Rich Vs Wealthy: Here’s Why It’s Better To Be Wealthy


There’s a BIG difference between being rich vs. wealthy. But most people don’t realize that. They think that anyone who is a millionaire is wealthy.

At some point in time the meanings of the words ‘wealthy’ and ‘rich’ merged. People think having a high income or big bank account balance is all you need to be set.

Ask your friends the difference between wealthy and rich and you’ll be met with blank stares.

Nowadays, most people think that they mean the same thing. But they don’t. At least we don’t think so.

Between my twin brother and me, we graduated from Harvard, Wharton (UPenn), and the Mayo Clinic School of Medicine. Put simply, we’ve had the opportunity to live with, study with, and spend time with a lot of people who came from families with extreme financial resources. I’m talking about the kids of Fortune 500 CEO’s, hedge fund managers, and other big wigs who are rich or wealthy.

At first, I didn’t see the difference between rich and wealthy, but it slowly became more clear. The distinction is important.

In short, the difference between rich vs wealthy is that one group of people focus on investing, while the other focuses on spending.

The actor Chris Rock seems to have a pretty good understanding between the two.

What Does Being Wealthy Mean?

Simply put, wealth is the accumulation of assets. Those that are wealthy focus on investing.

So does being wealthy just mean someone who has a lot of assets? Not exactly, but you’re getting warmer.

To begin, a wealthy individual follows most of the principles in this beginner’s guide to personal finance.

This means that they save at least 15%  of their paychecks (usually more since they are high-income earners), have little debt, have their retirement portfolio in smart investments, and live well within their means.

But the most important distinction is that a wealthy person has a huge net worth. Wealthy people have assets that generate passive income for them. They don’t buy things randomly because they are very methodical and purposeful with their capital.

Most people would not be able to recognize these people as being wealthy because it isn’t based on a flashy lifestyle. They might look like your average person. Blue jeans and sneakers and a normal-ish car.

You might be thinking, “well, what about all the billionaires with private jets, mansions, and crazy lifestyles?!” The fact is that they are outliers. There are less than 600 billionaires in the entire country and nearly 330,000,000 residents in the U.S.

That means that there are fewer billionaires in the U.S. than the number of people you are friends with on social media.

That means that very few people actually fly around in private jets. And you don’t need to be a billionaire to have an incredible amount of wealth and be set for life.

What Does Being Rich Mean?

Being rich simply means having a high income without corresponding assets.

The reason that having a lot of money doesn’t make you wealthy is that rich people also spend a lot of cash. A person who earns $10 million per year but spends $9.9 million on a flashy lifestyle, will have less money at the end of the year than a lot of you. That expensive car looks nice in the driveway, but it could be burning a hole in their pocket since they have so many other bills adding up.

Rich lifestyles consist of a high proportion of an income being spent, resulting in a small amount of investing activities.

That’s the stereotype you think of with professional athletes.

Instead of investing all of that capital, they buy expensive cars and jewelry (they often need to use loans).

For that reason, it doesn’t matter if you are making $250,000 per year if you are spending $225,000.

You’d be better off only making an income of $80,000 and saving half of it!

This is why you shouldn’t judge a book by its cover. You might see someone driving a brand new BMW, but that doesn’t mean that they have a fat bank account.


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The Biggest Differences Between People That Are Rich vs Wealthy

For starters, wealthy people cultivate a way of life that maximizes the likelihood that they will be successful. They don’t dabble in fruitless things like gambling or other risky behaviors like drugs.

They cultivate a wealthy mindset and look for ways to work smarter so that they have time to focus on things that matter most. One of the best ways to do that is to generate passive income in order to generate sustainable wealth.

Some assets that the wealthy own to generate passive income include businesses, real estate, or traditional investments like stocks and bonds. That means that their money is generating wealth for them, instead of relying on punching the clock at an hourly job for a paycheck.

