Difference Between Money And Wealth

Hi friends, I hope you're enjoying your weekend?

My buddy and I had a debate about having money and being Wealthy. Many people are not aware there's a difference between them too. You could have over $5,000. That's a decent bit of money right? But that doesn't make you rich. You might have taken a loan from the bank and have money in your account but then you're in debt.

Money is a tangible currency used for trading it can be dollar, euro, Naira depending on what your location utilized. Money may also be in the form of digital currency which is BTC, ETH and others.

Wealth goes beyond merely having money. It's your overall net worth which includes all your assets (vehicle, home, money).

Source

Now we know that possessing money doesn't make us rich, how can we generate wealth?
The nice thing about wealth is that they last longer. It is generational. Money may be finished if not appropriately managed.

Plan and establish your financial objectives:
It is crucial to also take your financial goals very seriously. They assist you checkmate your spending, expenditures and income. To a guy who has money, it needs intelligence to determine where to invest or asset to purchase. Why purchase a vehicle costing $10,000 when you are still living in a leased flat.
I didn't say buying a vehicle is bad but you can still obtain a lower one that will help you get a home. The beautiful part about owning assets is that even when they appreciate they are yours and you can sell them for a higher amount.

Right investment:
To create wealth you need to develop new methods of producing money or have various sources of income. Having only one source of income might be problematic in terms of what if they collapse. You may purchase shares, invest, and put your money where you can generate passive income.

Never live to please others:
In the world of the wealth, the minute you start living to impress people you could start going poor. Live a pleasant life and simply be yourself. A fake life could be more costly than real life.
In all, learn to save.

Thank you for reading