Differences between Rich and Wealthy

Rich vs. Wealthy

In our society, there are many people who claim to be rich but very few who claim to be wealthy. Most people think being rich is synonymous with being wealthy, but rich people see it differently. Today, you see a lot of "get rich quick" schemes, but no "get wealthy quick" schemes. To me, the main difference between rich and wealthy is knowledge. People can become rich by getting lucky, or gaining money from family members. But to be truly wealthy, you have to offer something of great need to the public, and that takes tremendous knowledge.  People who are truly wealthy are people like Warren Buffett and Bill Gates, who created a product that dramatically changed the way we do things and in the process improved productivity of companies. By creating something that benefitted millions of people, the made an extraordinary amount of money.

what defines wealth

Wealth

The definition of wealth is an abundance of possessions or money. But, what i want to know is how real people define wealth and what it means to have and be wealthy. In a new survey, most investors with over $1 million do not think of themselves as wealthy. Of the survey’s 4,450 participants, half had $1 million or more in investable assets, and all had at least $250,000 in investments. Compared to the majority of America, these people are very well off. They, on the other hand, do not see it that way. These people, when being asked what would make them feel rich, mostly said that no financial restraints on activities. So, wealth seems to have a lot to do with the types of things you can do. 

new forms of currency (ted talks)

Now that the world is evolving into a more technology dependent society, people are trusting technology even more than they are trusting corporations and banks. A recent poll said that only about 21% of people trust banks and about 63% of people trust online banks. Brands like nike are moving towards different types of payment. Nike in particular is trying an new type of payment where their products track how much you use their products, and once you have a certain amount of time of use, you can use that time to purchase things in the store.