What Is the Difference Between Rich and Wealthy?

difference between rich and wealthyDo you believe there is a difference between rich and wealthy? Have you ever considered it before? We’re going to spend two quickminutes in this article doing just that.

Exploring the Difference Between Rich and Wealthy

What is Rich? What is Wealthy?

Time to jump back into grade school for a moment. Sometimes the best way to explore a topic is to lay a groundwork. Before we view different opinions from a variety of sources on the difference between rich and wealthy (if there is one), let’s take a look at how a standard dictionary splits these two words.

Rich (according to Merriam-Webster.com): Having abundant possessions and especially material wealth.

Now let’s check in with the same dictionary and find out how things measure up with wealthy.

Wealthy: Very affluent. Characterized by abundance.

They sound the same, don’t they? Ah, but if you read them again more closely, you’ll see a subtle difference. I missed it the first time. One word means having abundance and the other means characterized by abundance.

Hm.

Let’s hear from a few others who’ve weighed in on this subject. I’m not saying I side with one or the other, but I’d like to present two sides to this argument and ultimately hear your opinion on the matter at the end.

What People Are Saying

When I first introduced this question to a personal finance group on Facebook, I quickly got differing opinions which was really interesting. Honestly, this wasn’t a question I was even ready to answer, so hearing the results from others was informative.

One member wrote, Rich people’s hearts are full, and wealthy people’s pockets are full.

Another member cited Rich Dad, Poor Dad by Robert Kiyosaki saying,The rich only have a lot of money for a short time because they spend it foolishly. Wealthy comes from knowing how to manage your money to grow and last for generations.

Recommended Resource: The 5 Best Personal Finance Books

Curious to know more, I jumped over to Kiyosaki’s website, RichDad.com.Kiyosaki updates it regularly with his own advice about the economy, starting a business, and educating our children. Let’s take a look at that view inthe words of Rich Dad one of Kiyosaki’s greatest influences:

The rich have lots of money but the wealthy don’t worry about money.

Interesting. So it’s like a mindset more than an established volume of wealth. Wouldn’t you say?

In Kiyosaki’s article The Definition of Wealth, he explains how the number of days you can live without working equates wealth. He then goes on to say something I highlighted in my copy of his book The Cash Flow Quadrant:

Wealth is measured in time, not dollars.

(Curious to learn about the cash flow quadrant?Read my review and download a free infographic here.)

My Conclusion

What I conclude from these collections of insights, definitions, and opinionsis that being rich and wealthy are basically the same when it comes to dollar signs. The difference lies in the mindset and quality of life while that wealth is spent.

Would you agree? Disagree? Weigh in with your thoughts on the difference between rich and wealthy below!

Photo byIan SchneideronUnsplash

The post What Is the Difference Between Rich and Wealthy? appeared first on Everybody Loves Your Money.

Social Good: Turning Fear Into Joy

I often talk about the value of social media to help change the world and make it a better place. Talking about it is a start but to truly make an impact we must put it into action.

Help Erase July 30th

Last year I discovered an organization known as ERASE a group of leaders dedicated to erasing the child trafficking epidemic here in the United States. ERASE’s mission is to:

be a unifying voice creating a cultural shift in the perception of child trafficking, working towards its eradication by empowering action against this inhumanity through education, recovery and life reclamation!

For this mission to succeed it requires money, donations and people coming together and although the topic is often hard to talk about and it’s something we wish didn’t exist, it won’t stop if we close our eyes or ignore the problem.

iDigitalCop and Brian Fanzo Interview

Last year I did a live video around the data and hard core facts linked to child trafficking which you can watch below but this year we took it a step further and I did an interview with Officer Marc Marty better known as @iDigitalCop on social, about what parents can do if their child goes missing and what we as a community can do to make social media and the digital world a safer place for our children.

FOMOfanz is about turning FEAR into JOY and I believe we can do just that by educating people on this important topic. Listen below or on iTunes Stitcher Google Play OttoRadio SoundCloud iHeartRadio

Links mentioned on the show:

safesmartsocial.com/

www.uknowkids.com/

www.teensafe.com/

This interview was done to bring awareness to July 30th a day dedicated to educating the world about human trafficking known as World Day against Trafficking in Persons

World Day Against Trafficking In Persons is July 30th

Human trafficking is a crime that exploits women, children and men for numerous purposes including forced labour and sex. The International Labour Organization estimates that 21 million people are victims of forced labour globally. This estimate also includes victims of human trafficking for labour and sexual exploitation. While it is not known how many of these victims were trafficked, the estimate implies that currently, there are millions of trafficking in persons victims in the world. (Read More here on the united nations webpage!)

Please donate to Erase if you have the means to do so and at the very least share this podcast episode and post with your community so together we can educate, inspire and move one step closer to a country and world without human trafficking.

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www.EraseChildTrafficking.org