Rich ; Having abundant possessions ; abundantly supplied with resources, means or funds.
Wealth is the abundance of valuable resources or valuable material possessions
I start by plagiarizing and updating one of Chris rocks lines in his stand up. Lebron is rich, The person(s) who write his checks are wealthy. Do you get the difference? I wanted to highlight the difference so that people of color can strive to be wealthy and wealth building mindsets.
Examples of people who are rich are football stars basketball stars, actors as well as baseball stars and golfers. The type of money that these individuals make is very substantial. I mean for instance Matt Ryan of the NFL team Falcons has signed a $150 Million contract with 100 million guaranteed. When I look at that I’m like damn that’s a lot of money, but then my brain starts kicking in and the gears start turning. 150 mil is a lot of money, but I know with a lot of money comes great responsibility. I also know money can go just as quick as it comes. When I look and see some of these stars getting large sums of money my thoughts are like how are they going to sustain that after they retire or if it’s a sport what if they get hurt? When someone gets a large amount of money I look at what are they planning to do maintain that? When you retire you will no longer have that type of earning potential what are the plans to take that amount and have that work for you? One simple rule if there is nothing coming in then eventually everything going out will leave you with less or nothing. This means if you spend and don’t have anything coming in then you will eventually end up broke busted and disgusted lmao. The example I just gave with the NFL star is an example of someone being rich.
Wealth in a sense is when you are rich and have working parts towards maintaining you being rich. Like for instance Donald trump has a number of different businesses that he once ran like a few golf resorts. Hotels and resort land developing. All of the wealth that was accumulated before by his father afforded him the opportunity to be able to make this happen. All of the business that DJ trump once ran are generating cash which in turns keeps him rich. In other words he can stop working and will still generate money. This is wealth
Being rich is the first major milestone when accomplishing financial goals but the ultimate goal is to build wealth. You build wealth in order to pass down which will set the next generation up to compete in the world and so forth and so on .
Always keep in mind the bigger picture which is wealth. Make a game plan to get there or at least start making steps in any way you can. Sometimes one small baby step gets you closer, maybe not as fast as you want, but a step towards the right direction as opposed to a step in the wrong or totally opposite direction is a win. A game plan to have for the average everyday worker like myself would be to: Continue to work your day job and polish up your skills. Also think how the skills you have on your current job can translate into other ways of getting income such as consulting or side work. Always actively look for income streams. Examples are: Being a You Tuber, investing actively in stocks, dividend stocks, mutual funds, or peer to peer lending just to name a few. Try to max out on 401k’s offered through jobs. Constantly keep trying to get better and more financially educated and aware. Just as a person goes to the gym and works out eventually after a while and hard works your results will start trickling in or maybe pour in.
“Rich people have small TVs and big libraries, and poor people have small libraries and big TVs.”
― Zig Ziglar