This wealthy mindset helps them in building wealth and gives them financial freedom. They focus on long term economic growth. They have that entrepreneurial itch and are driven by ambition, not greed.

Being a rich person looks fun from the outside, but it’s exhausting to know that you can’t sustain it over the long term.

The Problem With Being Rich Is That It Doesn’t Make You Happier

Our feelings toward money and happiness start being shaped during our first moments. As a society, we constantly get the desire for more money drilled into our heads. For kids, having the right toy is all that matters. As a teenager, it might be having the right brands on your clothes. We are basically taught that there’s a direct link between money and happiness.

But while we’ve all been conditioned from an early age to seek more. More things. More respect and prestige. And a lot more money. Research shows that there’s a lot more to true happiness than the size of your bank account, the size of your house, or having an absurdly high income.

Experts agree that after you have enough to cover the basic necessities in life, all of those extra things won’t bring you a meaningful amount of extra long-term happiness. But you don’t even need the research to know that, because deep down you realize it too. You know that money can’t buy happiness. This means that being rich won’t make you any happier than being wealthy.

On the other hand, being wealthy instead of rich means that you have the freedom to spend your time however you want. You also don’t have to stress about paying any bills. This is what will bring you happiness. Money can’t buy happiness, but wealth can. Because freedom can give you happiness.

Can You Actually Go Broke Being Rich?

Absolutely. There are a ton of celebrities that are known to have blown through crazy amounts of money and gone into bankruptcy. This doesn’t even take into account the wealth tax that often applies to those with high incomes.

Nicholas Cage at one point had a fortune of $150 million and lived the lifestyle expected of the rich and famous. After buying 10+ houses, an island, and rare collectibles, he found himself in financial trouble. He had to foreclose some homes and owed over $6 million in back taxes to the government. Ouch.

Compare that to finance guru and billionaire Warren Buffett, who doesn’t let his wealth go to waste. He still lives in the same house in Nebraska that he purchased back in the 1950s for just over $30,000!

Buffet drives the same Cadillac for years but prefers to spend his resources by flying in private jets because he truly understands which things bring him the most happiness. It certainly isn’t having the most expensive car. Just remember that you can’t see the outside of a car from the driver’s seat. Paying for that sexy car is a waste unless you have the cash and financial security to afford it.

Being Wealthy Isn’t Only About Sacrifice

Many people think that to create wealth they need to skip out on all of the fun in life. However, that’s just not true.

The key to building wealth isn’t so much about being cheap as it is about prioritizing happiness.

Research by Harvard Business School Professor Michael Norton has shown that spending on experiences, rather than material goods, brings us more sustained happiness!

Instead of buying the new jacket that just came out, pay for an experience (a show, an art class, a fun trip, etc.).

If you are already responsible with your finances and want to spend more, just be wise. You’ll see that avoiding the things that make you appear rich will allow you to focus on the things that actually make you happy while building wealth.

Experiences can be a lot more cost-effective than buying the latest gadgets too. Once you realize which things you actually need you’ll see that you’ll slowly begin to yearn less for the things you once thought you had to have. All the while becoming wealthy.

If You Can Afford It, You Can Still Have The Life Of Your Dreams

As we mentioned at the beginning, we had the chance to meet and become friends with truly wealthy people due to having gone to Ivy League universities.

We met people who would take weekend trips on private jets, drive $150,000 cars, and eat at the nicest restaurants in the world. We were even lucky enough to be invited on some of these trips on their planes.

But these same people were very careful with the way they spent money. They always invested wisely and had high-interest savings accounts like CIT Bank’s. They realized that money can’t buy happiness so they prioritized experiences. When they would shop for clothes they got extremely excited about sales and finding a good deal. They were experts at saving money even though they didn’t have to be.

In fact, they had amassed enough wealth that as a percentage of their net worth, they spent very little of it. This means that even though they lived an ‘expensive’ life, they still had more money at the end of the year than they started with every single year.

