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GiveFive

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Aug 10, 2020, 6:42 am

I recently read that there is a difference between being rich and being wealthy. Supposedly the difference between the two is as follows;

To rich people, money is a plaything. Rich people to spend a lot of money to show others how rich they are. They show off their new Rolexes, expensive jewelry, houses and cars. They get a certain amount of personal gratification by doing that.

Wealthy people are secure in the knowledge they have a lot of money and tend to not let it be obvious they have it. They care less about what others think of them and more about using their money to determine how they spend their time. To wealthy people the freedom to do what they want, with who they want, for as long as they want to is priceless.

To my way of thinking, I'd rather be wealthy than rich. I know a few rich people, but I cant think of anyone I know that's wealthy. Then again, maybe I do. Maybe because they're very good at not letting me know they have a ton of money, I don't know they it! What say you? G5

Play Smart!
Stat$talker

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Aug 10, 2020, 8:54 am

Quote: Originally posted by GiveFive on Aug 10, 2020
I recently read that there is a difference between being rich and being wealthy. Supposedly the difference between the two is as follows;

To rich people, money is a plaything. Rich people to spend a lot of money to show others how rich they are. They show off their new Rolexes, expensive jewelry, houses and cars. They get a certain amount of personal gratification by doing that.

Wealthy people are secure in the knowledge they have a lot of money and tend to not let it be obvious they have it. They care less about what others think of them and more about using their money to determine how they spend their time. To wealthy people the freedom to do what they want, with who they want, for as long as they want to is priceless.

To my way of thinking, I'd rather be wealthy than rich. I know a few rich people, but I cant think of anyone I know that's wealthy. Then again, maybe I do. Maybe because they're very good at not letting me know they have a ton of money, I don't know they it! What say you? G5

Good Question...!!

Even though the 2 words are often used interchangeably...they describe some subject to a "more" or " less" degree..

"Rich" ascribes a more than usual concentration of subjective elements ..!, While "Wealthy", is mostly associated with money or assets...

Cheesecake is Rich... , but certainly NOT Wealthy...!!, so you can't take it to the Bank,.. but you can bank on it sending you to the Porcelain Throne, for it has a wealth of reasons for doing so..!!!

How's that?

-Stat$talker

...MATH... The final Stochastic frontier...

These are the Lottery Voyages of Stat$talker..!!

The ongoing Mission,..to seek out the Laws of "Probability Math"...

to master its rules to invoke...to Conquer ALL Major Jackpots..!!

...To boldly go,... Where NO Player has gone before...!!
Raven62

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Aug 10, 2020, 9:17 am

What separates the wealthy from the poor?

Making money work for them.

Instead of spending their life working for money, the wealthy work to understand how to make money work for them through financial education.

Very simply, the wealthy don't work for money, they make money work for them.

A mind once stretched by a new idea never returns to its original dimensions!

Catch-22: A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions.

Corruptissima re publica plurimae leges: When the republic is at its most corrupt the laws are most numerous.

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music*

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Aug 10, 2020, 2:38 pm

Quote: Originally posted by Raven62 on Aug 10, 2020
What separates the wealthy from the poor?

Making money work for them.

Instead of spending their life working for money, the wealthy work to understand how to make money work for them through financial education.

Very simply, the wealthy don't work for money, they make money work for them.

Excellent posts and replies so far. Thanks. Past lottery winners were temporarily rich. They did not live up to the challenge to remain wealthy. They did not make their money work for them.

The wealthy lottery winners are Brad Duke of Star, Idaho, The Wests of Oregon, Ric & Lori Knudsen of Southern California, also from Southern CA are Robynn Newton & her husband Wesley, plus the Cisnero's of Southern CA. The three winners of the record PB jackpot on January 13, 2016 seem to be just fine. No police blotters on them. There must be a lot of winners who are hiding in plain sight. They stay out of trouble and remain wealthy.

"We are all in this together!"
SaraAnnRapp

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Aug 10, 2020, 8:20 pm

Quote: Originally posted by Raven62 on Aug 10, 2020
What separates the wealthy from the poor?

Making money work for them.

Instead of spending their life working for money, the wealthy work to understand how to make money work for them through financial education.

Very simply, the wealthy don't work for money, they make money work for them.

Those are good points. The sad thing is if one doesn't have financial literacy to begin with it's hard to learn it overnight when a jackpot comes along.

"A fool and his money, yadda yadda..."
Soledad

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Aug 10, 2020, 8:29 pm

Quote: Originally posted by GiveFive on Aug 10, 2020
I recently read that there is a difference between being rich and being wealthy. Supposedly the difference between the two is as follows;

To rich people, money is a plaything. Rich people to spend a lot of money to show others how rich they are. They show off their new Rolexes, expensive jewelry, houses and cars. They get a certain amount of personal gratification by doing that.

