I am explaining what I do to a millennial the other night at dinner.
“Women Entrepreneurs hire me to build wealth and keep more of the money they make” and he said, “Oh, how to get rich?” Which is one version the answer, yes, but then he said, “What’s the difference between Rich and Wealthy?” I knew he didn’t get the depth of why building wealth was so important.
While both indicate having a lot of money, only one will sustain the ups and downs of the economy. There are several “rich” actors out there that went bankrupt. They had no wealth to sustain them. This is assets and the knowledge to know how to get the best tax advantages so you can keep more of your money.
When you are rich – you have made a lot of money. Mostly this money came in because you created it.
When you are rich – you have made a lot of money. Mostly this money came in because you created it. For example, a small business you created that runs only because you run it. There is money coming in and a lot of it. Some will even invest it back in to the business to help grow.
Another way may be inheritance or winning the lottery. Nothing pisses me of more than to see that “My lottery Dream Home” on HGTV. They are getting into a house they can not afford, spend most of what they won on the house and toys and then when property taxes come – who is going to pay that? These are poor mindset people that are rich, that will be broke again.
Have you seen the show of how I was rich and now I have nothing? Sort of a “where are they now” ..didn’t think so.
*The National Endowment for Financial Education (NEFE) states that 70 percent of lottery winners end up bankrupt in just a few years Jan 12, 2018
When you are wealthy – you are not only creating money, but you are accumulating assets that allow you to preserve your money for use in the future. Sort of like a retirement plan or long term care. Building sustainable wealth through asset investments creating multiple streams of income. When you know how to take the best tax advantages this only gets better!
When you are wealthy – you are not only creating money, but you are accumulating assets that allow you to preserve your money for use in the future.
Both have their ups and downs, but the wealthy people are rich with knowledge that will carry them through to their legacy.
So which do you prefer to be, rich or wealthy?
You can catch me on my facebook Live every Thursday at 12:30pm Eastern Time, if you would like to hear more and ask questions.
Cheers to your wealth!
Jo Anna Wright