5 Strategies You Can Use To Develop A Wealth Mindset

Don’t get bogged down by your current situation – this is a long-term game

If you talk to a multi-millionaire, they will rarely tell you that they just woke up to an incredible life. They sacrificed a lot, and they still remember the early years when they weren’t sure if they would ever make it.

If you aren’t where you want to be, or your earnings are what you hoped they would be, don’t lose hope. Even if you feel like you are too old or not smart enough to do it, the fact that you are reading this article tells me that deep down you know you deserve better. Poor people have nothing to be ashamed of. I grew up in poverty. What matters is where you end up, not where you started.

It doesn’t matter how much money you have today.

This can seem daunting, but many times, our brains are simply overwhelmed thinking about big (and small) life decisions so here’s what you can do to more easily navigate them.

  1. Reframe a financial decision so that it’s about a future outcome. Rather than thinking about spending an hour to make a monthly budget, think about sitting down to save $1,000 for the month.
  2. Realize that financial decisions are no more complicated than other decisions you already make about other things, like the decision about where to eat or how to treat an ailment.
  3. Remind yourself that even if you believe you rely on affect or emotion to make decisions, that avoiding financial decisions can lead to undue hardship for you and your loved ones.

Keep your operating expenses in check

You were probably hoping for some concrete steps you can take and not just a pep talk, so this is a very specific piece of advice that anyone can start doing today.

You need to reevaluate all of your recurring monthly expenses and decide which ones are actually worth it.

Focus on things that are fixed and don’t change, like your rent, phone bill, cable bill, car bill, student loan payments, credit card bills, etc.

If you have an extra room that you can rent out or can move in with a roommate, it can often mean you can save a few hundred dollars a month. If you do that for a few years, that’s a lot of money that you can use to start a business or pay off debt.

These investments and contributions to your net worth will become like second nature and become lifelong habits that will help you generate even more wealth as time passes.

When it comes to the way I spend money, I always try to keep the principles of mindful spending in mind.

Here is an example from the first few years of budgeting. I initially expected that I would miss not having everything I wanted. I quickly realized that I was wrong. By slowing down on my buying, my brains began to see the world in a different way. I used to spend a lot of time shopping and looking at products on the internet, but now I have less interest. As a result, I have spent more time doing things that add meaning and value to my life!

When a new iPhone is announced, I used to spent hours reading about every new feature. I was obsessed. Now I spend a total of 0 minutes reading about the new features. Now I just go to the store and buy a new phone when I need it. Not when Apple tells me I should upgrade. It’s liberating. I could care less about wearing designer clothes.

Surround yourself with others who will support your long term goals

Few things impact our lives and our ability to succeed as much as those that we surround ourselves with. When I went to an ivy league university for college I was immediately surrounded by classmates who studied around the clock and talked about their dream careers.

It inspired me to work harder and also explore what I wanted to do with my life. So as you look around, don’t just hang out with the same people because it’s what you are used to. Make sure that they inspire you and lift you up.

A wealthy mindset isn’t cultivated in a vacuum. It is fostered by our experiences and connections which are greatly affected by who we spend the most time with.

Envision your life as a successful person and build those habits now

We’ve all seen the dumb clickbait articles online that say that CEOs read 500 books a year and that they all wake up at 4 am to exercise and meditate. All of that stuff is nonsense and unsustainable in the long term.

However, there is a lot of truth in the fact that wealthy individuals are constantly focused on learning and getting better.

They are competitive and hate losing, and you can’t win if you don’t improve and grow.

Does that mean you need to read a million self-help books? No, but it does mean you have to take care of your body. Don’t each a cheeseburger every day and expect to have enough energy to work hard. I mentioned earlier that building sustainable wealth and passive income takes time. So you have to take care of yourself so that you can make it to the end of the marathon.

Something as simple as taking daily walks and practicing gratitude will go a long way to help keep your mind clear and focused.

