Nick Perry explains why a high-earning lawyer making $500k a year could go broke in six months without work, while he runs a wholesale business from Cancun without trading time for money. Rich means income from active work. Wealthy means assets that generate income while you sleep.
What's the difference between someone being rich and being wealthy?
Most people think being rich and being wealthy are the same damn thing, but it's not. See, being rich is just having a high income. For example, you could make $500,000 a year as a lawyer, drive a nice car and live in a big house. But you'd be broke in six months if you stop working. Whereas wealthy people have assets that generate income whether they work or not. Like back when I stayed in Cancun, Mexico, making dollars and spending pesos, and my wholesale business ran without needing my active effort. Rich people trade time for money. Wealthy people trade money for assets.
