Being rich and being wealthy are two different things.

[Jasmyne]

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.

First of all you become wealthy by your mindset (thought). The moment you start making good money you will start to unleash all the ideas you thought and reserved in your inner mind and that is where investing and developing a business comes in. When you have money you will have different offers, different ideas and so many people coming to meet you for partnership but based on your plans before the money arrived you will be very good with your calculations and expenses by so doing you will move from becoming rich to being wealthy because the money you have made through your plans will be used to expand you into converting your money to wealth.

[Berry2d]

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.

Yes the possibility of a rich man turning wealthy is not sure or even certain compared to them becoming poor after mismanagement during investment periods. 
With the fluctuating economic situations at hand now, i will say it takes those with good management qualities to transform riches to wealth.
Management qualities is the answer to all the problems associated to failure or success,  those with good management qualities easily control riches and make dreams come to reality  at a long run but those without it can easily turn all efforts to zero.

[coin-investor]

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.

We all have definitions of being rich and being wealthy. I like and adopt these definitions that I saw online

Being rich is having money, being wealthy is having time

. You may have all the money in the world, but if you have no time for what's valuable, then you are considered lonely and poor.

There's nothing like living a simple life, modest earnings, and a modest lifestyle are a key to long life and good health. I have seen people working hard to make money only to end up miserable because they don't have time to have real human relationships.

[Apex_1]

Being rich and being wealthy are two different things altogether, when someone is rich it means how much money the person make or spend at a particular moment that involves trading much time and energy just for money, and being rich can be temporary and vanish quickly if the source at which the person use in generating its income stops automatically. But being wealthy means when a person have a well sustainable asset that generates income for him and also providing steady cash flow with long term financial freedom and independence that gives him the power on how he intend to spend his money without fear, which it wealth is built to last across generations.

[trendcoin]

If we don’t practice good financial habits while earning a good income, we’ll never reach our goals. I agree with OP on this point. Someone who earns a lot of money but doesn’t make smart investments could lose their entire savings one day. On the other hand, someone who earns less than others can still achieve financial freedom by making wiser financial choices. Earning money is important, but investing it in the right financial instruments is even more crucial. Earning money is about the present, but investing it in the right financial instruments is about the future...

[Prince patrick]

Yes, you are right, a poor man will always say stick to one thing and become a master of it. But that's wrong if you really want to build a sustainable wealth, you have to go into different kind of business and investment. Having one source of income or business is like having just one eye, if something bad happens to your one eye, you go blind forever or a long period of time. When you are making money, you also need to split them into different investments and business. So that when you also receive it, you will receive it from different sources. Elon musk doesn't only manufacture cars, he has other business that he owns and that's why he is still at the top.

[Emitdama]

There's a huge popular opinion that owning assets automatically make you wealthy. I strongly disagree with that exact statement. 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. For me it's not about what you own, but how you utilize those assets and how they affect or contribute to your financial life.

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!

https://www.youtube.com/watch?v=W726xNPtEbQ

Well, Chris Rock talked about it, and while he did mention it based on race and just the USA, the logic is the same. I mean, the whole "Shaq is rich, the guy who paid Shaq is wealthy" makes a bit more sense. Although in that case the logic was good and the intention was good, I am pretty sure that Jerry Buss was not a super wealthy man; Shaq may have passed him by now, all the way until Jeanie sold it recently, which may have put the Buss family back over again, but as I said, the logic was solid. So the logic is that wealth and being rich are very different, and it is a correct statement.

[ChocolateBitcoinK]

If we don’t practice good financial habits while earning a good income, we’ll never reach our goals. I agree with OP on this point. Someone who earns a lot of money but doesn’t make smart investments could lose their entire savings one day. On the other hand, someone who earns less than others can still achieve financial freedom by making wiser financial choices. Earning money is important, but investing it in the right financial instruments is even more crucial. Earning money is about the present, but investing it in the right financial instruments is about the future...

