Being rich and being wealthy are two different things.

[CryptopreneurBrainboss]

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

Lets not be confuse here because both the rich and wealthy aren't dependent on their next paycheck since they both have more money coming into their account then they're spending but what differentiate them  is just the amount of money they have in their estate to their name. Wealthy has to be in the $100's of millions to Billionaires while the rich are just in the $1 million to the tens of millions but still aren't in the 1% of the 1% of rich people yet.

Not many people can make it to the wealthy status but we'll have the rich level being reached by more people if they just put more work both hard/smart into what they're doing but wealthy is generational that if you want to attain, you'll have to be on the top level of business that operates on billionaires levels.

Owning business, Oil and gas, industry, real estate etc has to be the business you operates on. Wealth not only comes from your money working for you but people in their number's working for you and if it's in investments then your millions working for you to acquire billions.

[Abdulzuruku01]

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...

Some people actually misunderstand the difference between the two, because there are some individuals who are only focused on how to get money and spend it without any plan for investments that can keep growing that money. This mostly happens to some salary earners in my country. 

Because In my country, some salary earners spend most of their money on things like a nice house, an expensive car or motorcycle, and other things they need at that particular time. But after retirement they are left with no sustainable source of income. In a nutshell a wealthy lifestyle can be achieved if a salary earner keeps investing some part of his monthly salary in other investments.

[ZAINmalik75]

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.

You are right, and there is one more thing that must be noted, and it is that how can we identify someone as being rich? Or how do we know someone is rich? It is mostly by the lifestyle they have, right? Like having a big house, luxurious cars or a car, wearing designer cloths and other wearables costing a lot of money, etc. Now, we also need to understand that there is a very big difference between someone who is rich and someone who is wealthy, because when you are rich, you are basically just earning good money, but most of your money is just going towards the luxuries you have created and to maintain it, which often leaves you with nothing much that you can utilize to make investments or build assets for your future.

Now, the only thing that can create the possibility of someone rich potentially becoming wealthy over time is for them to use their income wisely. If you are earning good, don't spend all your money on creating luxury in your life, because it's not going to be permanent because as soon as you lose your job or your income, you won't be able to maintain the same lifestyle, and you will slowly lose everything, but if you spend your money in the right way and on the right things, you can have those luxuries for your whole life once you become wealthy.

[passwordnow]

Timely, I've seen some Indian guy made a content about going home and saying that "this is rich" and that is going home which his family, wife and 3 kids awaits on the garage.

Someone earning a lot of money does not mean that he is wealthy.

I think that the real wealthy people are silent, they're not flaunting the assets and businesses that they have. You'll never know that they're also the same people you bump in the streets as you walk along going to the cafeteria.

[nara1892]

Everyone certainly has a different perspective on how to approach things. For you, perhaps being rich isn’t about how much money comes in but isn’t that exactly how we define wealth? How much you spend depends on your lifestyle, but in my opinion, the measure of wealth is still determined by how much you have compared to most people in general.

[SUPERSAIAN]

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.

If your cash flow is good and you can use your time however you want, then that’s what true wealth is. I think being financially well-off is probably the path to becoming truly wealthy, but everyone has a different definition of what it means to be well-off or rich. Even if you have millions of dollars, you might not be able to stay wealthy. Managing that money is what really matters.

[knuckey]

Wealth and rich are indeed different but closely intertwined. In essence, wealth is the assets and material possessions. So what about inheritance? Is that considered rich or wealthy?
It's impossible to be rich without wealth. In my opinion, if someone is burdened and feels out of breath trying to meet their needs, then they don't deserve to be called rich. However, if they can easily pay off their debts, then I call them truly rich.

[Nalain420]

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.

Being rich is not an easy as people are dream to be . There are people who want to be rich but they are are using illegal ways which is not making them successful. That is a time of social media and people are influenced by the people to which they didn't met to them . If you are a person who is new in the market people will take advantage from you and you will face consequences of that. The people who are not rich they want to be rich because having a lot of money is a dream of every person but every dream will not come true due to input and output cycle of us in our mind. If we will start to get a good knowledge and we will implement it then consequences will be good as we gave excellent input to our mind.

