Word association can be a funny thing. Some words that are so linked together it can be hard to think of one without the other. Some of these words make sense, like “sugar” and “sweet.” You can say the word “sweet” and not be talking about sugar, but it’s never far from the brain. Some of them make less sense but are so engrained into our language that we don’t think to question them. “Salad” and “healthy” come to mind. Just because it’s called a “cobb salad” doesn’t make lettuce covered in fried chicken, bacon, egg, avocado, and heavy dressing a healthy lunch.
“Wealth” and “rich” fall into that latter category. There is no hard and fast number at which someone becomes “rich”; it’s largely a matter of perspective. However, we all would probably agree that the word “rich” has to do with having a certain amount, often an abundance, of financial resources. “Wealth,” on the other hand, is different. In the same way that salad can be healthy but doesn’t have to be, a wealthy person can be rich but doesn’t have to be. We think this is an essential distinction for one crucial reason.
Wealth is about more than money.
Wealth is freedom. The freedom of mind that comes with knowing that you are on the right track, that your plan is secure, and that you are ready for whatever might come. There are plenty of people out there with lots of money, yet they have no idea what to do with it or how to make it work to achieve their goals. That makes them rich, not wealthy.
Wealth is flexibility. It’s the freedom to spend your time and energy how you want. It’s about knowing that you are ready for whatever life throws your way. You can have plenty of money and still not have the freedom to spend your time and energy in ways that you want. Again, that makes you rich, not wealthy.
Wealth is personal. Being rich is mainly about other people. It’s comparative. It’s about having more than your neighbor but not as much as the pretty people on tv. Being wealthy is about you. It’s about achieving your goals and making sure that you live the life you want for yourself and your family. If you have the resources (time, energy, money) to live a contented life and reach your goals, you are wealthy, regardless of what anyone else says, does, or thinks.
For the above reasons, we are Bridgeworth Wealth Management and not Bridgeworth Money Management. We recognize that wealth is much more than just how much money you have. We want to help create plans for our clients that take them beyond money and put them on the path toward being genuinely wealthy.
Reach out to a Bridgeworth advisor today to get started on planning your future and the legacy you will leave behind.