Having a good income is not enough to be financially successful. Proper use of that money is also important. Even if I earn a lot of money, if I invest it without unnecessary expenses and without any plan, then my financial situation may deteriorate. Even if I earn a relatively low income, if I control my expenses according to my ability and follow a long-term plan, my financial situation may gradually improve. However, income should not be ignored. If income ends up meeting only basic needs, it is difficult to save or invest a significant amount of money. Therefore, to achieve financial freedom, one must try to increase income. And one must also learn proper management of that income. If expenses increase at the same rate as income increases, it may not be possible to build wealth even by earning more. Developing a saving habit even with a low income can create a strong foundation for the future.

[Pearl_20]

The real difference is dependency. A rich person needs their next paycheck/deal/month of revenue to pay for their lifestyle. A wealthy person owns assets which pay for their lifestyle.

Time and optionality are real wealth if your costs of living are paid for by assets. Someone with a lower income that invests in income producing assets consistently can be freer than someone making 10x as much and spending almost everything to show how successful they are. Cashflow is important but owning your time is better.

Exactly a rich man will want to show off every single time and can live luxurious lifestyle such person can't survive without his Salary and once that means of survival stops, everything stops but a wealthy man might appear poor but he has money working for him because of the investment he must have made. A Richman once money enters their hands they want to buy liability but a wealthy man will rather buy assets that will later fund those lifestyle without stress.

[Freeveto]

Yes, you are right, a poor man will always say stick to one thing and become a master of it. But that's wrong if you really want to build a sustainable wealth, you have to go into different kind of business and investment. Having one source of income or business is like having just one eye, if something bad happens to your one eye, you go blind forever or a long period of time. When you are making money, you also need to split them into different investments and business. So that when you also receive it, you will receive it from different sources. Elon musk doesn't only manufacture cars, he has other business that he owns and that's why he is still at the top.

The discussion is about the difference between the rich and the wealthy, which is confusing because I see this debate as something that we will just share our personal opinion about, but it is almost the same thing.

Just as you said, a poor man mentality is sticking to one idea all the time and will be willing to perfect it. If you perfect it, you will be an average person because one way cannot make you rich until you try other means as well, but if you are rich in both mind and physical, you will be wealthy because you will have the mindset of diversifying your money into different businesses so that they can grow their money. I referred to that as a wealthy perseon, but for rich person that only values luxry items like cars and others, they are just rich no wealthy.

[Bright0515]

If we don’t practice good financial habits while earning a good income, we’ll never reach our goals. I agree with OP on this point. Someone who earns a lot of money but doesn’t make smart investments could lose their entire savings one day. On the other hand, someone who earns less than others can still achieve financial freedom by making wiser financial choices. Earning money is important, but investing it in the right financial instruments is even more crucial. Earning money is about the present, but investing it in the right financial instruments is about the future...

You made a good point, it's not just about investing but also making sure that you make the right investment but this cannot be done without proper research. A lot of people make money and also choose to invest but they end up making the wrong investment this is the reason why it is important to have a structured plan before thinking about making money so that when the opportunity comes you can make proper use of it.

[lombok]

If we don’t practice good financial habits while earning a good income, we’ll never reach our goals. I agree with OP on this point. Someone who earns a lot of money but doesn’t make smart investments could lose their entire savings one day. On the other hand, someone who earns less than others can still achieve financial freedom by making wiser financial choices. Earning money is important, but investing it in the right financial instruments is even more crucial. Earning money is about the present, but investing it in the right financial instruments is about the future...

You made a good point, it's not just about investing but also making sure that you make the right investment but this cannot be done without proper research. A lot of people make money and also choose to invest but they end up making the wrong investment this is the reason why it is important to have a structured plan before thinking about making money so that when the opportunity comes you can make proper use of it.

The realization of a good financial strategy is essential for achieving financial independence in the future. High incomes in combination with insufficient research will lead to total bankruptcy as a result of misplacement of funds. Proper planning in advance guarantees that all stages of asset placement are done correctly to ensure the future. Proper selection of instruments for investing is necessary in order to safeguard against the serious mistakes made by novices in the world of investments. Good golden opportunity will bring maximum benefits if there is sufficient research that has been done beforehand.

