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Wealth vs. Riches
339 Plays3 years ago
In this week’s simple step, we’re talking about the difference between riches and wealth. Without giving the whole five minutes away, at least know that here your mindset and the relationship between your money and your passion make all the difference. In the end, riches are too shallow, wealth is a much deeper and helpful aim.
To share with us when you started to understand the differences between riches and wealth, or just to provide some feedback on the show, hit us up at podcast@uncommonwealth.com.
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Transcript
The Dream of an Uncommon Life
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit.
Welcome to the Uncommon Life Project
00:00:11
Speaker
Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
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A life worth celebrating and savoring.
Meet Your Hosts: Brian and Philip
00:00:30
Speaker
Please welcome your hosts, Brian Dewhurst and Philip Ramsey.
00:00:35
Speaker
Hello and welcome, everybody, to another episode of The Uncommon Life Project, where I am your host, Philip Ramsey. And Aaron Kramer. And Aaron Kramer. We got another simple step for you. I love these. People are starting to love these. Great feedback from them. These are supposed to be applicable, quick things that you can do. Not a long one. It's five
Rich vs. Wealthy: What's the Difference?
00:00:54
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minutes. Today, we are talking about wealth versus rich. Richness. What? What is that? Right? Yeah. But here's the deal. At the end of the day,
00:01:05
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this has been fleshed out more and more as my career has gone on in the last 10 years, is sometimes you see somebody maybe with the most amazing car or the most amazing house and they are up to their eyeballs in debt. They feel like they're rich, they look rich. Well, they are rich. Right, but they are spending their money at such a clip that they feel like strapped. And so what we think is like wealth
00:01:30
Speaker
And that's why we call ourselves the Uncommon Wealth Partners, because it is so much more than just financial when we're talking about wealth. Rich, you can pretty much just say financially. Well, so Rich, when we think about it, you have a strong cash flow, right? You make good money. It's coming in for the big car, big house, but you're spending as soon as you take that paycheck away, boom. Your time is locked into that paycheck.
00:01:56
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Right. And so it does something mentally where you are just going to the next paycheck, next paycheck, spending, spending, spending, spending, spending, versus wealthy has a whole different mindset.
Defining True Wealth
00:02:08
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They might be using their money to fulfill themselves, to lift other people up, encourage other people and infuse their passions into what they do. That's wealthy. So here's what we always say on Commonwealth partners is if you woke up every day of your life and you loved what you did,
00:02:25
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When would you want to stop doing that? Never. Never. That's wealth.
00:02:29
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That make sense? Because now you're doing something that you feel like in line with your passions and your pursuits and like you're encouraging other people and whatever it is. But that to me is wealth. Rich might be somebody who goes to Wells Fargo as an executive. I always pick on Wells Fargo. Who's like a key executive and like is grinding and spend his money in such a way. So when you're thinking and working through life, are you working on wealth? Are you looking or working for riches?
00:02:56
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Yeah, always man. Like, cause it's like one of those things where, you know, to build off of what you just said, like wealth is like your, it's your passion. Like you're going towards a passion. It's so much easier to build up wealth and like, you know, to create time for yourself when you're doing what you love because you're doing what you love. Like that's the way you want to be spending your time. Right. But if you're chasing to be rich, like the high dollar income and you're just constantly chasing the dollar where you're going to fall into the loophole of
00:03:22
Speaker
keeping up with the Joneses, which makes you happy, you know, and all these other things. And it's a good thing. You mentioned something that I think just, I want to talk through and you know, our five minutes is getting closer, but time, there is something so precious about time.
Time: Your Most Valuable Asset
00:03:36
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And they say like, it's the most valued asset in time. So here's your application for today. Think through your life and all the time that you have. How much time are you spending on things that you're passionate about?
00:03:49
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Yes, even in a week just to do one week do it. Yeah, and see where you're at. Are you chasing riches? Are you chasing wealth? Yes, that's your application. I don't know what else to do. Perfect. Yeah, like you bring so much more joy. So if everybody could do that.
00:04:06
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And if you do it well, like if any are comfortable enough, send it in and let us know. That's great. That's great.
Engage With Us
00:04:12
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You can get ahold of us at podcast at uncommonwealth.com. So we'd love to hear from you. Great job. This is a fun one. Yeah. We hope that this helps kind of put a perspective of where you're at. And if you're chasing riches, guys, do not be discouraged, but start thinking about your finances differently.
Unlocking True Passions
00:04:30
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Start thinking about your life differently. And at the end of the day, we all have an uncommon journey. Our job here at the Uncommon Wealth Partners and the job of the Uncommon Life Project is to try to unlock what you're truly passionate about. So we hope this is encouraging. Until next time, you've been listening to the Uncommon Life Project. I've been your host, Phillip Ramsey. And Aaron Kramer. Until next time, go be in common. Thanks.
00:04:51
Speaker
That's all for this episode of The Uncommon Life Project, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.