THE DIFFERENCE BETWEEN BEING RICH AND BEING WEALTHY.

We may think that being rich and being wealthy are really the same thing but in fact, they are miles apart. Morgan Housel author of “The psychology of Money”, describes the highest form of wealth as “being able to do what you want, when you want for as long as you want.” It’s being able to control our time and having independence and autonomy.

Being rich means that one has lots of cash flow or money allowing one to buy all the things that you want. People in this situation can often get caught up by the need to have the latest and the best of everything and often what they have becomes who they are. Their possessions show off their financial success and how they believe they are seen by others.

Being wealthy means that one has unspent savings and investments that provide one with the ability to be able to enjoy the intangible things in life like special experiences, time alone or time with loved ones. The ability to do what you want when you want. The amount of these savings and investments needed to enable this life can vary depending on how you want to live and does not necessarily have to be a huge amount.

Many rich people are never wealthy as they become slaves to keeping up appearances and never get to a point where they are satisfied with what they have. Often this behaviour leads to self-loathing and family infighting as their offspring adopt the same habits and outlook on life.

I am not saying that one must be a pauper to be wealthy, not at all, but simply that having lots of money does not guarantee real wealth. Many of us will have witnessed friends who change once they become rich, remaining grounded and in touch with what really makes us happy is not always easy to do.

We often see people who become rich and then lose everything because they have not been able to maintain their new spending habits. Most lotto winners are bankrupt 3 years after receiving their winnings and their lives are often torn apart. Another important part of real wealth is our health. We talk about our lifespan but what about our healthspan? To be able to live a long and happy life we need to be healthy enough to do the things we want while we are still healthy and fit enough. Spending half our retired life bedridden or immobile is not what we want. Stress caused by working longer than we need to can lead to early deterioration of our health, so knowing when we have enough becomes important. Three important questions we can ask ourselves when balancing retirement and life are:

1. Have I had enough?

2. Do I have enough?

3. Have I enough to do?

In a world where being rich is often idolized, we must recognize the true essence of wealth. It’s not just about the size of our bank accounts or the possessions we accumulate. True wealth lies in the ability to live life on our own terms, to have the freedom to do what we want, when we want, and for as long as we want. It’s about cherishing the intangible moments and experiences that bring us joy. So, let’s redefine our perception of wealth and strive for a life that goes beyond material wealth. Remember, as Bob Marley wisely said, “Some people are so poor, all they have is money.”

Embrace the true riches that life has to offer. Are you ready to embark on a journey towards true wealth and financial freedom? At Client Care, we understand that being rich is just one part of the equation. Our mission is to help you uncover the path to genuine wealth, where you can have control over your time, embrace meaningful experiences, and create a life that aligns with your values. Let us guide you in balancing your financial goals with the pursuit of happiness, so you can confidently ask yourself: Have I had enough? Do I have enough? And most importantly, have I enough to do? Get ready to unlock a world of possibilities and discover the true riches that life has in store for you.