How Does Being Wealthy Differ From Being Rich? Can You Be Both?

Do you want to be rich? Or would you prefer to be wealthy instead?

Most people think about rich and wealthy as the same thing. But contrasting them and considering what they mean on a deep level can make a difference in your finances.

In simple terms, being rich is having the ability to spend lavishly due to a high income or sizeable financial windfall. But once it’s gone, it’s gone. Wealth, on the other hand, is owning considerable assets that provide long term prosperity. The wealthy do not live in fear of outliving their money, the rich know it’s a distinct possibility.

When you dig a little deeper and ask:

“What does it mean to be rich (or wealthy)?”
“Why would you want to be rich (or wealthy)?”, or
“What would make you feel rich (or wealthy)?”

The answers would be as different as night and day, depending on who you ask. How you define them can have a significant impact on your financial goals.

Rich Versus Wealthy, What Exactly is the Difference?

To get to the heart of the rich versus wealthy differences we talk about here the terms need distinction. Comprehending one from the other is crucial to…