#186 – What’s the Difference Between “Rich” and “Wealthy”?

There’s never a bad time to talk about building wealth. But too often, we get stuck in the cycle of searching for “rich” instead of “wealthy.” This week, Hallie and I talk about the fundamental differences between being “rich” and “wealthy” and how to make powerful structural changes in your life that help you achieve a financial future that aligns with your true self (and not your ego!). We also dive into why it’s important to live on a percent of your income, as well as the “CEO” concept that can help you optimize your spending.

 

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Timestamps

[2:50] Rich is what you can see, and wealth is what you don’t see.

[3:53] You can make half a million dollars a year and still be living paycheck-to-paycheck.

[5:47] Why is talking about wealth kind of boring?

[8:53] “CEO” is an acronym for Cutting costs, Earning more, and Optimizing spending.

[16:22] If you want more money, what can you do to make more without adding too much time and effort?

[17:30] Ideas for controlling your cost of living.

[23:38] How do you set yourself up to not have massive fixed costs?

[24:43] It’s not about how much money you actually have. It’s about spending within your means.

[24:35] You can still play with life and buy planes, and boats. But it’s about not setting yourself up with this heavy debt and living within your means.

[38:02] If Bill Gates feels the same in a mansion as in a one-bedroom, why does he choose the mansion?

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