Wealth vs. Riches
Being rich and being wealthy seem to be synonymous, both having to do with money, but financial and spiritual experts would say otherwise.
Allow me to share some of the differences between these two.
People who have riches may have gotten money through lottery winnings or inheritance but with a poor mindset they can lose the money as soon as they acquire it. People who have wealth, on the other hand, have the proper knowledge to use their finances to support their way of living, having known from experience how to build sustainable wealth; that is, they have learned how to make their money work for them.
At times of failures, rich people are lost and find it difficult to get back what they have lost. Wealthy people, who are knowledgeable in managing their finances, can bounce back again over time, building more wealth than what they have previously lost.
Rich people do not have financial freedom. Wealthy people are financially independent.
Similarly, a person with enough cover (gradual wealth) can pick up the best stocks and earn sizable profits in comparison to ones (with sudden riches) who are into stocks trading just for some extra cash to cover their lavish expenses.
Francis Kong, a well-known Filipino businessman, writer and inspirational speaker, rightly says the difference between having riches and wealth:
“There is a big difference between riches and wealth. Riches are simply material things. Wealth is having a good sleep, contentment, and happiness. There are people who live in beautiful places who cannot sleep and relax at night.”
As Pharell Williams says, “Wealth is of the heart and mind and not just in the pocket.”
Marj Baynosa is a chemical engineer and educator, who loves reading and writing in her spare time, especially on finance, faith, and other seemingly mundane things.