WEALTH

LESSON #35: 

WEALTH

Definition: WEALTH .1. A large amount of money, property, etc. that a person or country owns.

2. The state of being rich

Definition:RICHES.1. Large amounts of money and valuables or beautiful possessions.

From the definitions you can see that wealth covers riches while riches do not cover wealth. Most people mistake being rich with being wealthy.

Being rich means having a lot of liquid cash and valuable possessions like cars, jewelry, expensive gadgets. Most rich people have liquidated assets which do not necessarily generate an income.

Being wealthy means having liquid cash, valuable possessions plus property in terms of fixed assets. Property in this case means having land, buildings, valuable equipment all of which generate an income.

It’s always a norm for the wealthy people to hand over their wealth to their children which is a good way of sustaining the family’s wealth but sadly of late most children have sold off their families property in the hopes of staying rich but not wealthy. Some even kill their parents so that they start enjoying the riches. Parents should teach their children the importance of such wealth and also teach them how to make their own wealth before they inherit yours.

If you were not born in a wealthy background do not despair this is your time to make your wealth. Start working hard and smart.

So if you look into your own life where do you lie? Among the rich or among the wealthy?