Do you want to be rich, or do you want to be wealthy? There’s a huge distinction between being rich vs. wealthy. Understanding the difference is the missing ingredient you need to truly enjoy your money.

https://www.youtube.com/watch?v=y2X6mPMi9Q0

So, if you want to be wealthy, find out the one thing you need to create wealth that makes a real difference, not only in your life but also in generations to come… tune in now!

Table of contentsRich vs. Wealthy: What's the Difference?Make Your Money Do The MostWhat is Your Money’s Purpose?The True Freedom of Cash FlowSpending Your Time on Things That MatterGenerational LegacyRich vs. Wealthy: Which One Are You?My Upcoming Book

Rich vs. Wealthy: What's the Difference?

You might be wondering why I’m stressing this distinction, but there’s a good reason. If you’re rich, you can have a high standard of living. You can probably buy things that you want without thinking too deeply about the implications. Begin rich means you can do all the things that you wanted to do when you sought to be rich in the first place. 

But there comes a time when you may realize that, as an entrepreneur, you have limitless earning potential. It’s well within your control to increase your income and put new business on the books, create new products and so much more. It’s at this stage that you may have a revelation of sorts.

[1:45] “If you make this money and you spend the money, there’s still something more. There’s something missing. There’s this part of you that realizes, well, you can buy all the things, but what then? What next? How do you make it really matter?”

The truth of the matter is that being rich simply means you have a high standard of living. That’s it. And that’s okay. But being wealthy means your money does the most for you. 

Make Your Money Do The Most

When your money is doing the most for you, it’s actually operating within its own purpose and contributing back to your life. Wealth does more than increase your standard of living. It also creates cash flow and allows you to help other people besides you. 

[2:45] “Just consuming leaves us feeling empty. I mean, there’s really only so much we can purchase.”

There’s only so much that money can do when you are consuming. The deeper, underlying desire of a “consumer” mentality is connection and purpose. That’s what people want. And it requires you to give a higher purpose to your money, rather than the act of consuming alone. 

What is Your Money’s Purpose?

[5:00] “Really, what I think about when I think about money doing more for me is really, I have to conceptualize where can I put my money? What are the options for the things I can do with my money?”

Ultimately, there are only three things you can do with your money. You can spend it, you can save it, or you can invest it. Making more money seems like a good solution to many problems, but ultimately it’s only one piece of the puzzle. The missing component to many wealth-building journeys is a fulfilling plan for saving and investing that gives your money purpose. 

So you must identify the purpose of your money. If you just want to have a bigger pile of money, you’re still going to run up against the feeling of frustration and emptiness that you might be feeling. Instead, you have to look a bit deeper to find your money’s purpose. 

If you’re building time and money freedom, then you have the capability to have all of your needs met through cash flow from your assets. Then you can spend your time on what you choose to be doing. You can cultivate this through investing in businesses and assets that are sustainable and create cash flow. 

The True Freedom of Cash Flow

This differs from having a high salary or earning a paycheck from the work that you do. Because the foundation of cash flow that you build from your savings and investments will actually allow you to choose how you spend your time.