[Bityar]

I understand your point there are some peoples i have seen also like they earn a lot of money but spend it on useless thing or spend it all recklessly or on temporary things because they have not any proper plan and they just think that if this money finishes than more will came but when the money doesn’t came they face financial woes. So the true wealth comes from investing wisely in some productive assets starting some businesses which makes you more profitable but with proper financial plan and business strategy. Temporary rich will makes you happy for some time but if you want to become a true wealthy person than you should invest somewhere.

[savetheFORUM]

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.

If they are rich, they are already half way of becoming wealthy. All they need to do is save some money for the future while still earning decent wages. If they remain consistent in terms of savings, they would soon be able to save enough to retire early.

I would only call one wealthy if they are able to retire in their 30s and spend the rest of their life in some nice place without having to worry about money. Being wealthy will also bring peace of mind. Being rich is still going to be exhausting because we need to spend the same amount of time every single day in order to maintain wealth. Any sudden pause would drastically bring them on the lower scale.

[Cookdata]

Everyone certainly has a different perspective on how to approach things. For you, perhaps being rich isn’t about how much money comes in but isn’t that exactly how we define wealth? How much you spend depends on your lifestyle, but in my opinion, the measure of wealth is still determined by how much you have compared to most people in general.

There are people like that and there are some that see wealth and rich coming from how unbothered people think. These people see wealth as earthly things that is going to vanish when you die. You often hear then say health is wealth but nah, wealth is health ironically. Give them the baton of wealth and they will show you their true self of what it's to be a wealthy person.

Economical definition of wealth and rich is even different from how some people define wealth and rich. Some see wealth and rich from generosity. If you have assets everywhere and you don't give people, they don't see you as wealthy person, some see you as that rich and stingy person. You can be rich and be generous in nature without any asset and people are going to see you as wealthy person.

[CryptoBuds]

Someone earning a lot of money does not mean that he is wealthy.

I think that the real wealthy people are silent, they're not flaunting the assets and businesses that they have. You'll never know that they're also the same people you bump in the streets as you walk along going to the cafeteria.

Yep, making a lot of money does not automatically mean someone is wealthy. But I don't buy that keeping a low profile is the yardstick for who's really  wealthy.

It all comes down to people's mindset, and personality, and lifestyle . Some can live humbly and hide how much they make and have, whereas others are happy  to speak openly about the possessions they own or the thing they have already done.

Judging  someone wealth  by appearances alone is pretty  superficial and oversimplifies thing, imo.

[Itz-prisigold]

There are people like that and there are some that see wealth and rich coming from how unbothered people think. These people see wealth as earthly things that is going to vanish when you die. You often hear then say health is wealth but nah, wealth is health ironically. Give them the baton of wealth and they will show you their true self of what it's to be a wealthy person.

One thing I believe so much in life is that having a lot money can change a person's mindset. See some people have so much money but they can't still find peace of mind or happiness, and it's this the same money that some people are killing their fellow human for. Yeah it's true that having a lot of financial resources provide one with greater choices in life, especially in matters concerning taking care of yourself and family.  It also allows you to make some of your decisions without worrying much about financial issues.

But what I want to know is what a person do with his or her wealth and what sort of lifestyle they can build with their wealth, as having money is one thing and knowing how to use it wisely is another.

[drangos]

My only addition to that is the distinction between the two being net worth and being an asset owner. A person can own several properties or have a successful business, but if they are facing financial challenges because they have a lot of debts that cancel out most of the value of their properties and they don't have much cash flow. A financial crisis can hit them hard. However a person who has a regular salary and modest costs. With savings and little debt could be better off than their lifestyle. I believe it's not as much about what you have as it is what you have left. And how well you can cover a loss of income if you experience it.

[Dareo]

If they are rich, they are already half way of becoming wealthy. All they need to do is save some money for the future while still earning decent wages. If they remain consistent in terms of savings, they would soon be able to save enough to retire early.

