Riches vs. Wealth

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If you look up the word rich in the dictionary you will find that the definition of the word rich means having wealth or great possessions; abundantly supplied with resources, means, or funds; wealthy. If you look up the word wealth in the dictionary you will find that the word wealth means a great quantity or store of money, valuable possessions, property, or other riches.

So is it better to be rich or wealthy? Using the dictionary’s definition of rich and wealth, one could be unsure whether it is better to be rich or wealthy. The dictionary’s definition of the two words are somewhat similar and intertwined, which could cause confusion when it comes to comprehending the definition of the two words clearly. If you want to stay confused keep trying to understand the difference between the two words using the dictionary’s definition, but if you want to have a clear understanding of what it means to be rich and wealthy think outside the box and consider my own personal definitions.

When it comes to the words rich and wealth, I have two totally different definitions than the dictionary. First off let’s look at the word rich. (And again this is just my opinion.) The word rich has nothing to do with money. To me the word rich simply means to be happy. Being rich is having the things in life that make you the happiest. Things such as your friends, family, loved ones, significant others, your health, etc. These are all things that money can not buy. In most cases these are also the meaningful things in life that can and will sustain your happiness and joy. What ever makes you happy in life and brings you joy and fulfillment are the things that make you rich. Ask any wealthy person can money buy true happiness and chances are they will tell you no. It may buy temporary fun and joy, but the fun and joy that money buys is short lived and soon you will need more money for more joy, more fun, and more happiness. Temporary is the perfect word to describe the joy and happiness you get from money because it’s just that, temporary. Hence the saying “the best things in life are free.”

Now let’s look at the word wealth. My own personal definition of wealth is simply freedom, freedom to do whatever you want, whenever you want. I once heard Oprah say that true freedom is waking up getting out of bed everyday and doing whatever it is that you want to do, not what you have to do. However, freedom is not free. You have to work hard for it. When I talk about the word freedom I’m not talking about being free in the since of being freed from captivity or anything like that. I’m talking about being free financially. To understand wealth and financial freedom lets take a look at a definition I read a long time age.

Being wealthy simply means that you earn more money in “passive income,” money you take home every month whether you work for it or not, than your monthly expenses. For example: let’s say that your total expenses for the month came to $5,000 every single month. That includes your rent/mortgage, food, gas, water, loan payments, etc. Let’s also say that includes money for you to go out and have a good time every month as well. Well if you can figure out a way to make more than $5,000 in “passive income” every month, you are now wealthy and financially free. Technically you never have to work a day in your life again, unless you increase your expenses.

So back to my original question. Which is better, riches or wealth? Personally I rather have both! ; )