Rich vs. Wealthy: What's the Difference? - Deepstash

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PERSONALFINANCEFORBEGINNERS

Rich vs. Wealthy: What's the Difference?

Rich vs. Wealthy: What's the Difference?

personalfinanceforbeginners.com

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Characteristics Of The Wealthy

  • They live in homes just large enough for their needs and drive used cars.
  • They have affordable interests.
  • They don’t worry about having the highest credit score possible as they have enough saved to skip loans and make large purchases with cash.
  • W...

By making wealth your priority now, you could be both later. Establish a strong financial foundation that will give you financial security and peace of mind moving forward. 

Living paycheck to paycheck is a guaranteed way not to build wealth.

If you’re...

How To Become Wealthy

  • Investing in stocks is simple if you avoid lucky stock picking. Keeping long-term perspective, invest early, especially in low-cost index funds.
  • Rental properties.
  • Small business ownership.
  • Delaying gratifications.

  • Create a budget and stick to it
  • Pay off your debt – especially high-interest credit card debt
  • Learn how to save money to cover unplanned expenses
  • After establishing an emergency fund and becoming debt-free, go all-in on building wealth!

The Definition Of A Rich Person

Someone rich is someone who has the prestige and social status that comes with living a lavish lifestyle. This definition ignores the fact that some rich people have their finances in disarray and live paycheck to paycheck or in debt.

Your wealth is the value of the assets you own

A wealthy person aims to build or acquire assets that hold their value or generate ongoing income, thus providing security and peace of mind.

  • Being rich is having the ability to spend lots of money now
  • Being wealthy is accumulating assets that allow to you preserve your money for use in the future.

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