Rich vs Wealthy.

"Dad, are we rich?"

I laughed, as it was an unexpected question from my six-year-old. But she was looking for my answer. "No, honey. We are comfortable and have all the wealth we need to be happy, but we're just regular folks." was my quick reply.

I'm not certain she was satisfied with my answer. I'm not certain if I was either. This conversation lingered, in my mind...

I buy stuff. Sometimes because it’s needed, and sometimes due to want. It can be hard to ignore those “shiny things” curated just for me. AI and recent clicks; are all part of the new marketing landscape. It's simply the current reality of participating in our very digital world. We do not require mass wealth or extreme riches to consume, as long as we stay within the means of our circumstances. That's the important point; "our circumstances" are not expected to be the same as all audiences of mass advertising campaigns.

The question, "What's the difference" between being rich, or wealthy prompts a profound exploration into the essence of a truly fulfilling life. While these terms are often used interchangeably, their distinctions unveil the nuanced differences between immediate affluence and enduring prosperity.

To be "rich" typically implies possessing significant financial resources, often accompanied by a lavish lifestyle and an abundance of material possessions. It's the notion of having substantial income, opulent houses, luxury cars, and the ability to indulge in various extravagances. The allure of richness lies in the immediate gratification it offers, providing access to a plethora of comforts and experiences.

Conversely, being "wealthy" transcends the confines of immediate affluence. Wealth entails not just the accumulation of material assets but also the creation and preservation of enduring value across various dimensions of life. True wealth encompasses financial stability, but it also extends to a richness of relationships, well-being, personal growth, and a sense of purpose.

The allure of immediate riches can sometimes lead to a cycle of consumerism and a perpetual pursuit of more. It may lead to a need to appear rich; allocating resources to satisfy current wishes, in detriment to prolonged wealth for our future. In contrast, the pursuit of enduring wealth encourages a holistic approach to life, emphasizing the importance of investments in personal development, health, and meaningful experiences that contribute to a fulfilling existence.

Robert Kiyosaki captures the distinction between rich and wealthy in his book "Rich Dad Poor Dad." He emphasizes the importance of assets that generate passive income, allowing individuals to accumulate wealth over time. This concept of wealth aligns with the idea that true prosperity lies not just in the possession of money but in the ability to make money work for you.

Consider the analogy of a tree: immediate riches may be the fruits on the branches, enticing and visible, but true wealth lies in the strength of the roots —the foundational elements that sustain growth and longevity. Investing in education, skills, relationships, and one's well-being forms the robust root system that supports a wealthy and meaningful life.

Furthermore, the question of rich versus wealthy prompts introspection about the legacy one wishes to leave behind. While richness may afford a luxurious present, wealth allows for a lasting impact. Building a legacy of wealth involves not only financial prosperity but also contributing positively to the community, fostering relationships, and leaving a positive imprint on the world.

In putting thoughts to paper for this article, my two girls asked what it was about. I tried to explain this concept, failed, paused, and eventually I think it worked with the following:

Rich Magic: Imagine you have a special wand, and every time you wave it, you get a new toy or a sweet treat. That's like being rich! You can have fun and enjoy lots of cool stuff right away. Maybe you get a new game, a sparkly dress, or a big box of your favorite chocolates. It's like a burst of happiness.

Wealthy Magic: Now, let's imagine something even more magical. What if you had a magical garden where you plant candy seeds, and they grow into candy trees? Being wealthy is like having a garden that keeps growing candies, toys, and surprises. You don't just have fun now; you have fun forever! Your candy garden keeps giving you treats, and you can share them with your friends too!

So, why is this magical? Well, being rich is like having a super fun party, but it might end when the party is over. Being wealthy is like having a never-ending party that you can enjoy for a long, long time.

To be honest, it made sense at the time. So I’ll stick with it here!

In conclusion, the choice between being rich or wealthy transcends a mere preference for immediate affluence. It reflects a deeper consideration of the values and priorities that shape a fulfilling life. While both rich and wealthy lifestyles offer unique advantages, the pursuit of enduring wealth resonates with the desire for a life rich in meaning, purpose, and lasting fulfillment.

We help position our clients to be wealthy. We help them envision a life where their deep-rooted values guide the decisions and dreams of their financial goals. It's highly rewarding and makes us connected with the families in our care like no other. Ultimately, the true measure of a well-lived life lies not just in the size of one's bank account but in the wealth of experiences, relationships, and contributions that define a truly prosperous existence.

Remember: wisdom=experience+knowledge. I plan to pursue all the wisdom of the world; through real experiences, and by seeking as much knowledge as I can fit into this life. I plan to share and inspire this wisdom with those I hold close.

"Be bold. Be brave. Do good." This I tell my girls. With this mindset, when they tackle head-on all that comes their way, I know they will be wealthier than I could ever imagine.

That's my plan. What are you planning for?