What’s the difference between being “rich” and being “wealthy”?

What is the difference between being “rich” and being “wealthy”? Please answer this question before you read ahead…Can you determine which of these adjectives you would rather be labeled as? Can you guess which one I would choose?

If you answered, “ I’d rather be rich”,  Money Talks may not be for you. But please keep reading, as I hope this introduction article will change your opinion.  

I will confirm what you already know. You need to have money to be considered rich or wealthy; however, there is a big difference between the two. Becoming rich is much easier than becoming wealthy. Anyone can win the lottery and instantly become “rich”. However, lottery money can be lost as quickly as it was earned. Most people who won the lottery lost majority of their earnings because they did not know how to manage their finances ( seriously – I am not making this up. You can google this). 

Wealth is sustainable and will last generations. Wealth requires strategy and knowledge. Wealth is long term and impervious to factors outside of your control. So obviously, I would rather be wealthy than rich and I am on my way to achieving wealth. 

I am a 24 year old cloud compute analyst/engineer. I have paid off my $40,000 student loan debt, I’m an active investor in the stock market, and I have both a 401k, and a Roth IRA account (don’t worry I’ll explain what both of these mean as my column comes underway 😉). And I’m excited to say that by the end of 2020 I intend to purchase my first investment property! It took many years to get to this point, and I am by no means an “expert”. I researched a lot, and I’ve made many mistakes along the way. But one thing has never changed. Everything I do is intentional and in the pursuit of building wealth.

In Money Talks, I’ll be sharing tips and strategies that I have used to get to where I currently am financially. We will discuss a range of topics including: saving, investing ( in all forms), negotiation, tax laws and more. Money Talks will NOT be one of those columns in which the recommendation is to stop buying that starbucks coffee you like to drink. I do not believe in cutting out what makes you happy in order to achieve your financial goals. Keep buying that coffee everyday, if that is what you truly want. Maintaining happiness and fulfillment is just as important as obtaining money when building your wealth. 

Ultimately I hope that by the end of this series you are more informed and can proceed with full intention towards your financial goals regardless of your income. New Money Talks articles will be released on a monthly basis, so stay tuned!  

Keep up with Trinh by following her on Instagram!

Trinh Trinh Son

Columnist

Trinh is a columnist for Love & Luxe Collegiate and produces the Money Talks Section of the site.

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