There is a big difference between these three terms; money, wealth, and social position, even though not everyone believes that. Of the three of them, the most important should be wealth. Now, we need to understand that people want to go about wealth to attain freedom. There are different kinds of freedom, and wealth is able to facilitate a whole lot of them. That would be our main focus in this blog.
What exactly is the difference between money and wealth?
Money, in layman’s terms, is what you earn in exchange for your time and energy. On the other hand, wealth can be seen as the money that grows without needing your input directly. See wealth as making money in your sleep. For wealth, you do not need to lose money because of a sick day or vacation. We cannot say the same for money. It is possible to earn a lot of money and still be stuck in a lot of money problems.
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So what are those types of freedom that wealth can give you?
Freedom from money problems
We can argue all day if money can make you happy, but we cannot argue the fact that a lack of money will surely make you unhappy. This unhappiness stems from the fact that they are not financially free. Some people will need to work for more than forty years to be able to get by when they finally retire. Wealth can make you financially free. Wealth is generally made out of value-generating assets. Take, for instance, back in the day; a wealthy man was one who had wealth-generating assets like cows, sheep, and cattle.
These animals were known to generate meat, milk, and skin, which were all sources of income when sold. The basic needs of individuals are food and shelter. So we can say that a person is only said to be financially free when their income crosses the food and shelter threshold.
Freedom to explore
The truth is, we are inquisitive individuals who love to try out new things. However, not all of us get to the level we ought to because we do not have the luxury of trying out what we want to be. Wealth is supposed to be the safety net, and if we do not have it, we have no other choice but to be what life has forced us to be. Finding out what you want would mean you should have tried out a lot of different things, and a person that is not wealthy cannot afford that. There are a lot of things that would probably excite you in the near future, but how can you know this when you cannot explore?
Freedom to pursue dreams
This type of freedom is special because it does not involve monetary gains. If you want to visit Paris for a vacation someday, it is not for monetary gains. It is for the passion and love of it. Passions and dreams require time, and we cannot deny that they require money and time. Creating wealth will give you time to do what you want to do and not what you have to do. A truly wealthy person is someone that chooses where and how they spend their time.
Passions and dreams may not be a necessity for survival, but without them, we may never be truly happy. The purpose of wealth is to allow your dreams and passions to build a life worth remembering. With wealth, you can be who you want to be and not what society shapes you to be.
Freedom from society and from yourself
Sometimes, we hear a certain voice in our head nudging us in a particular direction. That may be our minds trying to tell us something, or it could just be a voice formed from the thoughts and opinions of people in society. People’s entire lives are usually wrapped up in the immediate environment, and that is something worth thinking about. We have two selves between us; the true self could be us if we are not influenced by any factor.
There is also the self that society wants us to be. If you are wealthy, you can always resist that voice in your head, be it from society or from your mind. It allows you to make unbiased choices based on what you want to do. Wealth reduces the need to impress people.
Freedom to keep rising after failing
Wealth hinges on one fact; being able to fail and rise back up. A young person can afford to keep trying and failing. However, if you already have a family, it may be a lot more difficult to risk your family’s hunger for your startup business that may not even come out clean in the end. The idea is, if you are wealthy, you can afford to pursue your dream. For instance, if you have a business that has made you wealthy, you can always afford to pursue every dream of yours. A wise man once said, “If you want to be a philosopher-king, first become a king, and then a philosopher, and not the other way round.” With wealth, a safety net is guaranteed while you pursue your dreams.
Wealth can also give security, be it physical or mental. One thing you should realize is a wealthy person can escape death’s grip in certain circumstances. Most surgeries and health treatments may be too expensive for the average man, but a wealthy person can easily afford it. Money buys you a fighting chance. Rich people can buy cars with better chances of accident survival, move their families from neighborhoods that are not safe enough, or pay for whatever medical costs that give them a chance of survival.
Wealth can also give you security from poverty and unhappiness. As we agreed, even if money cannot buy happiness, it can surely save you from being unnecessarily sad. A wealthy person does not need to worry about the basic needs we talked about earlier. There is always food to eat and a place to rest their heads. Some people value lifestyle over wealth when it should be the other way round. This is why some people go broke. It is always better to build your wealth and let it pay for the kind of lifestyle you wish to live.
Most people believe that in order to be successful and rich in life, a well-paying job is vital. However, we believe that to build wealth, all you need are things that can appreciate rapidly in value. Wealth can also guarantee you security through some sort of diversification. Only a rich or wealthy man is able to invest in many companies and businesses at the same time. Multiple streams of income are important if an individual wish to be truly wealthy.
In general terms, the safest type of financial security is having a whole lot of income streams that can make you wealthy and happy for the rest of your life. With wealth, you are secured from events popularly known as “Black Swan events.” These are events that you do not plan for, but they occur once in a pretty long while. The coronavirus pandemic, for example, was a black swan event.
However, the rich were able to survive, and poor people were hit the most. With a certain level of wealth, you can have the unfair advantage of being safe when every other person is in panic mode. Finally, wealth can put a big distance between you and the harms of society. Discrimination is dangerous and is eating deep into society, but the good news is, wealth can create a barrier between you and those kinds of social vices. Wealth eliminates any need for your skin color, tone, social status, and other factors. In fact, it creates a level ground among the higher-ups in society. Wealth can protect you from every kind of harm, mental, physical, spiritual, and emotional.
In conclusion, if you want to live a fulfilled life, become wealthy. Start looking for ways to make money, but more importantly, more wealth. We have agreed that the best way to do this is by creating multiple sources of income. Do that today, and you will be glad you did.
Recommended for further reading:
- Key Person of Influence – Daniel Priestley
- To Sell Is Human: The Surprising Truth About Moving Others (by Daniel Pink)
- Jab, Jab, Jab, Right Hook: How to Tell Your Story in a Noisy Social World
- The New One Minute Manager – Kenneth Blanchard
- Eat That Frog! – Brian Tracy