Rich vs Wealth

[Tom Goans]

Rich vs Wealth

As I have been taught, the difference between rich and wealth is rich people work for money; wealthy people have their money work for them.

To illustrate, some professional U.S. athletes are paid millions each year to play their sport - they are rich; the owners of the teams are wealthy.

"Rich Dad Poor Dad" and "The Millionaire Next Door" are two of my favorite books. Many other books, seminars, audio recordings, my grandfather, and father have also taught me the importance of the differences between being rich and wealthy.

I recall one of the most impressionable times when my father demonstrated the difference. We were at the summit of a Colorado mountain pass admiring the beauty of the mountain scenery all around and the valleys below - the photo for my profile was taken at this location. It felt as if we were on top of the world. My father turned to me and stated he was making money as we were standing there. We reviewed how. It was no longer necessary for him to pursue income. His primary task is making deposits 6 days a week.

Although my father is wealthy, he remains very active in the real estate business. Seven days a week, he is reviewing his operation, expanding his knowledge, and considering new investment opportunities. My grandfather was the same. It would appear money was the reward and not the reason for what they did and the contributions they made to society. Perhaps this philosophy is a better path to seek.