Being wealthy is different, and much better than being rich

Being wealthy is different, and much better than being rich

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We keep hearing that the rich are getting richer, don’t we?

And it seems that COVID-19 made the gap even wider.

The world’s 10 richest people have seen their combined wealth increase by half a trillion dollars since the pandemic began.

Oxfam reports that in Australia 31 billionaires have seen their fortunes increase by nearly $85 billion since the pandemic was declared.

Reading this made me think – what is wealth, and what is the difference between being rich and being wealthy?

Many years ago I remember first hearing Rich Dad Poor Dad author Robert Kiyosaki say:

“Many people think that being rich and being wealthy are the same thing. But there is a difference between the two: The rich have lots of money, but the wealthy don’t worry about money.”

What he was getting at was that while the rich might have lots of money, they also tend to have lots of expenses and money worries.

While they might have a high-paying job, they still have to get up to work every day and as the current economic climate has shown too well, they may not have job security.

On the other hand, the wealthy don’t have these worries

Why? What’s the difference?

Well that all has to do with the definition of wealth that Robert Kiyosaki used.

His definition of wealth was the number of days you can survive without physically working, or anyone in your household actually working, yet still maintaining your standard of living.

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For example, if your monthly expenses were $10,000 and you had $100,000 in savings or an offset account, your wealth is approximately 10 months or 300 days.

According to Kiyosaki, wealth is measured in time, not dollars.

In other words, it’s not how much money you earn that’s important, but how much money you keep and how long that money works for you that makes a difference.

I’ve met many people who earn significant wages or make a lot of money in their business but spend it all and have nothing left over at the end of the month.

Every time they make a little more money, they go shopping. They buy the latest smartphone or other “toys.”

Every time they get a wage rise, they spend more.

They try and keep up with the Joneses by taking a holiday, buying a new car or renovating their home.

The problem is they’re not building an incoming producing asset base.

So while they may be rich, they are not wealthy.

Now don’t get me wrong…

I like buying “things” just like everyone else. Gehälterverteilung

I drive a nice car, own a number of expensive watches and take long holidays with my family.

But the big difference is that I don’t have to work or go into debt to acquire them.

Over the years, I have delayed gratification, spent less than I earned, invested my money, and built a significant asset base of income-producing properties which now provide me with a cash machine that delivers enough cash flow each month to cover my expenses—including my fun liabilities like cars, electronic gadgets and holidays.

In other words…I don’t work for my money.

It works for me.

The bottom line…

We live in “the lucky country” – a place where many of us can become rich.

But only financially disciplined people can become wealthy because it takes financial literacy, delayed gratification, and years of strategic investments to grow a big enough asset base to build cash machines to become wealthy.

As Warren Buffet said: “Wealth is the transfer of income from the impatient to the patient.”

Now is the time to take advantage of the opportunities the current property markets are offering.

Metrople Team

Sure the markets are moving on, but not all properties are going to increase in value. Now, more than ever, correct property selection will be critical.

You can trust the team at Metropole to provide you with direction, guidance, and results.

Whether you’re a beginner or an experienced investor, at times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s exactly what you get from the multi-award-winning team at Metropole.

We help our clients grow, protect and pass on their wealth through a range of services including:

  1. Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now! Click here to learn more
  2. Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $4Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney, and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment-grade property.  Click here to learn how we can help you.
  3. Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
  4. Property Management – Our stress-free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years, and our properties lease 10 days faster than the market average.

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