Get Wealthy, Not Rich

By Fabian Vartez

The Royal Academy of the Spanish Language defines wealth (in its first meaning) as "the abundance of goods or precious things."

 

And this is the concept that we all have in mind. A person is rich when he has wealth: a luxurious house, an expensive car (or two or three!), Expensive clothes, trips in first-class ... You know what I'm talking about.

 

But it is helpful to make the distinction between (a) having wealth and (b) being rich.

 

To explain the difference, let's use an example: imagine you win the lottery, and you become a millionaire… Wait, how much money should you have to be a millionaire? Well, the answer will change from person to person but let's imagine for the purposes of the example that a million dollars is enough.

 

Very good, and now let's assume that having all that money, you stop working and dedicate yourself to enjoying life. The next question would be: how much would you spend per month? Suppose you like to live well: take good trips first, eat in the best restaurants, stay in the best hotels and buy yourself a whim other than another: what if a Ferrari here, champagne in Ibiza there, ... and you leave to spend on average $ 50,000 per month.

 

Well, if you have a million dollars and you spend fifty thousand a month, in 20 months, you have polished everything. Not two years will bring your joy last.

 

And it does not matter what you spend per month because, in the end, you will be able to live without working for two years, or five or ten. You have wealth, no doubt, but money is going to run out.

 

Now let's imagine that you generate a passive income that is greater than your expenses. At that moment, you achieve financial freedom, and you can do whatever you want with your time.

 

When you are done reading this book, you will have gained a lifetime of experience in just a few short hours. The stories are interesting to follow, and the challenging concepts have been made easy to understand. So get ready to broaden your horizons and adjust your expectations because you are in for one hell of a ride!

Are you ready?

If you are,

Click Buy Now With 1-Click or Buy Now to get started!

• Language: English
• Publisher: Editorial Atelerix Creative Quill
• Release date: Apr 27, 2022
• ISBN: 9798201743918

Fabian Vartez

Hi! I am a modern Mexican writer with very creative ideas; I have many experiences to tell and many stories to tell; I have had a life that has had too many ups and downs throughout my youth. Additionally, I am a very modern person, all the time, and I am reading, watching videos, series, movies of all kinds, and amazed at how wonderful technology is. I hope to see you reflected on all my knowledge and experiences throughout all my books. Soon I will be publishing more and more as time goes by. I have many finished works, but the details and final editions are missing.

Book preview

GET WEALTHY, NOT RICH

INTRODUCTION

CHAPTER ONE: CAN I BE WEALTHY?

Being wealthy vs. being rich

What does it mean to have wealth?

Being rich

Differences between rich people and those who have a wealth

The biggest issue with being rich is that it doesn't make you any happier.

Can You Really End Up Bankrupt Being Rich?

Building wealth is not just about sacrifice.

Is being wealthy something achievable?

Redefine your money relationship

What is money?

The negative charge of money

Education, presets, and beliefs

Taking out what you carry inside

Heal my relationship with money

The dream mindset

Don't be overwhelmed by your current situation - this is a long-term game.

Keep your operating expenses under control.

Surround yourself with people who will support your long-term goals

Visualize your life as a successful person and develop those habits now

The longer you wait to change your mind, the harder it will be to do so.

CHAPTER TWO: LIVING WITHIN YOUR MEANS

Define realistic and achievable goals

How do you set goals?

How to achieve your financial goals?

Some financial goals

Spend like a wealthy person

Financial mistakes the wealthy don't make

What do the wealthy spend their money on? Success stories

Carlos Slim

Bill gates

Warren Buffet

Amancio Ortega

Budgeting is a needed skill.

What is a personal budget?

How to prepare a personal budget?

What expenses are in a personal budget?

Considerations and adjustments in your budget

Repurpose your money

CHAPTER THREE: SUCCESSFUL LIFESTYLE HABITS

Search for a healthy life

Get a good night's sleep

Wake up early

Choose healthy food

Exercise everyday

Know when to stop working

Organize for a productive day

Stay away from distractions

Work from hardest to easiest

Learn to delegate

Pomodoro system

Block day system

Always look for self-growing

Identify your strengths and weaknesses.

Personal SWOT analysis

Johari's window

Personal strengths and weaknesses tests

Coaching

Read daily (and not just for fun)

Take some courses and workshops

Don't be afraid of failure

Be positive and thankful

Create a good network

Don't follow the herd

Surround yourself with successful people

Look for a mentor

Ask people for feedback

Help others to succeed

CHAPTER FOUR: GREATER EARNING FOR AN EARLY RETIREMENT

What is a side hustle?