Wealthy people are secure in the knowledge they have a lot of money and tend to not let it be obvious they have it. They care less about what others think of them and more about using their money to determine how they spend their time. To wealthy people the freedom to do what they want, with who they want, for as long as they want to is priceless.

To my way of thinking, I'd rather be wealthy than rich. I know a few rich people, but I cant think of anyone I know that's wealthy. Then again, maybe I do. Maybe because they're very good at not letting me know they have a ton of money, I don't know they it! What say you? G5

On paper a lot of people are wealthy. Take that away, and they have nothing. I consider fortune to be a matter of luck at the moment. The moment can change at any given time. Being wise is being rich, and not a lot of people are. Being healthy also to many is the same as being rich. Our lives are the gifts from God. He didn't need to give us money.

Sometimes you do the right thing just because it’s right.

Life's a game of mathematics, if you can't figure that out I don't know what to tell you.
eddessaknight

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Aug 10, 2020, 9:09 pm

"When you see that trading is done not by consent, but by compulsion.

When you see that in order to produce, you need to obtain permission from men who produce nothing.

When you see money flowing to those who deal, not in goods, but in favors.

When you see that men get richer by graft and pull, than by work and your laws don't protect you against them, but protect them against you.

When you see corruption being rewarded and honesty becoming self-sacrifice,

you may know that your society is doomed"

- AYN RAND
BobP

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Aug 11, 2020, 1:14 am

Kinda gets into noueau rich new money versus old money and such. Lucky for me my wealth is in cats so it doesn't apply.

BobP
JAMORA

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Aug 11, 2020, 1:21 am

Rich is about the quantity, wealth is about the quality.

"Don't waste time, it's the stuff life's made of..."

VTs are like looking for a sewing kit in a haystack instead of looking for the needle.
DELotteryPlyr

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Aug 11, 2020, 6:30 am

Quote: Originally posted by GiveFive on Aug 10, 2020
I recently read that there is a difference between being rich and being wealthy. Supposedly the difference between the two is as follows;

To rich people, money is a plaything. Rich people to spend a lot of money to show others how rich they are. They show off their new Rolexes, expensive jewelry, houses and cars. They get a certain amount of personal gratification by doing that.

Wealthy people are secure in the knowledge they have a lot of money and tend to not let it be obvious they have it. They care less about what others think of them and more about using their money to determine how they spend their time. To wealthy people the freedom to do what they want, with who they want, for as long as they want to is priceless.

To my way of thinking, I'd rather be wealthy than rich. I know a few rich people, but I cant think of anyone I know that's wealthy. Then again, maybe I do. Maybe because they're very good at not letting me know they have a ton of money, I don't know they it! What say you? G5

Another great discussion from G5!! You can be wealthy at any income level since it depends on what you want to do/be. Often I have come across people that are very simple, small home ect. Turns out they have bank accounts that are 7 figures, and still working.
eddessaknight

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Aug 11, 2020, 5:40 pm

Nota Bene:

If it takes money to be happy , your search for happiness will never end
BobP

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Aug 12, 2020, 1:54 am

Quote: Originally posted by eddessaknight on Aug 11, 2020
Nota Bene:

If it takes money to be happy , your search for happiness will never end

How true. Though if you have to go through life with or without money . . . with is better.

BobP
rcbbuckeye

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Aug 12, 2020, 9:39 am

I used to read a lot of Zig Zigler when I was selling in my younger days. One thing that he said was "Money isn't the most important thing in life, but it's reasonably close to oxygen on the gotta have it scale".

I suppose a person doesn't have to be "wealthy" to be happy, but if a person's life is in order and priorities are straight, having enough money to do things you want helps. Then a person is rich AND wealthy.

Good thread.

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SaraAnnRapp

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Aug 12, 2020, 4:14 pm

Quote: Originally posted by DELotteryPlyr on Aug 11, 2020
Another great discussion from G5!! You can be wealthy at any income level since it depends on what you want to do/be. Often I have come across people that are very simple, small home ect. Turns out they have bank accounts that are 7 figures, and still working.

Yes, the "millionaire next door" type of person. They tend to fly under the radar in terms of how they present themselves to the world. Just good, hardworking folks.
eddessaknight

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Aug 12, 2020, 5:19 pm

Quote: Originally posted by BobP on Aug 12, 2020
How true. Though if you have to go through life with or without money . . . with is better.

BobP

My point being Bob, et al:

Some people posses a talent (or Money), others are possessed by it.....