The Difference Between Wealth and Riches

Ross Ingram, an American economist, told us the difference between wealth and riches. Being rich is a state of having a lot of money, being wealthy is not just to have money, but having money outside working for us.

A lot of rich people have to get up and work every day to maintain their riches, this is not the case of being wealthy, it is a matter of being rich. In the case of wealth, we don’t need to get up and work to maintain our standard, it is our money that will work for us through investment, real estate and buying of shares.

By the time, we put our riches into an investment, real estate, and shares, we have become wealthy. All the aforementioned are going to be an instrument of making wealth for us and that is why a lot of wealthy people of the world don’t work round the clock to get money as we do.

They have worked hard in the past and used what they have earned to accumulate wealth. If really, we want to be wealthy, it is just a matter of having our money working for us somewhere and we are going to get profit from it.

There is just a slight difference between the rich and the poor. It is only the wealthy people that have really come up to the stardom; both the rich and the poor are working class. The rich work for himself to maintain his standard and also the poor work to come up to the stardom, but the wealthy people have both the rich and the poor working for them.

The following are some of the tools you can use to develop a wealth mentality:

  • We need to enrich our mind first
  • Think big
  • The ingredients of financial freedom must always be seen in our attitude
  • Believe that poverty is the root of all evil
  • Learn how to convert one naira to one hundred naira
  • We must have a vision and try to make it great
  • Change your thinking
  • We must have a mindset for financial success
  • Pick up any activity that can lead to wealth building
  • Be ready to remove any barrier to your financial achievement
  • Pick up a particular action to your daily routine
  • Be optimistic
  • Set a high expectation
  • Don’t rely on your academic excellence; action is needed
  • Possess the attitude of wealth mentality
  • Follow your passion
  • Always dream of the future
  • Live below your means; don’t spend more than what you earn
  • Know that you work to succeed, not to survive
  • Educate yourself with books that can bring you success in your chosen field

The poorest man in the world is not somebody that does not have a penny, but somebody that does not have a vision ————————- Robert Schuler


Dunmoye Femi

Extracted from the book “The secret of wealth” Written by Dunmoye Femi