Entering definitions

Why not start at once, instead of being tied to a job?

Considerations when designing a Side Hustle

What do you need to undertake?

Passive income ideas

Rent of vehicles

Make yours an advertisement car

Rent it when you don't use it

Buy cars for a taxi line

Rent of properties

Rent as a home

Transformation into commercial premises

Investment in other cities

Peer to peer lending

Win - win formula

P2P or Crowdlending loans

Sell ​​digital products

Become a content creator

Some marketing skills won't hurt

Leaving my 9 to 5 job

CHAPTER FIVE: INVESTING FOR YOUR FUTURE

High yield savings account

Certificates of deposit

Government bond funds

Short-term corporate bond funds

Municipal bond funds

S&P 500 index funds

Nasdaq-100 index funds

Real estate

Cryptocurrencies

AFTERWORDS

INTRODUCTION

The Royal Academy of the Spanish Language defines wealth (in its first meaning) as the abundance of goods or precious things.

And this is the concept that we all have in mind. A person is rich when he has wealth: a luxurious house, an expensive car (or two or three!), Expensive clothes, trips in first-class ... You know what I'm talking about.

But it is helpful to make the distinction between (a) having wealth and (b) being rich.

To explain the difference, let's use an example: imagine you win the lottery, and you become a millionaire... Wait, how much money should you have to be a millionaire? Well, the answer will change from person to person but let's imagine for the purposes of the example that a million dollars is enough.

Very good, and now let's assume that having all that money, you stop working and dedicate yourself to enjoying life. The next question would be: how much would you spend per month? Suppose you like to live well: take good trips first, eat in the best restaurants, stay in the best hotels and buy yourself a whim other than another: what if a Ferrari here, champagne in Ibiza there, ... and you leave to spend on average $ 50,000 per month.

Well, if you have a million dollars and you spend fifty thousand a month, in 20 months, you have polished everything. Not two years will bring your joy last.

And it does not matter what you spend per month because, in the end, you will be able to live without working for two years, or five or ten. You have wealth, no doubt, but money is going to run out.

Now let's imagine that you generate a passive income that is greater than your expenses. At that moment, you achieve financial freedom, and you can do whatever you want with your time.

Well, this is the concept of wealth: a person is rich when they have enough income by doing what they love without ever having to go back to work. And wealth is measured in time: the number of months or years you can live without having to work.

What do you prefer? Think that you would rather be rich according to the traditional concept and have a lot of riches but having to constantly work to be able to maintain your rhythm of life or be rich according to the definition that has just been proposed and dedicate yourself to doing what you like.

I have it clear. And you?

CHAPTER ONE: CAN I BE WEALTHY?

Being wealthy vs. being rich

SURELY YOU'VE EVER heard the phrase X% of the rich have Y% world wealth. Or that the solution to many problems is for the government to make more money. Implicit in it are some completely incorrect assumptions. The main one is to confuse the terms of wealth and money, which are very different. Understanding the difference is one of the most important principles for getting money.

There is a big difference between being rich and having wealth. The majority of people don't realize that there is a difference. They just think that anyone who is a millionaire has wealth. If not, ask your friends the difference between rich and wealthy, and you will find blank stares and WHAT? Faces. For this reason, in this book, we will clarify this difference because this is a basic concept of financial education that we must be very clear about.

What does it mean to have wealth?

AT SOME POINT, THE meanings of the words rich and wealth merged. People think that having a high income or a large balance in a bank account is all it takes to have wealth. Today, most people think they mean the same thing. But it's not like that. At least, I don't think so. In short, the difference between being rich and having wealth is that the former focuses on spending while the other focuses on investing.

Put in a simple way, wealth is the accumulation of assets. Those with wealth focus on investing. So does having wealth just mean someone who has a lot of assets? Not exactly, but that's where the thing goes.

A person with wealth has a personal savings rate of at least 15%, generally more, since they are high-income people. They have little debt, they have their retirement fund in smart investments, and they live well within their financial means.

However, the most essential distinction is that a person with wealth has a huge net worth. They have assets that generate passive income for them. They don't buy things at random because they are very methodical and determined with their money. Most people would not be able to recognize these people as wealthy because it is not based on a flashy lifestyle. They can look like an average person. Jeans, sports shoes, and a normal car.

You are probably thinking, What about all the billionaires with private jets, mansions, and wacky lifestyles? The fact is, they are outliers.

Being rich

BEING SOMEONE RICH simply means having a high income without the corresponding assets. The reason having a lot of money doesn't make you wealthy is that rich people also spend a lot of cash. A person who makes $ 10 million dollars per year, but spends 99% on a luxurious life, will actually have less