The longer you wait to change the way you think, the harder it will be to reverse it

Finally, the most important thing is to simply do something today. Reading this article is only the first step. You have to build on it and make a change. Set a goal and act on it.

If you are only starting your career it’ll be easier for you to build and design a life that is aligned with your goals of building wealth so you can live your best life.

So don’t just say that you’ll wait until next year to start making a change. The easiest day to start something is tomorrow, but the most effective day was yesterday. Don’t fall another day behind. This is your life we are talking about. This is about more than simply personal finance.

63 thoughts on “Rich Vs Wealthy: Here’s Why It’s Better To Be Wealthy”

  1. Love this post!! Really puts things into perspective. And I definitely agree that experiences are truly the source of happiness. Thanks for sharing this great insight!

    • You’re welcome! And thanks for taking the time to read. This is one of those lessons that everyone needs to learn!

          • I just want to thank you both. This article showed up in my Google News feed and I found it really insightful and interesting. But beyond that, I am blown away by the kindness, empathy and encouragement you show your readers in the comment section. It’s so refreshing to read a helpful, practical advice article along with you following up with positivity and support for those still on their journey. Especially on the internet! Thank you for what you do, I believe you are truly inspiring people and changing lives through your work here.

            • Hi Anne, thank you so much for the kind words! It means so much to us to hear them! We are glad that you found us today.

      • Hi Camilo, I came across your post and love it! is there something you recommend for my 16 year old son to study or review? he had mentioned a while back he wanted to own many business but is not motivated. His dad past away last year and it hasn’t been easy. I am a broker of real estate but don’t have that much education. I worked 8 years in the California fields and had to work hard at coming out of that. Your story motivates me, to motivate my son. I also have a 20 year old daughter that am trying to motivate as well. I appreciate any information. Thank you

        • Hi Alma, I’m so sorry to hear that your son lost his father. I lost my dad as a child as well so I am sorry to hear that. For you son, I think one of the most important things is for him to surround himself with friends who are ambitious and motivated to succeed. If he wants to read a book that could inspire him, I recommend Shoe Dog by Phil Knight. It’s about how the company Nike was started and how they got it off the ground. It could help inspire him. I would also see if he can find a role model to help him. If he ever has questions as he navigates colleges or anything like that please have him email us and we will see how we can help him. Thank you for reaching out.

      • I love this. Would you mind, if I read this in a video encouraging young people to create wealth with real estate? This video will focus on much needed information, will include a zoom video with a direct lender. I will present 3 examples of lower priced properties, currently on the market in LA and surrounding areas and have direct lender break down the financing/requirements for them in detail. Of course I would credit you as author and tell folks to follow you on social networks . Would love to use it/read it as voiceover in video.
        Would that be ok?

  2. This! So true and so many people think that the point of having money is run around and blow it faster than they made it. Then they wonder where it all went. smh.

  3. I think part of what drives this is what we get shown on tv. I was just watching the bachelor a couple of weeks ago (#bachelornation whatup) and it almost makes it seem like we should all be striving to go on dates in all of these exotic places and drive fancy cars and fly private jets. But then you realize when they always break up at the end, that those material things never brought them happiness. Just my 2cents anyway lol

    • We couldn’t agree more. Even on the drive or ride to work we are already bombarded with ads. Heck, even on your Instagram feed in the morning you begin to see ads pushed for products and things you don’t need. It never ends. Glad you enjoyed reading.

  4. Great read! I would love to see another perspective added or some variation of this idea (i.e. how could struggling millennials become “wealthy.”) I viewed the explanation of “the rich” as those who are financially irresponsible, which could be anyone with high or low income. But there are many people in their 20s to even early 30s who are financially responsible but unable to live that “wealthy life” still because of student loans or low income jobs.

    • Thanks for reading! The reality is that most people never feel like they have enough money. For those that are responsible and struggling financially it’s important to stick with it and establish good habits early on. As your paychecks go up over your life you will use that increasing income to build wealth and avoid lifestyle inflation. The reality is that most people choose the rich lifestyle and never attain wealth, and those that do attain wealth do so by making wise responsible financial choices over many years.

