Mark Moss explains why 60% of six-figure earners still live paycheck-to-paycheck. Rich means high income and luxury stuff. Wealthy means assets that compound and generate passive income. Real wealth also includes health, time, and relationships.
Being rich and being wealthy, it's not the same thing. And the difference is actually pretty simple. Rich is that they have money and they probably have a big house and they have a lot of nice cars and maybe they go on lots of vacations. And so they're rich. But the fact is that 60% of people that make over 6 figures are still living paycheck to paycheck. And so while they're living a quote unquote rich life, they're not wealthy. Wealth is having assets that compound. Income is what we earn, but wealth has to be engineered. So I can have a rich income, but am I able to take that rich income and then convert it into wealth? That compounds and grows without my labor and then allows me to live with all the other areas of wealth that we think about. Wealth is health. Wealth is time. Wealth is relationships. Rich— the money doesn't get me those things. The wealth does.
