A speaker breaks down the difference between rich and wealthy, comparing income versus net worth and the habits that separate them. Rich people earn high incomes; wealthy people build assets that generate money without working.
These are three major differences between rich and wealthy. If you're curious or if you're interested, hey, I've been studying wealthy people my whole life, since I was literally 8 years old, studying the moves, what makes them different. I didn't even understand the difference between the middle class, rich, wealthy. Like I went to college, spent 17 years in schools, five years with an accounting degree, got out of there thinking I was going to be learning about money, by the way, and walked away from college knowing nothing about the differences between these people, the classes, how they get there, what they did to earn it. By the way, money's just a curiosity issue. It's not going to solve all your problems. It's not going to make you any happier. It's not going to make you a different person. If you're a bad person and you're rich, you're just a rich bad person. If you're a good person and you're rich or you're wealthy, it's going to make you a better person. It's going to allow you to extend yourself and do more good things in the world. Maybe you don't believe that, maybe you'll have to wait until you get there to know that. But what I want to do is I want to share with you the three. There's a bunch of differences, by the way, but I'm going to share with you three differences. I'm in the Sardinia right now on a two week vacation and I've been curious about this rich thing. Where, where to, where, where's the middle class at? I mean the Investopedia says the middle class makes somewhere. This is crazy. Somewhere between 35,000, which I can't imagine living on, and $80,000 a year. But if you go to San Francisco, you make 250 working for Facebook, you're probably middle class, you're not rich for sure. The difference however, between the rich and the wealthy are much more distinct than the middle class. The rich tend to be single and income earners. They'll have some investments, but they have one flow of income. All their money is basically an income flow. The distinct differences is between how they income and how they expenditure. Rich people tend to spend money on cars and country clubs, watches and show off stuff. You know, that's called the nouveau rich thing. Now the wealthy people, which takes time for most people, until this last generation, this last century or the century we're in right now, in the tech boom, it used to be you had to put in 40 or 50 years to create real massive wealth. Today is different. And you got people 23, 26, 28, 30 years old. They're billionaires. But this is the distinct differences, okay? One, the wealthy people don't think about their income. Like, the guy that literally let me use this boat for a week, he's not looking at income. He's looking at his net worth. Okay? So wealthy people, the first distinct differences is one's looking at income and the other's looking at network, meaning assets. They're not looking at how much money comes in every month from. From activities or things they did. They're looking at what is their, you know, balance sheet of assets. Real estate, stocks, crypto, whatever they own that is not a liability. I'm not talking about their houses, in their cars. I'm talking about the stuff that produces income and potential for new income or increase values. The second big difference is how they spend their time. The rich guy is going to spend his time earning income, and the wealthy guy is going to spend his time on making connections for deals. I learned that on this last trip, man. One deal can change your life. Third biggest difference is, you know, one. One of these guys is paying taxes, and one of them is not. Like, if you guys take a real look at it, we do this at. In our wealth planning. It's called 10x Wealth Plan. And you can literally set up your targets for. And I've been doing this my whole life. Hey, I want to be worth $25 million one day. By the way, you need about $30 million to be in the wealthy category. It's crazy, right? You need about $850,000 in income to be in the rich category. Meaning you've broken out of the middle class now, and you're earning 850,000 bucks a year, which is what they say, puts you in the top 1%, makes you rich. Doesn't mean you have assets. By the way, if you're spending a million and you got 850 coming in. Wow, look at this. Look at this. Doodles is on board with Elena, okay? And none of this, by the way, none of this. What you're seeing here, the. The boat, the jet skis, my wife with the dogs suggests that we're rich or wealthy. You wouldn't know that unless you saw my balance sheet. It's the only way you're going to really know that, okay? Because you could trick people today. You could charter the jet. You can even take photographs in the jet and not even charter the jet for six grand. You can just go get pictures of yourself in a jet you can take pictures on that boat doesn't mean you own it. I don't own that boat. And I don't know that the guy that owns the boat is worth more or less than me. It just doesn't. You have to have more data than that. So anyway, whatever it's worth, if you're interested and curious about wealth, how to create wealth for the good, for doing good things, make sure you turn your noties on. And I'm gonna do a bunch of these on wealth. I'm gonna do. I'm trying to do a hundred different videos on the difference, the distinct differences between rich and wealthy and how you can get there. Good luck. Look, if you want to stay poor, you're blessed. You can stay poor and be happy. If you want to get rich, you can be rich and unhappy. If you want to get wealthy, you can. No matter where you're at today, I'm proof you can create anything you want to. You don't need connections. You will later. At some point. You will just need a commitment in the beginning. And you need to get sick and tired of being sick and tired and just getting by. You probably watch this video because you want something more than you want right now. And that is a great thing. That is a gift from God that you were not satisfied yet and that you want more. You seek more and you're curious. God bless. Be great.