  5. Absolutely enlightening! I once said to someone that I would prefer to be rich than looking rich. Reading across your blog really put my words into proper perspective.

  6. Yes! This makes perfect sense. Put another way it’s the difference between having assets (that make you money and income. I don’t know if you came across that Thomas Piketty book ‘Capital’ that everyone was drooling over a year or two ago but there’s a similar idea there.

    The only point that doesn’t fully work for me is what you say about experiences. I agree (as does the research) that they make you happier than material things. But I want to try to avoid tying my into happiness into experience as that is still something that is external and predicated on, at least some, money. My goal is to try to root my happiness in myself – but if I can’t do that then to root it in family and friends and simple things like reading, or listening to the radio or going for walks. Whether I manage it or not is for time to tell!

    • Totally agree with you. With regards to experiences, we don’t mean that you should spend on experiences. Something as simple as a walk with a spouse or working on a school project together is a type of experience that will bring you more happiness than buying a new toy that will only get used for a week.

  7. A modest house in Adelaide Soouth Astralia cost 3,500 pounds in 1950’s ,it is now worth 350,000 dollars. By that reckoning Buffetts house is now worth 3 million dollars. Guess that might still be considered modest.

    • No house in Nebraska can ever be worth that much, because Nebraska is not nearly as desirable a place to live, as say, Laguna Beach, California, where Buffet’s business offices (Berkshire Hathaway) are located. Whereas you could have bought a condo in Laguna Beach in the 1950’s, and have it worth over three million dollars now, that can never happen in Nebraska because of its location. And that’s how Warren Buffet became wealthy – by understanding that when you invest in real estate, it’s location determines appreciation.

  8. This reminds me about an episode of Seinfeld who says to the car rental executive, “you know how to make reservations but you don’t know how to keep it.” Well, your article sums it up beautifully like that. My inspiration comes from my father whose was a rags-to-riches story, enjoyed a flamboyant life, was a philanthropist, but the best part was he knew how to keep his hard-earned wealth – invested in assets that fetched him fantastic returns. Provided us excellent education with a sense of responsibility towards maintaining wealth and that keeps us on with our own contributions.

  9. Wonderful article!!! We have an only child and as you can imagine she has always been provided with everything she needs, she’s 20 now. We live in a very nice city in California, she attended a charter school with kids that were children of a couple of millionaire celebrities and some that were children of a famous producer and director. (It isn’t Beverly Hills or Rancho Palos Verdes) At the Mall at one time seeing most teens and adults carrying trendy bags, I asked “Would you like one of those bags? She answered “No thank you Mom, first I’m not going to walk around with a $400 bag that everyone is carrying and second I’d rather have a nice good leather bag that is cheaper and of good quality and have in my bag the $400 “, the kid was 15 at the time!. She started a habit a while back, going to Thrift stores to buy clothes.. after a while I was a bit irritated and told her that we weren’t rich but we weren’t poor either, she told me that she didn’t do it because of that, she said “It is my way of recycling”. She owns dresses, pants etc., bought with original price tags that aren’t out of style, with original prices of $300, $800 or less… all brand new. She owns a Loro Piana scarf that right now in the market is worth $275 and she bought it for $1.99 BRAND NEW. She’s a straight A student, she has been taught to not be cheap but frugal. A trip to Rome is coming from school with her Art class, we asked how much we had to pay and she said “nothing” she told us she will pay for it herself. We asked how much she had in savings, she said $8,000, I couldn’t believe it!!! not bad for her age, she only works 15 hrs a week, we cover all the school expenses and give her an allowance enough for a trip to the movies and to go out with her friends once in a a while, she was taught to always save, it is a habit she has had since she could understand the use of money. We are proud of her because she enjoys the great things in life and once in a while she rewards herself with something a bit pricey but it has to be earned, she has goals of getting a good grade in a hard class, or other things like helping others or finishing two or three books in a certain amount of time… when I’m shopping with her and I grab something she asks me what I did ask her growing up , Do you need it or you want it? She’s our money police LOL!!!
    We aren’t perfect parents but we feel that we have taught her good habits with how to respect money, she controls her money and not the other way around. She’ll be thrilled to read this article I have been able to understand by reading it that even though I don’t do bad managing money… My Cadillac is 8 yrs old, It is old but a nice car and my husband and I made many mistakes financially but have slowly recovered and after reading your article I’m keep in it longer. Thank you for such great advice.