[Inior]

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

Op nobody can become wealthy via earning, the highest they can become with a high pay rate is getting rich which is a lot different from being wealthy.
Here is why wealth and rich are two different things. Anybody can become rich overnight but for wealthy that is really rear except it was an inheritance. Aside that wealth is not just money, it comprises of other things as well and money is just the product or the result of those other value the wealthy person has built in his life, and that is why it can be passed down to several generations so long as they keep teaching the next generation the principle that got the founder to that level.
One can become rich by hitting the jackpot in a casino but you know what’s common among this kind of money? They might end up being spent back to where it came from. Though there are people who also became rich with genuine slow practice and evolving motion but the difference with this type of money and wealth is, it cannot be passed down to several generations.

[Tonimez]

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

Op nobody can become wealthy via earning, the highest they can become with a high pay rate is getting rich which is a lot different from being wealthy.

Wealth is about what you own and control especially in your inactive days. There are so many people who have been rich in various times of their life but they failed to build wealth during those days and ended up wretched at the end. If a person invests in trusted assets from his earnings, it increases his source of income which therefore makes him healthy. Wealthy people keep increasing their source of income continuously and unendingly.

Knowing the difference between this two terms, richness and wealth will help shapen a person to be financially intelligent and make wise decisions instead of throwing their money around, you channel them into investment like the real estate and assets like bitcoin too. Do not invest in shitcoins nor go into chasing quick money because wealth is not about quick money but about an established income flow.

[Rabata]

If we don’t practice good financial habits while earning a good income, we’ll never reach our goals. I agree with OP on this point. Someone who earns a lot of money but doesn’t make smart investments could lose their entire savings one day. On the other hand, someone who earns less than others can still achieve financial freedom by making wiser financial choices. Earning money is important, but investing it in the right financial instruments is even more crucial. Earning money is about the present, but investing it in the right financial instruments is about the future...

You made a good point, it's not just about investing but also making sure that you make the right investment but this cannot be done without proper research. A lot of people make money and also choose to invest but they end up making the wrong investment this is the reason why it is important to have a structured plan before thinking about making money so that when the opportunity comes you can make proper use of it.

The realization of a good financial strategy is essential for achieving financial independence in the future. High incomes in combination with insufficient research will lead to total bankruptcy as a result of misplacement of funds. Proper planning in advance guarantees that all stages of asset placement are done correctly to ensure the future. Proper selection of instruments for investing is necessary in order to safeguard against the serious mistakes made by novices in the world of investments. Good golden opportunity will bring maximum benefits if there is sufficient research that has been done beforehand.

Without proper planning, people cannot be financially independent despite having a large income. If a person can save $300 per month from his monthly income of $1,000, on the other hand, if a person whose income is $1,500 can save $200 per month due to various expenses or for some reason cannot save at all, then even if his income is high, he will never get financial freedom in the long run. In addition to earning money, a person will invest his savings at some point with proper planning and will earn money from that investment.

Again, the responsibility does not end with investing because the investor must research and invest. Before making an investment, it is necessary to carefully observe how much profit is possible from that investment, what are the reasons for loss, how quickly can money be withdrawn from the business and whether the investment is reliable based on reality.

It is also important to make a proper financial plan before investing because if after making an investment, there is a sudden need for additional money, have a prior idea of ​​​​organizing that money and invest according to your ability. Every investment is risky, but those who take risks according to their ability will definitely expect something good from the investment.

[Unknown Op]

There is some truth about this that earning a lot of money will not automatically make someone become wealthy. I’ve seen some threads discussing this matter and I’ve always maintained mine stands about it just like I’ve said again. What matters is actually how much you can save and invest also from that which you’re earning after covering also for normal expenses. Some people can actually earn very high amounts but they still end up struggling Because most of the money that earn is used to funds a lavished lifestyle.

Also owning asset alone ain’t enough either, because asset can come with debts and maintenance cost too. I think true financial security emerges from managing money you’re earning wisely, and also controlling debt. it just becomes easier to get that financial stability when your earnings are higher.

I think building wealth is not as simple as saving money from your income and then investing the rest of the amount. There are so many people who are trying to do everything right with their money but still they are struggling because they are earning very little and that is making it very difficult for them to meet their basic needs comfortably. We cannot compare people who are earning different amounts of money and then expect them to have the same financial results. Very important to control debt and avoid unnecessary spending to control expenses but increasing income and having access to better opportunities also matter the most. Whenever there is investment, there is risk and assets do not always increase; sometimes they result in a loss. Real financial stability is the combination of sensible spending, sufficient income and wise investment decisions.

