What do you want to be?-Rich, Wealthy or Prosperous
Rich, Wealthy or Prosperous
These 3 words might seem like synonyms, but they are different.?We have heard the stories of many famous people being rich but going bankrupt. We all wonder how someone could burn through Crores of rupees in a lifetime, but their stories aren’t that much different than?what I see stopping many other people from being wealthy or prosperous themselves.??
Being Rich
Being rich means having a lot of money or income. It comes down to how much cash you have in your bank account.?In fact, being rich can often mean that you are spending a lot of money. Being rich can also mean that you have a lot of debt. It doesn’t matter how much money you have if your expenses are higher than your income. Being in debt is definitely not something to aspire for!?People who are rich might drive a fancy car or live in large house in the best locality of town, but it comes at a cost. But just because you’re rich, doesn’t mean you are wealthy or prosperous. If you have created very expensive lifestyle, then there are chances that you might lose your wealth. In fact, many well-known celebrities have gone broke?because of their rich lifestyles.?Rich people earn their money in a number of ways, they may inherit it, get it as part of family settlement, win a lottery, earn it in a few short years as a professional player or entertainer or shrewd stock market operator during its bull run or their Startup becomes unicorn or they may invent a new discovery that is worth millions of dollars. When I think about someone who is rich, I think about someone with a lot of money and typically think about someone who is quite showy with their money. They drive fancy cars and live in a fancy house. They wear fancy clothes and eat at fancy restaurants. That’s richness.
Being Wealthy
Wealth can be defined as?an “abundance of money” or valuable assets; thus, wealth can be considered as a material gain. Being?wealthy?means having a lot of money and property. The Oxford dictionary gives one meaning of wealth as “material prosperity”.?Wealth means?being able to deal with an?emergency without the added burden of worrying about how you’ll pay for it.?
To be wealthy, invest early and often– Investing comes with risks but there is no better way to grow your capital. Invest in the markets, in starting and running a business, or?in?real estate. Invest in yourself– Classes, certifications, coaching, skills. We should be on a constant journey of?self-improvement.
No matter what you do,?you should do everything to save and invest to grow the wealth. Think about people in history who everyone would consider wealthy. The Rockefellers, Carnegies, and Ambanis are all wealthy families. Their wealth has lasted multiple generations. What makes them so different from the lottery winner, Bollywood star or professional athlete who has money for a short time and then it's gone?
The thing?that often goes overlooked?is realizing that you?do not?need a specific reason to save.?It is?fine to save for a car, or a home, or for retirement. But?it is?equally important to save for things you can’t possibly predict or even comprehend.??
There are many examples in history of wealthy people who obtained their wealth through knowledge and valued knowledge more than money. The most obvious one perhaps was the king of all of the Israelites - King Solomon. Throughout Solomon's writings, he lists wisdom and knowledge as the two most important gifts to ask of God. Wisdom and knowledge can create great wealth for anyone who desires it. Currently we have Bill Gates, Amazon’s Bezos or Tesla’s Elon Musk.
The problem for many of us is that it is easy to find rich?people to emulate.?They are all over social media trying to get us to buy?into the idea that they have the perfect life.??It?is?harder to find wealthy ones because?their?success is more hidden.?
The simple difference between a rich person and a wealthy person is that a wealthy person has sustainable wealth. In other words, a wealthy person will always be wealthy, whereas someone who is merely rich will only be so for a short period of time until the money is gone.
Another?difference between rich and wealthy?is “knowledge”. Wealthy people know how to make money. Rich people only have money. Once you know how to make money, you can build sustainable wealth. The money never stops coming. If you have a reversal of fortune, it's not a big deal. You just make it back.
Being rich may increase your odds of divorce
Overall, divorces tend to pick up, rather than decrease, in periods of economic growth, when incomes rise across the board, according to the American Academy of Matrimonial Lawyers. In addition to maintaining a more expensive lifestyle, high-net-worth couples open themselves up to greater discrepancies over financial matters. Frequently, when you have a very high income earner, the other spouse is not working. The high-income earner may have a job that requires travel and long hours, then they spend a lot of time apart and that causes a lot of strain on a marriage. They also spend lots of time in office with their team members and fatal attraction leads to infidelity and then divorce. Cheating?is one of the main drivers of divorce in the case of rich couples. Morgan Housel said?“Use money to gain control over your time, because not having control of your time is such a powerful and universal drag on happiness. The ability to do what you want, when you want, with who you want, for as long as you want to, pays the highest dividend that exists in finance.”?
Being Prosperous
Dictionary meaning of being prosperous is:
ü?Successful in material terms; flourishing financially” or “Bringing wealth and success together”
ü?Having or characterized by financial success or good fortune;?flourishing;?successful
ü?Well-to-do or well-off
ü?Enjoying vigorous and healthy growth
Things you should do if you want to live a “Successful and Prosperous Life”
ü?Prepare a success driven mindset
ü?Don’t fear what others will say, just ignore them
领英推荐
ü?Manage your time instead of wasting it
ü?Break your big dream into smaller goals
ü?Never stop learning
ü?Step up from failures with a lesson learnt
Not every individual believes in the same definition of success. Being able to lead a happier, healthier personal life also determines social success. Success is not just about achievement or the end results, it is the journey to the end, a goal or vision.
Achieving Personal Prosperity -- Is It All About Money and Happiness?
Yes, money and happiness are on the list, but let's see what else a component of a truly prosperous life is.
Prosperity’s essential components are money, happiness,?and sustainability and they must be in alignment to truly live a prosperous life. Sustainable economic growth means?a rate of growth which can be maintained without creating other significant economic problems, especially for future generations.?
The relationship between?money and happiness?is that money does indeed make us happier, but only to the extent that it frees us from anxiety about meeting our basic needs, such as food and housing.?In other words, if a person is poor, without necessities such as food, housing, transportation, or medical care, and they feel unhappy about it, then certainly money will contribute to their happiness. When happiness is related to basic human needs, there’s nothing better than money.??
The prosperity journey starts with questions?
Successful journeys begin with thoughtful preparation.?Honest recognition of our current beliefs and actions is critical.?Consider the following questions:
??What does my lifestyle look like?
??How much money do I need to maintain my ideal lifestyle?
??What can I do to improve the most important relationships in my life?
??How important is a sense of physical well-being?
??How much exercise do I need each week?
??What can I do to improve myself?
??What can I do to improve my self-image and self-confidence?
??How do I see my spiritual relationship to prosperity?
??What makes me happiest??Why?
? How much do I value an environmentally sustainable life?
CA Harshad Shah, Mumbai ([email protected])