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Being Rich vs Being Wealthy
1 min read

Being Rich vs Being Wealthy

When we become part of the middle class, what we gain is choice. Suddenly we can now decide to opt-out of things that are not our fight. It is also the beginning of privilege.

When we become rich, what we gain is control of time. Charlie Munger once famously said, that all pursuit of wealth is towards gaining total freedom.  You can now decide what you want to do with your time, rather than having to do things (that you didn't perhaps enjoy) because you had to.

Being rich also means you can buy solutions. There might be things that are bothering you and causing inconvenience and you don't have to wait for the "system" to get better - you can work around it, or afford solutions for yourself.

When you become wealthy, you now have the power to multiply time. You can lease the time of those who seek to achieve middle class status - or become rich. Suddenly you can now pursue things, not constrained by the time that you have.

Ambani famously said, "If you don't build your dream, someone else will hire you to help them build theirs." Not many realize, that it is not even an option for most to go chase their dreams till you are rich and can separate what you had to do for a living vs what you loved doing. In my opinion, that's the definition of success.

Now, its true that time has variable value. There are plenty of folks who have all the time in the world but aren't rich. And their life doesn't look anywhere remote to being successful. That is where the fundamental concept of value is born - what is your time worth to you, and to someone else. If it isn't of worth to anyone else, and one isn't doing much to improve that scenario, that's life and time wasted.

Many falsely believe being rich is about being able to buy things, have big bank balances and all - but honestly, it is about time and how well you can extend it to leave a mark behind.

Time is the only scarce resource, and legacy is the end goal.

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