Rich or Wealthy? What would like to be?
Lesson 2 Module 1
Here’s an interesting concept for you to think about.
Would you like to be Rich or Wealthy? What is the difference?
As the famous Robert Kiyosaki (author of ‘Rich Dad, Poor Dad) says - “The Rich have a lot of money, the Wealthy don’t worry about money.”
What does that mean? To understand this statement, you have to understand that ‘Wealth is defined in terms of Time’.
For example, if you have 100,000 in the bank, and you are spending 10,000 per month, you are wealthy for 10 months (100,000 divided by 10,000), if your income stops today.
So, Robert Kiyosaki basically says -
- The Rich earn a lot of money, but their money does not generate any income for them. They constantly live in the fear of their money running out, and worry about supporting their expensive lifestyle.
- The Wealthy on the other hand, have more than one income apart from their primary source of income. Since they have multiple incomes, and their money is working for them, they are not worried about one of their income stopping and affecting their lifestyle.
Are you Wealthy Enough?
How long will your money last, if your income was to stop today?