be a bigger burden than an ordinary good paying job with good savings.

Even without incurring any debt on the houses, I don't regard anyone owning houses as wealthy because there's no productivity in it.

About this house am going to disagree with you a little bit. This because it really will depend on what the house is used for. If it in a case that this person buy a mansion just to show up and live in it then yes cause it will just eat up money for maintenance and taxes. I see that as liability and juat looking rich. But in a case that this houses are for rental property that generates you money every month this highly productive. This a real wealth, owning an asset that pays you while sleep.

[Makus]

Look, a person can be rich but if his income is limited, he can still save money, but there are many people who earn money but his expenses are high, that person will never be able to save money. There is a strategy for saving money. To earn more than what you are earning later, you have to find a source of income.
The higher your income, the more wealth you will have later, so investing or creating wealth for the future should be the real goal. You have money, you are holding it today, aiming to increase that wealth later is considered a source of wealth.

Good point, it is not about the present but the future, a lot of people save in fiat currencies and they keep on accumulating more of this, during that time you can say they are rich but in the long run this could all change drastically. Wealth is built from riches, meaning that you'd have to be rich first in order to be wealthy. People use both words interchangeably but they are not exactly the same.

There is no wealthy person on the face of the planet that didn't put their money into an investment that multiplies overtime.

[ZAINmalik75]

In my opinion, being rich is about how much money you can gather in earnings from different sources, and being wealthy is how much you can utilize, invest, manage and preserve those diverse earnings.

It's not how much comes in as earnings, it's about how much your dependent on the next payment!

The statement above is wrong, but the statement below is correct.

There is a very simple distinction between being rich and being wealthy. A person who is rich might actually be able to do most of the things that a wealthy can do when it comes to finances, but the rich will have to constantly work to maintain that lifestyle, because if they don't keep working, they won't be making that much money. On the other hand, a wealthy person might not need to keep working continuously to maintain a luxurious lifestyle, and that is because they have built assets, businesses, and income streams that earn for them, while they can sit and relax if they want to.

So it's not just about utilizing or preserving the earnings, because even a rich person might preserve some money, but it is about building income streams that can make you enough money to always keep you within the same status that you have created for yourself, and a rich person can't do that if they aren't constantly working.

[Josefjix]

Debt free is wealth, debt free is wealth, debt free is wealth.

I don't care about savings, owning assets, low paying job or high paying job, whatever. I don't care. What truly matters is been able to maintain, use, arrange, understand oneself into minimizing income to sustain yourself till next payday without been in debt.

Add homeownership to that. Paying rent your whole life is very difficult. But if you own the house you live in, a lot of things change.

First, you can't become wealthy without being rich. If you weren't born rich, you'll have to work very hard to achieve that status. Just having a good job isn't enough. You need to make the right investments. I think it's very unlikely to become wealthy in the first generation. However you can ensure that your children become wealthy. That's why the investments you make today could turn into a substantial fortune a generation from now.

However you may see and say it, make sure you do not invest into what brings you in debt, never take loan that exceeds your income because you want to create a wealthy life for your children in the future, many people had made this mistake long time ago. Leave and train your children according to your income. Can't say more than this.

[HyperCodexV]

I think the fundamental difference between this two is the ability to contain expenses, that's the simple difference, one Is the judgement of financial standing at time with same or little to same amount of expenses whilst the other sees itself as investment in forms of assets that yields sustainable profit over a long period of time. The good thing is that it's very easy to go from being rich to being wealthy buy I don't think it's good thing to go from wealthy to rich.

There is a clear distinction between them because rich people are just classic spenders but wealthy people are asset accumulators and that is why if you look at society today, you will see so many rich individuals all around and they never get to the point of being wealthy because they will still need to hustle hard to sustain the richness, they always want to have the latest of all things. But wealthy people do different things, the live their life in lowkey ways, just buying good stocks and relax to let their money work for them.

[Nanga Parbat]

I totally agree with you that being Debt free is part of wealth, why I said so is because it doesn’t make sense to earn big money and still struggle with debt. Anyone that can manage their income, live within their means and reach next payday without borrowing is practicing financial discipline. But being wealthy isn’t to avoid debt, and assets. True wealth doesn’t mean how much you gain but it’s how well you manage what you have.

Usually people perceive the meaning of Rich a person who has lot of money, lavish life, big house and expensive gifts. But meaning of wealth varies from person to person, here i agree with your point. If a person leading life free from debt it means it can be considered as wealthy person . For me wealth have another definition, i think a person's mental satisfaction level is important or it is wealth . If a person is happy with what he have or does not believe in comparing his life with others. At this time of materialism, being contentment is big blessings. Otherwise people are now busy in making their life standard better or improving their social status.
The thing that is missed today is real happiness, in most of the cases many rich people have lot of stress in their life. Because of their busy routine they suffer severe depression or anxiety, sometimes lack of true friends. So for me real wealthy man is one who earn modest, fulfill his need or sleep peacefully.

[Bright0515]

Most definitely, there is a big difference between someone that's rich and wealthy, although you cannot move from zero to wealth. To achieve wealth one must be able to understand financial management and how to use what they have to make more money. Not everyone that's rich ends up becoming wealthy, as a matter of fact most of them even end up becoming broke. Money doesn't last when it is not multiplied, a person might be rich today due to the amount of money in his or her bank account but without any investment all that money will get exhausted at some point.

[coupable]

I think the fundamental difference between this two is the ability to contain expenses, that's the simple difference, one Is the judgement of financial standing at time with same or little to same amount of expenses whilst the other sees itself as investment in forms of assets that yields sustainable profit over a long period of time. The good thing is that it's very easy to go from being rich to being wealthy buy I don't think it's good thing to go from wealthy to rich.

Both ideas represent a healthy lifestyle. They both refer to some level of financial stability, but with the note that one is better than the other. I think each concept describes something very different. A rich person is someone with a good job or a good investment income. That all depends on what he earns. But we can't call him wealthy unless we know and evaluate what property and assets he has. So, naturally, wealthy people are rich, but rich people may not be wealthy.