What is Rich?

Rich refers to individuals with high income and who own a significant amount of money and assets. Their financial status is majorly defined by high income from a salary or a business, luxurious lifestyle, expensive cars, expensive homes, and designer items. Their goals are more focused on short-term financial success. However, it is important to note that having a high income does not necessarily mean financial stability or long-lasting prosperity.

In fact, rich people are more prone to a false sense of financial security, leading them to spend more and not consider building wealth for long-term financial goals. By this, it is clear that being rich is not about a particular level of income but a consumption-focused mindset.

Features of a Rich Person:

• High Income: Rich people make a lot of money from different sources such as high-paying salaries, business, or even inheritance.
• More Focus on Spending: Spending is a habit of most rich people. They spend on material things such as luxury cars, designer clothes, and expensive vacations to maintain their lavish lifestyle.
• Status Symbol: Rich individuals put more emphasis on social status. They possess materialistic things to showcase as a status symbol to others.
• Not Hesitant to Debt: Most rich people take debt to maintain their lifestyle. They justify it based on their high-income level, potentially avoiding long-term consequences.
• Short-Term Goals: The primary focus of rich people is to achieve short-term gratification rather than on long-term goals. Wealth generation may not be their sole purpose.

We often use the terms rich and wealthy interchangeably; however, they are not the same. While both are associated with financial status, there is a fine distinction between their meanings. A rich person generates a high income and owns luxurious assets to maintain a lavish lifestyle. However, a wealthy person also owns assets and material things, but they are more focused on generating passive income to follow the path of financial freedom.