I thought this was an interesting quote, via a reader of John Succo at Minyanville.

"In my mind, there is a difference between being rich and being wealthy. One is rich when one has enough capital to possess most everything one wants today and will need in the future. One is wealthy when one possesses enough capital to posses everything one would want today, and everything one will need in the future, and still have a great deal left over."

Category: Finance, Psychology

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

17 Responses to “The difference between being rich and being wealthy”

  1. David says:

    Being rich is having money; being wealthy is having time.
    -Stephen Swid

  2. No, no, no — that quote is too pedestrian.

    Here we go — I got this from Ric Edelman, by the way.

    Rich just means you’re income rich — “Bob, I’m rich; I got paid 200,000 dollars lat year…I think Ill go buy a Lexus, now…then maybe a new Jaguar….”

    Wealthy is asset-related: “Bob, I think I’m what you call wealthy — I only got paid 80,000 last year, but I was smart enough to dump half of it in a mutual fund. Fidelity called and they said the account has tripled in value…”

    The first scenario is common — the second, not so common.

    Wealth is having assets that can be converted to other assets — they’re fungible and surplus-value-creating.

    Conversely, rich people buy depreciating assets, like cars, so they stay rich and never become wealthy.

    A car loses value the day you drive it off the lot.

    That’s not for me.

    Oh by the way, I’m neither rich nor wealthy : )

  3. What is your take on crude oil prices? I wrote about it on my blog and I am bearish at this point. By the way, I love your layout.

  4. rakehell says:

    I don’t know about this rich/wealthy distinction, but I like the maxim that you are rich if you have a full complement of indoor servants while your parents are still alive.

  5. hans Suter says:

    “A car loses value the day you drive it off the lot.”
    Buy it used ;-)

  6. Fred says:

    Fortune cookie: He who knows he has enough is rich.

  7. scott says:

    Chris Rock’s classic definition:

    “Shaq is rich. The guy that signs his checks is wealthy.”

  8. Larry Nusbaum, Scottsdale says:

    I just want to have enough money in which people are forced to like me!

  9. Lord says:

    Being rich is having money to burn, being wealthy is not wanting to.

  10. Larry Nusbaum, Scottsdale says:

    There are two types of wealthy people here in Scottsdale: Those with money and those without. (You go figure it out)

  11. Anon Y. Mouse says:

    “Rich people plan for four generations. Poor people plan
    for Saturday night.” — Gloria Steinem

  12. charleslc says:

    The difference between being rich and being wealthy is that the rich need to impress and the wealthy need to be impressed.

  13. matthew says:

    I think being wealthy means owning property that can make more money and also having large amounts of money whereas being rich may mean only having alot of money.

  14. me says:

    i think being rich is having a lot of money but nothing to spend. Being wealthy is having what you want and more to spend.

  15. Frank says:

    Rich/Wealthy yada yada yada…..

    I am not spoiled, I just want what I want, when I want it !

    BTW…. let’s talk about BROKE !

    Broke, I would love to be broke, broke is a long way up. LOL

  16. Zulfa says:

    Rich today = poor tomorrow

    wealthy today = wealthy tomorrow