Rich vs Wealthy? I’d go for wealthy

Rich vs. Wealthy – is it the same thing? there is a difference between the two: The rich have lots of money but the wealthy don’t worry about money.

We may be rich in the sense that our salaries are in the higher economic range, however, because of our expenses and sometimes poor decisions, we have a tough time accumulating any real wealth. We’re also handicapped by the fact that we start along this financial journey relatively later in life.

Being wealthy ultimately has more to do with financial freedom. It means you’re not living paycheck to paycheck. It means you’ve either saved enough that you don’t need to work every day to sustain your lifestyle or you’ve built up enough residual, passive income sources that you’re getting paid while you sleep.

In short, the difference between rich vs wealthy is that one group of people focus on investing, while the other focuses on spending. Wealthy people have assets that generate passive income for them. They don’t buy things randomly because they are very methodical and purposeful with their capital and their money.

7 Strategies You Can Use to Develop A Wealth Mindset and lifestyle

Don’t get bogged down by your current situation – being wealthy this is a long-term game – You just need to start
Create A Budget
Identify where your income is going. Before building your wealth, you need to understand your current financial situation.
Reduce Unnecessary expenses
Reduce unnecessary expenses, such as reducing eating out and shopping.
Pay Off Personal Debt
Having any kind of debt can be a weight on anyone’s shoulder.
List out all your debts and work towards paying off the debt with the smallest balance
Build an Emergency Fund
Unfortunately, there may come a time when an unfortunate event occurs that can impact you financially. Therefore, it is necessary to build an emergency fund.
Recommendation is to save up to three to six months of your monthly needs.
Start Investing
After you paid off all your debt and have built up your emergency fund, it’s time to start investing! Target to invest 10 to 15% of your income.
Surround yourself with others who will support your long-term goals – being wealthy vs being a spender

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