I would only call one wealthy if they are able to retire in their 30s and spend the rest of their life in some nice place without having to worry about money. Being wealthy will also bring peace of mind. Being rich is still going to be exhausting because we need to spend the same amount of time every single day in order to maintain wealth. Any sudden pause would drastically bring them on the lower scale.

Being rich is not simply having a high income, and one cannot sustain their wealth simply by inheriting it, It all boils down to how effectively you utilize your income and whether the money is capable of making more money in the coming future.  Being a retiree at the age of 30 does not necessarily make someone successful. A person who desires to have a peaceful life doing what he loves is also successful. To me financial independence means making no financial decisions and sustaining your life through tough times.

[Hewlet]

Timely, I've seen some Indian guy made a content about going home and saying that "this is rich" and that is going home which his family, wife and 3 kids awaits on the garage.

Someone earning a lot of money does not mean that he is wealthy.

I think that the real wealthy people are silent, they're not flaunting the assets and businesses that they have. You'll never know that they're also the same people you bump in the streets as you walk along going to the cafeteria.

I will say that it depends on what one is doing as a means of getting his wealth. their are industries you might be into that will require you to show off your wealth to an extent because that is part of the demand of that industry. those wealthy folks in the entertainment industry for instance, the expensive lifestyle they leave is part of their branding strategy that puts them up their. you can not be in that kind of space and expect that you do anything like leaving a low key lifestyle.

Sometimes, some of the guys that flurnt their wealth out their knows what they are doing because indirectly, bigger brand will call them for bigger gig and will be ready to pay a bigger amount because they have associated them with wealth. in a digital age, gaining visibility sometimes demands that you do a little bit of show off while being financially wise with it.

[Abbatty]

I understand your point there are some peoples i have seen also like they earn a lot of money but spend it on useless thing or spend it all recklessly or on temporary things because they have not any proper plan and they just think that if this money finishes than more will came but when the money doesn’t came they face financial woes. So the true wealth comes from investing wisely in some productive assets starting some businesses which makes you more profitable but with proper financial plan and business strategy. Temporary rich will makes you happy for some time but if you want to become a true wealthy person than you should invest somewhere.

That right, when it comes to being wealthy, I believe it comes with some responsibilities. Being wealthy come with you being financially disciplined, Financial management, seeking opportunities, investing wisely and so many other responsibilities. But when It comes to being rich, it just about having financial availability at a given period of time.

You could be rich today and be broke tomorrow, but for a man who is wealthy, they know that if they should mismanage their riches they will get broke.

So these mindset and responsibilities is what separate someone who is Rich from someone who is wealthy. A wealthy person rarely spend on something that isn’t bring in a profit return.

[Umulala-alala]

Wealth and rich are indeed different but closely intertwined. In essence, wealth is the assets and material possessions. So what about inheritance? Is that considered rich or wealthy?
It's impossible to be rich without wealth. In my opinion, if someone is burdened and feels out of breath trying to meet their needs, then they don't deserve to be called rich. However, if they can easily pay off their debts, then I call them truly rich.

You can't pay your bills and debts and clame to be rich, it's not every body that pay their bills and debts that are rich, me i use to pay debts but am not rich and i can't say that am rich, you should worth some millions of dollars before you can say you are rich.
You can have money that you are comfortable with you are not either poor or rich but at just the middle class, to be a wealthy man you should be billionaire in dollar.

[cocadalcan]

Everyone certainly has a different perspective on how to approach things. For you, perhaps being rich isn’t about how much money comes in but isn’t that exactly how we define wealth? How much you spend depends on your lifestyle, but in my opinion, the measure of wealth is still determined by how much you have compared to most people in general.

Despite having wealth, there are a number of people in society who behave like poor people. Because there is a lot of accumulated wealth but they do not like to advertise it in society. Some advertise more than the wealth they have.
There may be differences of opinion on what a person's definition of being rich would be, but what would be your attitude towards those who are struggling financially due to hiding wealth? They are stingy or prefer to leave that wealth for their children. Or they are those people who do not have the mentality of living a luxurious life.