    • Hi Lyn! Thank you SO much for sharing this! It sounds like your 20 year old is very mature and level headed, which is a testament to the guidance and parenting she’s had throughout her life. In today’s world it’s so easy to get distracted by everything thrown at us via social media, but it must be comforting to know she’s confident and appreciates the things that matter most to her. Congrats!

  10. I really enjoyed your article, and am going to give it to my sons to read. I’ve been struggling to explain to them how it is that I’m not poor but that I also don’t have money to go out for coffee every day. I have no debt (besides a mortgage on one of my three properties, which is a rental so the mortgage is covered). I own 2 vehicles which are older and I don’t use my credit card except for Netflix and house insurance because I have to use that payment method. I had to start again after a divorce, so I don’t have a lot of disposable income once I put money into the appropriate accounts for the appropriate expenses. I hope that by reading your article, my kids will understand why there’s not an excess of “stuff”. I will also say there’s a deep feeling of security when you are living within your means and putting money aside for the the ‘unexpected’, which should be expected, instead of hoping that nothing will ever go wrong.

    • So glad you found it helpful, and hope it helps your sons! They’re lucky to have you as an example.

      • A year ago my family and I were homeless, with no cars, I had my license taken due to owing back child support and our prospects for the future were limited at best. Now a year of not, grit, and hard work later….we have a home, 2 cars, my license back, our kids in school etc….but we’re strictly towing the line with our finances. Cutting fat as we may, we still can’t seem to get to the %15 saving goal. What advice do you have to make our money work better for us?

        • Sorry to hear about your circumstances, but it sounds like you’ve made tremendous progress over the past year. If you’ve cut all the fat, you really only have one option, and that’s to increase your income. It’s a tough marketplace right now with the pandemic, but finding a higher paying job will be your best bet so that you can save more.

  11. My top 10.5 success habits: 1. Live beneath my means., 2. New tires for my old car, 3. Learned to make many home repairs myself (a rewarding ‘experience’), 4. Got to know a reputable mechanic, dentist and doctor (in that order), 5. Rarely eat at restaurants (make my lunch and morning coffee), 6. Use our kitchen frequently, 7. Read for insight and ideas, 8. Pre-record TV shows so I can skip over commercials, 9. Pay credit card bills off monthly, 10. Chose a career I can do forever. 10.5 Get plenty of rest.

    • Steve, this list is wonderful. Not only because it is clearly effective, but also sensible. Living a full life isn’t rocket science if you stick to the basics. Everything else is simply a bonus!

      • The financial twins in my life are named Income and Outgo.
        I live quite well on very little. Zero debt.
        No mortgage, car loan, card balance etc.
        A lot of what you said rings true.

  12. I guess the difference really is the lifestyle. Another great example is former Pres. Jimmy Carter. It was reported that he still lives in his home that he built in the early ’60s and that he shops at a dollar store. Frugal living at it’s best!

    • Yup, the lifestyle is so important. If you can afford the shiny new things, then go for it, but if you can’t it’s important to realize you can still live a full and awesome life while living within your means.

  13. We paid off our student loans in under 2 years. I’m now 6 years out of school and friends are refinancing so they can afford their debt payment and to have a family. Gratefully I don’t have to make that choice because we buckled down and paid them off quickly and ferociously! $82,000 gone!

