The difference between being rich and being wealthy is their limitations. Being rich is limited to money (material wealth), whereas being wealthy is not limited to finances or financial freedom.
I have to disagree with you, being wealthy is not limited to being able to "afford three square meal and feed others perhaps have investments all round." I quite agree that investments are important, but not being wealthy doesn't depend on that.
There's a quote I read in one of my favourite books, I'd be glad to share. Are you an avid book reader? I'd suggest you read Rich Dad Poor Dad. According to Robert Kiyosaki, the book's writer, “there is a difference between the being rich and being wealthy: The rich have lots of money but the wealthy don't worry about money.”
This show that being wealthy has to do with finances, but not restricted as I said earlier. It also shows that you can be very rich, but not wealthy. Wealth involves being rich in knowledge, it involves valuable resources. That's why you see many philosophers that are wealthy in knowledge, whose ideas have changed the world. These are innovators as well.
Money is valuable, it can buy alot of things. Houses, clothes, cars, electronic gadgets all requires money. But, have you wondered about things that money cannot buy? Wealth brings things that money cannot buy. A creative person who has money can start up something new that could move the world forward. That is wealth in action. Money doesn't create ideas.
Wealthy people know how to multiply their wealth and money, because of their creativity and knowledge. While rich people keep trying to make money. I'd say it's better to be wealthy than to be rich. I'd pick being wealthy over being rich any day.
To simply put, wealth relates to net worth, whereas being rich is related to the money a person have.
These are terms people have not quite distinguished. This is because they are almost synonymous but being rich and being wealthy are two very different things but both involve having money.
Wealthy people know hpw to make money will rich people just have money. The difference is the knowledge. Rich people rely on certain pay checks or winning the lottery or some large sum of money dropped at once.
Wealthy people are motivated by dreams and aspirations and aims of what they want to be and where they are headed to be that person. Rich people tend to be motivated by the now of a situation and not future conditions.
Being wealthy has to do with a persons current financial status being able to support him or her for a longer duration even if the person is not working to earn a recurring pay. This explains that in a situation where a wealthy man has a lifestyle or spending 10,000 dollars a month and he has 100,000 dollars, this means he has a wealth for ten month.
This further explains that wealth has to do with time and not the amount of money one has. Wealthy people build on their riches to last longer while rich people depend on lump sums of money. This doesn't last for such people as they lack the management skills to build on the money they have acquired thereby splurging on unimportant things and then they are back to zero.
Finally, both the wealthy and rich people in the society experience down falls in their finances but what distinguishes them is the knowledge to rebuild overtime and even be better. Rich people lack that knowledge and are like not to get back to the previous status. While the rich learn from their mistakes and strive to purchase income producing assets that will be a fail-safe when they are no longer working.
Wealth and Riches are often denoted interchangeable. Though they are Synonyms but not exact in meaning.
While waith confers the ability to be rich; riches are the product of Wealth. Thus Wealth are usually intangible capacity which when engaged properly translates to riches!! Physical assets like building , cars, financial investments are associated with riches, but Intangible assets like Goodwill, talent , wisdom are associated with wealth.
Thus while riches could be loss easily, it will take death to loose wealth. While riches are inheritable, wealth, except Goodwill can't be inherited by siblings. Thus it may be Expedient to translate Wealth to Riches to enable kith and kin have access to them after demise.
I think that being wealthy is always "being reasonable/proper rich" or "being rich on a reasonable/proper level". This means that you have and can afford everything/anything you could buy with money, and you can also manage money. Being rich can mean that you have a lot of money, but you maybe don't know what you want to do or what you will do with it. Maybe you don't even know how to manage it. Maybe you don't even need all of it. Some people get a lot of money quickly/suddenly, but they are lose it the same way (quickly/suddenly). Some actors are rich (have a lot of money), but they are still not happy. They are using drugs/alcohol. They can't manage being famous and/or being rich.
Remotely, an individual who looks affluent and an individual who is rich can appear to be identical. Truth be told, the odds are that on the off chance that you are rich, you have a specific level of riches too.
The distinction between the two anyway is that 'Rich' is characterized by how much cash you have. Riches anyway is characterized as how much time you have; by time I am talking fiscally.
In principle, somebody with a $1,000,000 in their bank could be characterized as rich, yet on the off chance that their yearly costs are $2,000,000 every year, than they just have a half year measure of riches. For in the event that they go through around $2,000,000 every year, it just a half year before they have burned through $1,000,000 (expecting they have no extra salary coming in). In principle, by creating easy revenue streams, it is conceivable to create boundless riches - in that cash naturally enters your financial balance and as long as your costs remain beneath the automated revenue stream, you can be well off until the end of time.
Many different subjective outlooks on this...
One, expressed by Roger Hamilton, creator of Wealth Dynamics: Money isn’t Wealth; Wealth is what’s left when your money’s all gone, your inherent value and ability to make your money back again, were you to lose it all.
Whether taking that or another approach, I’d say it mostly comes down to one’s INNER world - both one’s internal value, and where their frequency resides on the spectrum of scarcity to abundance consciousness.
To my understanding, riches has to do with the high possession of material things, could be cars, money, houses, and other tangibles without recourse to the source, life values and health.
However, wealth goes beyond the material possessions to health, psychological, social, moral good standing. The wealthy man is a man of value both intellectually and character-wise.
Wealth has to do with sustainability whereas riches may not be. Wealth is futuristic but riches is in the now.
@Prettyglo, In my opinion affordability of what we want is richness, but, affordability after everything is collapsed is called wealth because only money is not wealth there are many aspects which falls under wealth and in any collapse situation money can lose it value but true wealth is one which helps after everything collapse. Stay blessed. 🙂