I have often thought over the past couple of years about
the difference between being rich and being wealthy. Is
there a difference? If so, what is it? And how do we become
wealthy?
It seems to me that there is a big difference between being
rich and being wealthy. When I think about someone who is
rich, I think about someone with a lot of money. And I
typically think about someone who is quite showy with their
money. They drive fancy cars and live in a fancy house.
They wear fancy clothes and eat at fancy restaurants.
Rich people come into their money in a number of ways. They
may inherit it. They may win the lottery. They may earn it
in a few short years as a professional ball player or
entertainer. Or they may invent a new mousetrap that is
worth millions of dollars. Or they may simply earn it over
many years as a professional or a business owner.
But doesn't this also describe a wealthy person? Is there
really a difference? I believe there is a major difference
between rich and wealthy. The difference is in duration.
How long does the money last? Will it be gone once the
person's earning power is gone? Will it be passed on to
future generations?
The difference between a wealthy person and someone who is
simply rich is that a wealthy person has sustainable
wealth. In other words, a wealthy person will always be
wealthy, whereas someone who is merely rich will only be so
for a short period of time until the money is gone.
Think about people in history who everyone would consider
wealthy, and you can begin to see what I mean. The
Rockefellers, Carnegies, and Campbells are all wealthy
families. Their wealth has lasted multiple generations. Why
is this? What makes them so different from the lottery
winner or professional athlete who has money for a short
time and then it's gone?
The difference between rich and wealthy is very simple.
It's knowledge. Wealthy people know how to make money. Rich
people only have money. Once you know how to make money,
you can build sustainable wealth. The money never stops
coming. If you have a reversal of fortune, it's not a big
deal. You just make it back.
Think about Donald Trump. Several years ago, Mr. Trump was
deeply in debt. But, oddly, he didn't change his spending
habits and didn't go away. Why not? Because Donald Trump
understands how to make money. He is a wealthy individual.
There are many examples in history of wealthy people who
obtained their wealth through knowledge and valued
knowledge more than money. The most obvious one perhaps was
King Soloman, king of all of the Israelites. He was
extraordinarily wealthy. And he was extraordinarily wise.
When he first became king, the prophet came to him and
asked what he would ask of God. Solomon asked for wisdom.
And throughout Solomon's writings, he lists wisdom and
knowledge as the two most important gifts to ask of God.
Wisdom and knowledge are what created Solomon's great
wealth.
Wisdom and knowledge can create great wealth for anyone who
desires it. Last week, a vendor of ours came to me and
asked what he could do to create wealth. My immediate
response was to learn everything he could about wealth.
Once he had the knowledge, then he could begin formulating
a strategy and work with a coach to build the wealth. But
the knowledge needs to come first. Otherwise, if we do
happen to get rich, the money is not likely to last.
I am most grateful to my mother who instilled in me and my
siblings an unquenchable thirst for knowledge. This is the
greated gift (other than life itself) that my mother gave
me. It's this thirst for knowledge that drives me to teach
others about wealth and how to attain it.
Warmest regards,
Tom
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http://www.tomwheelwright.com
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