Learn more about moneyandinvestments with this collection
How to create a diversified portfolio
How to analyze stocks and bonds
Understanding the basics of investing
Income and wealth are related, but it's a complicated relationship
A high income can lead to great wealth — although it doesn't always — but they're not the same thing. Earning money is only part of the equation. What you do with the money you earn has a profound impact on your wealth.
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The Difference Between Income and Wealth
- Income is earning money. Yes, it's the primary piece of wealth creation, but income itself is not wealth.
- Wealth is having money. If you have a lot of money, you are rich. If you don't have much money, you're poor.
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"In fact, the confidence of the people is worth more than money." ~ Carter G. Woodson
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The Difference Between Income and Wealth
- Income is earning money. Yes, it's the primary piece of wealth creation, but income itself is not wealth.
- Wealth is having money. If you have a lot of money, you are rich. If you don't have much money, you're poor.
Live with less
- Learn to live with less contently is easier and more in your control. It has the same effect as growing your income.
- Money has a lot to do with the actions you don’t take. Everything has a price, and prices aren’t always understood.
- The price of building wealth isn’...
Save Money
Building wealth has little to do with your income or investment returns and more to do with your savings rate. The value of wealth is relative to what you need. A high savings rate means having lower expenses than you otherwise could, and having lower expenses means your savings ...
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