[snowpega]

I think building wealth is not as simple as saving money from your income and then investing the rest of the amount. There are so many people who are trying to do everything right with their money but still they are struggling because they are earning very little and that is making it very difficult for them to meet their basic needs comfortably. We cannot compare people who are earning different amounts of money and then expect them to have the same financial results. Very important to control debt and avoid unnecessary spending to control expenses but increasing income and having access to better opportunities also matter the most. Whenever there is investment, there is risk and assets do not always increase; sometimes they result in a loss. Real financial stability is the combination of sensible spending, sufficient income and wise investment decisions.

If you have good plans and strategies, you have a higher chance of getting rid of the traditional finance system to become financially free. First, what we need to do is learn how our traditional system actually works, and if you succeed in learning this, you will easily find many loopholes in the system, using which you can generate a good amount of money.

Additionally, there are two kinds of mentality that you will notice in people around you.
One, who alaways keep thing about only saying funds in the form of fiat. Another one always keeps thinking about saving funds in the form of investments by owning good assets that have higher chances of returning good ROI. What do you think will become a successful person by comparing these two mindsets?

You will respond in no time that the second person has a better way of thinking in comparison to the first one. Because the first one has no idea how the traditional system actually works. Because holding fiat for long-term you will lose your money value and holding a good asset will help you to fight against the increasing rate of inflation. DYOR!

[Cookdata]

Having a good income is not enough to be financially successful. Proper use of that money is also important. Even if I earn a lot of money, if I invest it without unnecessary expenses and without any plan, then my financial situation may deteriorate. Even if I earn a relatively low income, if I control my expenses according to my ability and follow a long-term plan, my financial situation may gradually improve. However, income should not be ignored. If income ends up meeting only basic needs, it is difficult to save or invest a significant amount of money. Therefore, to achieve financial freedom, one must try to increase income. And one must also learn proper management of that income. If expenses increase at the same rate as income increases, it may not be possible to build wealth even by earning more. Developing a saving habit even with a low income can create a strong foundation for the future.

What's your description of successful as reference to what OP is saying please. There is someone in the part of of the world that is waiting to get their hands on $10k year and they will be happy with as successful. That's to tell you that success is subjective, wealth is not. There are some people that will be satisfied with what they earned, that's within them but you can't make an certain amount of money and say you are wealthy, it's the your asset that will declare that for you.

Contrary to the the income, there are people that are financially successful with their income, there are people that earn less and they spend less than 1/3 of what they earned, they take care of everything within them, they are not poor neither rich. I hope you know that such people are far better than people that earn large income and have nothing to show. Financial success isn't about income alone, as long as your spending is less than your income and you are comfortable without debt, I call that a very big financial success.

[leonair]

Someone earning a lot of money does not mean that he is wealthy. Earning a lot of money means that he can spend a lot of money, but he cannot be wealthy if he cannot manage his money properly and invest his money in the right place and make a profit from it. Everyone earns more or less income, but not everyone can keep that income and that is why many people cannot become rich despite earning a lot of money. One thing is seen in us that when we earn less, we spend less money, but when we earn more money, we cannot live with less money, so we spend more money. And those who have this kind of nature can never be wealthy

[Sanitough]

Someone earning a lot of money does not mean that he is wealthy. Earning a lot of money means that he can spend a lot of money, but he cannot be wealthy if he cannot manage his money properly and invest his money in the right place and make a profit from it. Everyone earns more or less income, but not everyone can keep that income and that is why many people cannot become rich despite earning a lot of money. One thing is seen in us that when we earn less, we spend less money, but when we earn more money, we cannot live with less money, so we spend more money. And those who have this kind of nature can never be wealthy

Being rich is not a guarantee to be wealthy. However, it can give us the highest possibility to be wealthy someday because funds are already there, we just have to make use of that the most profitable way. Saving isn't enough, we need to invest in different potential assets and diversify, this is the only way to gain multiple sources of income. And once it happened, you are no longer just rich, you're already wealthy enough because sources of funds have become unlimited.