Let’s get it straight
Being rich and being wealthy are not the same thing. Sure, being rich might mean that you have some sense of financial security but it also might mean that you are engaged in a daily, if not hourly battle to retain it. Your struggle might involve a great deal of effort and you might be living with a great deal of uncertainty about the future despite your position of relative financial advantage.
Wealthy people do not have to worry about their money OR their time. Their money works for them and grows exponentially. Their time is devoted to doing the things they love and they do not ever have to stress about having financial resources or putting in life wasting efforts to retain it. Sure, wealthy people still need to manage their choices but they never have to stress about things like what will happen if they choose to commit less of their time towards work.
The definition of wealth
Wealth can be defined as the number of days you can thrive without having to commit any of your efforts towards working.
Notice I used the word “thrive” instead of “survive”. The wealthy do much more than survive. Their resources allow them to live out their dreams on a daily basis.
Those with wealth have the security do know they can travel how and when they want to. They know that they can buy everything their heart desires and that the cost of their choices.
Wealth is not measured by any measure of dollars but instead as a ratio of time. You are as wealthy for as many days as you can thrive without having to worry about work at all.,
The difference between being rich and being wealthy
So many people chase riches without realizing that the real target should be wealth. If you have earned your first, second or even fiftieth million dollars but you are still stuck in the rat race, struggling to stay afloat, unfortunately you are not wealthy. There is nothing wrong with being rich but it should never been seen as the end game.
Though the person with 50 Million dollars in the bank will from the outside certainly not appear to be struggling, if you chat with this person you might find out that despite appearances, there life is not much different than it was before they made their first million.
This is where so many people get lost.
They devote their efforts to growing their earnings but they do it without taking into account how to better take control of their time. They manage every aspect of their businesses themselves, struggle through every decision and find themselves in the trenches on an ever increasingly challenging hill to climb.
The key to making the transition from accumulating earnings to growing wealth is passive income. This is when you make your money work for you. You make investments in things that will return to you over the long term and with minimal effort undertaken by yourself. Anyone can start earning passive income and yet so few see the benefit in doing so. They are too stuck in the gears of work to see the real benefit in breaking away from the mold and escaping from the race once and for all.
It’s not what you make…
At the end of the day, it is not about how much money you make, it is what you do with your money, how you grow it and how you get your money to start working for you. These are the steps that must be undertaken to transition from pulling in riches to growing your base of wealth. So many people don’t even realize this is where they should be devoting their efforts and this is why so many people will never be wealthy even if they earn boatloads of income.
If you are the kind of person who gets a little more money and then does a little more shopping, or your spouse does a little more shopping, or you plan that exciting trip or home renovation you’ve been putting off… there is nothing wrong with that, you are acting like 99% of people when they come into more money but you are not setting yourself up to be wealthy.
3 Money Habits that separate the Rich from the Wealthy
1. Challenge, Disrupt, Conquer
Wealthy people challenge their beliefs, disrupt their preconceived notions and conquer their environments. This means they are always looking for ways to do things more efficiently and with less effort. The wealthy are able to surround themselves with people who will ask the tough questions, lean into the challenges of the day and come away with solutions.
To think more wealthy, think about how you can improve on a daily basis. Remember it’s not about working harder, it’s about being smarter and better prepared!
2. Live Today for Tomorrow
People with wealth may not be able to read the future like a fortune teller but you wouldn’t know that based on the swift and natural way they pivot ahead of the rest of us. The wealthy live today for tomorrow. They are constantly scanning the horizon and looking into what’s next. They are heavily invested in learning new skills and cultivating the talents they want to exploit in the future.
To think more wealthy, commit yourself to constant improvement and furthermore take a good hard look at if it’s the best time to splurge on new jeans or a new development course which will help you grow passive income!
3. Automate, Outsource, Step Away
Creating sustainable wealth is all about managing your time correctly. That means at some point you are going to have to improve your operations so that you are not so engaged with the day in and day out of your business ventures. The more you can improve and quicken the amount of time it takes you to do the things you need to do to make the money, the wealthier you will be.
To think more wealthy, find new ways to tackle old problems. Lean into technology and learn to use it help you solve the problems you are facing. Invest in improvements!
All Credits Go To Jason Stone & Akash Patel For This Wonderful Article