Being rich vs. Being wealthy!

Recently, I was browsing through the link below:
https://www.quora.com/Why-is-it-so-hard-for-some-people-to-make-money-yet-so-easy-for-others
Some info. found here are copied below along with our inputs and added comments.
Enjoy reading. Then put it to good use not only to become rich, but also wealthy!

Answer 1:

My father told me of a conversation he had with a millionaire acquaintance of his several decades ago. When asked how to make money, the millionaire responded
“Making millions of dollars is like breeding rabbits.
It’s much easier when you start with two.”

Most people for whom making money is easy started out with money. Most people who don’t start out with money spend their lives working hard and are barely climbing the wealth ladder. The socioeconomic mobility is low.

The wealthy need to spend a much smaller proportion of their income on living expenses. So, they have more disposable income to invest. Investments, done safely, bring in more income without additional work.

Wealthy can use their wealth as a cushion against financial blows. A $10K financial shock is a lot worse for someone with $12K in the bank than for someone with $100K in the bank.

Answer 2:

Focus on the ability to make and keep money, not if you had money from the get-go or not.

Money is not the cause, it’s the result. It’s the result of a combination of things. And it has got nothing or very little to do with intelligence:

“Knowledge is knowing a tomato is a fruit.
Wisdom is not putting it into a fruit salad.”

People believe in things like luck. There is no such thing as luck! It is something you can create and is one of those things that separates the rich from the poor.

The formula for creating luck and money

A) Preparation

You need to develop yourself constantly, even if it’s one percent per day. As an example: Reading even 2-3 books about any specific topic makes you better than at least 95% of people out there. Can you imagine the advantage that it gives you?

Reading is hard. That’s because you’ve never exercised that muscle. If you don’t exercise that muscle, it will deteriorate, exactly like actual muscles. No time? Just read 20 pages per day. Reading 20 pages per day seems like such a small and insignificant amount. Even after a week it’s only 140 pages. But after a year you have read 7300 pages – that’s approx. 37 books! 37 books more than the person next to you…

Consistent effort over time has a “compounding” effect.
It is equally true for savings and generating wealth!

B) Attitude

People with “poor mindset” tend to think that they are not responsible for their current situation, instead they have expectation of help or support from someone else!  For them the problem is always external, never is it their own fault. Note the phrase is “poor mindset”, not poor people.

C) Opportunity

Once you get on the way with steps A and B, you will start seeing a change. Suddenly you see many opportunities around you. The funny thing is that they were always there – you just couldn’t see them before. Because you have the right attitude and you have developed yourself, you can see them now.

D) Action

The last piece of the puzzle is action – you have got to take action once you are in front of an opportunity. People don’t act for many reasons:

“I’m just so busy right now”
“I don’t have money”
“I don’t have an education”
“It’s not the perfect time right now”

There will never be a perfect time, or a perfect moment. You need to create that moment. You can always come up with excuses not to do great things. Some of the excuses are valid. But whatever reason or excuses you give, and no matter how valid it is – it’s still going to be your own problem. It’s not going to be my problem, not your mothers or your fathers. Not your employer’s or your friends’ problem. Just your problem!

Answer 3:

Do you know the difference between “money” and “wealth”? Do you want to be rich or wealthy?

Money is easy to measure and quantify. It is the aggregate of all you own – in the bank, equity, gold coins, jewelry, real estate, etc. It is your asset – the difference between what you own and what you owe! On the other hand, wealth is how you feel for owning all those assets? You can convert all your assets into a load that you can put on the elephant’s back. But wealth is the joy enjoyed by you, the person riding the elephant!

To ride the elephant, and enjoy the joy of riding, you need to be

1. Physically fit,
2. Emotionally stable and
3. Intellectually sharp and clear about:
   Knowledge Vs. Wisdom
   Consistent effort over time
   Right attitude – Willingness to cease the opportunity and
   Be engaged (action oriented).

You can be rich in your Physical fitness. You can be emotionally rich and strong. You could also be rich intellectually based on your thoughts and ideas (which in turn drive your emotions and actions).
You can be the joyful elephant rider in any of these three realms. The choice is entirely yours!
But you are never truly joyful unless you pay attention to all three – like balancing on a stool with three legs! That is the beauty and joy of being born a human!
Answers 1 and 2 apply equally well for all three realms. That is your luck!!

In each of these three realms constantly assess what you own Vs. what you owe.
Do you help others (and nature as a whole) more than you get helped?
Does your emotional fitness translate into strength and vitality of those around you (and nature as a whole) or are you like a vine clinging on to someone else?
Are your thoughts and ideas vibrant, rejuvenating all those who know you (and nature as a whole) or are you like a sheep guided and following a herd mindlessly?
Every one of these are pathways for you to live a “rich” life!

To learn more about any of these, read any essay in our blog posts at www.Sipractce.com