On first thought, the words rich and wealthy are almost used interchangeably. Someone who is rich is naturally wealthy, right? It’s pretty simple, right? Let’s park that thought for a moment.
Haven’t you at some point in your life caught yourself having the thought, “If I make ₹XYZ in a month, I’ll be extremely happy”. With salary hikes and years of slogging, when you did finally get to that number, were you genuinely content? Or did you now have a new number in mind?
Same story everywhere.
Hence, rich and wealthy are not the same concepts. A rich person is someone who has the cash to buy stuff. A wealthy person, however, is someone who has the savings to buy whatever they need but uses that as a sense of security or comfort over their time. A rich person chases money in exchange for their time whereas a wealthy person uses their money to identify avenues to spend their time (which inevitably makes them more money).
With increasing awareness in this area, people have now realized that the true objective is to chase wealth over the long term and have enough cash flow coming in which can meet their lifestyle objectives. The final goal should be:
Inflation adjust passive income > Inflation adjusted expenses
*“The goalpost has to stop moving; the expectations have to remain in check. Otherwise, money has a tendency to be a liability masquerading as an asset, controlling you more than you use it to live a better life” *– Morgan Housel
Hence, at KRIIS, we truly aspire to reach the above goal for each of our clients, which will allow them to truly be free. Our end goal is always, to make our clients wealthy!