Yes, you read the caption right.
I don’t want to be rich.
I want to be wealthy.
It did surprised me today when a Chartered Accountant with nearly >15 years experience was surprised to understand the difference between rich and wealthy.
When an epitome of finance field knows little about this key difference, it made me write this for other people to understand.
First of all, anybody with a decent job & working hard can make money & become rich.
Wealth requires you to go a long way, exit the rat race, take some calculated risks, years of toiling.
Being rich, you work to earn money.
Being wealthy, your assets work for you.
Most professionals like doctors, chartered accountants, engineers, lawyers, etc. are rich. Though, the day they stop working, their earnings get capped or cease to exist.
You need to own a piece of business to build wealth for you. It can be via ownership in a company, equity investments, sweat equity, ESOPs, etc.
Even if you want to stop working, being wealthy, your net worth usually keeps increasing because of rise in value of businesses you’re owner of.
Wealth is hidden assets like your bank balance, equity investments, real estates, etc.
Rich is visible. Expensive cars, watches, clothes, accessories, jewelry, etc.
Don’t aspire to be rich because it looks cool.
Aim to be wealthy even if it seems to be uncool. Once you’re wealthy, nobody cares you appear cool or not.