    BTW- congrats on your success. I knew in high school you both would do great things.

    • Hey Trina, huge congrats on crushing your $82,000 of loans! What an amazing accomplishment. If you’re ever interested in sharing your story on our site, feel free to reach out to us! I think it would inspire a lot of people. Thanks so much for the kind words, that means a lot!

  14. Hi guys,
    I’m the mother of 4 year-old twins and have been a single mother for a significant portion of their lives. So, hats off to your mother: it ain’t as easy as it looks–kids don’t raise themselves!
    I am trying so hard to get wealthy, not rich! Paying off debt is a priority!! I am actually grateful for the opportunity to pay off my debt at the rate I am, thanks to making more money recently. It’s very stressful to have a ton of student loan debt and no way of paying it off.
    thanks for the post

    • Hi Alida! It’s incredibly impressive and heroic that you are raising 4 year old twins alone. I can’t imagine. So glad to hear you are working hard to get out of debt. You’re setting a wonderful example for your twins. Please let us know if you need anything on your journey.

  15. I have always thought although didn’t live by my own beliefs as a young person. Now, after going through more than one loved ones items whom have passed away, I ask myself, “Do I really need this ‘stuff’? and “Will this matter after I am gone?”
    I tell people often that my daughter who is very low income but has no debt, no credit cards and money in the bank is better off than another we know who is a high wage earner but spends more than she makes and no savings. Her entire paycheck is ‘owed’ when she gets it.
    As I approach retirement I have no debt. My paycheck is actually MINE. I have the normal mortgage (almost paid off), electricity and food but no consumer debt or even a car payment.
    I would rather spend money on seeing the world or gardening with my grandchildren than stuff. It has changed my relationship with friends- shopping is not our favorite pastime anymore but we will hike or go to a show.
    I have many friends who are very well off but you wouldn’t know that by what they drive or the purse they have. It is all about how you allocate your money. I have to ask myself outloud still, “Do I want or need this? and “Will it just end up as clutter to dust?”
    People will remember what kind of person you were not were you bought a vase or china.

    • Grace, this is so true! You have to look in the mirror and be honest about what is most important to you. It’s probably not material things, and the research agrees with that!

  16. Thanks FI-Twins for the great article and thanks to all the folks who made comments. The interaction makes this a really rewarding thread. My kids have adopted the “reuse” lifestyle.
    For example, my college age kids needed new dress shoes for a wedding. All 3 headed to the local ARC store. All 3 picked up basically new dress shoes for less that $10 total! I was amazed. I don’t remember teaching them that lesson, but something good rubbed off. BTW, I looked up Buffett’s current house price on Zillow – $1.62M. Warren’s house is definitely the most expensive house on the block. 🙂

  17. Hi!
    I woke up in the middle of the night and found your post. I Love you guys!
    I’m frugal and careful with my earnings. But I couldn’t agree more.
    I have a cleaning business
    and work for very wealthy people. You’d never know how they live. Besides having me to tidy up for them. They invest, drive modest vehicles and donate to worthy causes.
    They truly live the life you are so wonderfully explaining to me. I watch and listen, hoping for more. I just wasn’t connecting the dots. After reading Info from someone I have no attachment to, until now!
    I think you guys are geniuses!! Thank you so much for the “lightbulb”
    moment. Sending Love,

    • Hi Dee, thank you for joining us and reading this important article. We are so glad that you found it so helpful! Our site has all of the resources you’ll need to save, invest, and protect your loved ones.

  18. Absolutely enlightening! I once said to someone that I would prefer to be rich than looking rich. Reading across your blog really put my words into proper perspective.

  19. Amazing post. Well done. I work as a banker with a first degree in economics and a 2nd degree in finance but earlier in my life I struggled to save money. I only started learning how to be financially free last year and the journey has been amazing. I’m still learning a lot. Thanks for this information. It’s very insightful and helpful.


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