What’s the difference between being rich versus being wealthy? Is there a difference and if so how can we separate the two similar concepts?
Rich is a current state of being that can happen overnight. For example: lottery winners, new found celebrities and even high payed professions such as doctors or lawyers belong in the category of rich. They have quite a bit of money, but only have that money because of one source. Becoming rich can happen in an instant, but at the same time it can dissappear in an instant.
Wealth is being rich, but being rich through ownership of assets. Wealthy people don’t rely on their job, one particular asset, or even their natural talents. Wealthy people own assets and if you took away their job (if they have one) they wouldn’t be poor. If you took away the income stream from a rich person, they would quickly become poor. There’s a huge difference here.
In the most basic of terms rich people are not financially free while wealthy people are.
Ironically enough you’ll find many “get rich quick schemes” but there aren’t many “get wealthy quick schemes.” That’s because quick wealth is an oxymoron. Like a well built house, wealth is established one brick at a time. The house of wealth cannot be built overnight.
To illustrate this point I found a humorous and dead on clip from Chris Rock discussing why some people are rich and some people are wealthy. This video is full of racial humor and profanity so I warn you ahead of time that you may not enjoy some of Chris’ vocabulary usage.
Watch the Chris Rock Rich vs Wealth video here
What do you think the difference is? Did Chris Rock get it right?