Many people say that money makes the world go around and to a degree, it’s true. It’s tough to feel a sense of security if you don’t have money, as cash affords us the opportunity to have shelter, food, and the basic necessities of life.
There are also many people who talk a lot about becoming rich, but I don’t think they quite understand the difference between being rich and being wealthy. See, being rich does not necessarily make someone wealthy, or financially free. There’s plenty of rich people out there who have amazing homes, expensive vehicles, travel the world, and from the outside look like they are living THE life!
However, if we were to sit down with them and really look at their income versus expenses and debt load, their net worth would probably be very little. The reality is that sure, they might make a good bit of money, but they’re not using that money wisely. They’re spending it on a lot of things that land them in a lot of debt, which means they’re not really financially free. They may even be just a few missed paychecks away from losing their home, automobile, or any sense of peace.
Riches Or Wealth?
There’s definitely a difference between being rich and being wealthy. A rich person may look like they’ve got it all together on the outside, but they may also be buried in consumer debt and most likely walking around anxious about it. On the other hand, a wealthy person is financially free. They’ve got a significant amount of money, and they’ve got that money growing more money for them via investments. They don’t tie all their money up in material things that depreciate in value.
Sure, they may have exquisite homes, expensive vehicles, and travel the world, but they’ve strategized so that they also have a lot of their money tied up in assets or investments that earn them excellent returns.
What Does It Mean To Be Wealthy?
To be wealthy means that you’ve got enough money freed up so that if you didn’t want to work, you don’t have to. It means that you’ve got more than enough to cover your expenses and create the kind of lifestyle that you desire.
Trading Time For Money
Trading time for money can be a great thing, but it might not always be the best way to grow wealth. For example, if you work 40 hours a week and sock away $2,000 a month into savings, it’s going to take you a very long time to grow your finances to an amount where you feel financially secure.
But what if you start taking your time and investing it into learning how you profit from buying and selling real estate? And, what if the investing that you’re doing in real estate isn’t even money that comes out of your pocket?
This is exactly the kind of property investing I teach my students – using my Unlimited Funding Strategy where you buy homes at a discounted price ‘Subject To’ the existing loan and then sell that same home via lease purchase. And, the best part is that you may end up with a check for thousands or tens of thousands of dollars after just one deal.
Now that’s a better way to spend your time and a faster way to build wealth.
Invest in Learning
Wealthy people take the time to learn about things like cash flow, strategic investing plans, assets, and of course, financial freedom. Don’t be like those that carelessly throw their money out the window buying toy after toy instead of aiming for wealth. Those are the ones that may one day end up facing bankruptcy or foreclosure.
Instead, aim to be wealthy, put your money to work for you, and also put other people’s money to work for you with my Niche2Wealth strategy. Get rid of any scarcity mentality you’ve been embracing. Work with your mindset and move forward with the attitude that it’s financial freedom you’re after. Begin building wealth month by month, year by year, continuing to learn about wealth building and making wise financial decisions.