To start with, what is wealth, and riches. I used to think that riches and wealth are different words with the same meaning, that was a long time ago though.
Riches can be said as a large amount of money as a result of one's income, it is fixed and time bound. This means that if a rich man stops working actively to keep the money coming, it starts reducing and will finish after a certain period of time due to life's expenses.
Wealth, however can be described as a long-term accumulated savings and investment that brings about accumulated assets and financial stability. A wealthy man has a system that allows his money to regenerate even when he does not work for a long period of time.
**Back to the question"
If you have $50,00 today, are you rich or wealthy. Trust me, $50,00 is a lot of money but it still might not make a man wealthy, whereas a ma. Might not have as much as that and still be wealthy. In actual sense, being rich or wealthy is not determined by the amount of money one has at th moment but the ability to generate more money with the available one.
Let's see examples of two men who processes $50,000. One being a man who was involved in a bet and luckily won that amount of money or a man whose parents handed over to him $50,000 has his inheritance. At that point, these guys are rich but the money those not have the ability to regenerate, so what happens next. It starts to reduce constantly till a point where the money remains nothing.
The second example is a man who has been able to grow a business, get income from the business and also invested in other verious business over a long period of time. He earns passively from different sources. This man is definitely a wealthy man whether he has $50,000 or not.
Conclusion
Being wealthy or rich is not measured by the amount of money a man processes in a period of time, but the system set in place to make that money to regenerate.
