Rich OR Wealthy?; .. New Money vs. Old Money.....

[Ka-Buda]

In my business life i meet alot of Business people and in time i have come to tell the difference between Rich and Wealthy people very easily and quickly from having a simple conversation/contact with them.

I was in Kenya in December and i came across many Kenyans who would like to think of themselves as Rich.
Good house,new ride,kids in good private schools and a good property portfolio etc… (mostly relatives)
But as much as i tried,i couldn`t help but see Risk,Debts ,PRIDE and Their Reliance on Employment as a Big Grey Cloud hanging over their heads in their ambition to stand out!

And that to me is the Biggest Difference Between being Rich and Being wealthy.

I share some contracts with this “wealthy” English Guy and he has helped me from Day one out of the goodness of his heart.

This guy owes nobody any debt and he has a huge fleet.
He could have easily chosen to Not let me in the loop when i was a starter and worked for him But he Didn`t!..

He instead helped me in more than one way to start off on my own.
And yet he is still the guy that wakes earlier than everyone he employs to make sure that things are as they should be.
He will still take on that “cheap” paying job that no one else wants yet he could easily afford to Retire and live off his Wealth right now!..

But there Goes the Difference between Rich people and Wealthy people!..

Wealthy people Dont even look at what they have or even talk about it.; They Keep Looking for more opportunities because they didnt start out seeking to be Rich;… they just did what came Naturally to them.

They Just keep looking for opportunities and Money and Riches come as a Consequence Rather than as an Ambition.And the more people they can help along the way whether by providing Employment,advise or Charity,that is the Reward they Crave and that motivates them.

Ask Not What Kenya can Do for you; Rather,ask yourself what you can do for Kenya.

We Need to Get with the programme Kenyans!.. Corruption,Making Excuses and Selfishness have Never Built ANY Great Nation on the face of the Earth…- (Mhenga @Ka-Buda 2016)

[mabenda4]

I didnt get the 'old money new money ’ angle.

[Guru]

How can u compare business environment of a developed country to a developing one? I agree Corruption has killed this country kabisa. Unfortunately, its a menace not likely to go away soon. God help us!

[junkie]

the day i will wake up not giving a fuck what my boss will say i will be wealthy

[karema-hitI]

I may be wrong but I think a wealthy person is one who spends less than he earns and has no debts.

[bjurmann]

@junkie

the day i will wake up not giving a f**k what my boss will say i will be wealthy

He he…when will this day be?

[Guru]

@karema-hitI

I may be wrong but I think a wealthy person is one who spends less than he earns and has no debts.

I.e financial freedom.

[Dunya]

That classification of wealthy vs rich is just subjective. The most important thing is the quality of life you are living and your future plans. But live you must. Whether rich or wealthy you can die anytime.

[PepoPunda]

@Ka-Buda

I share some contracts with this “wealthy” English Guy and he has helped me from Day one out of the goodness of his heart.

…- (Mhenga @Ka-Buda 2016)

Kwanza kabisa… Wewe ni mtu ya msaada… Charity case… And you are busy criticizing people who have worked their asses off, accumulated wealth etc… But by the way i cant even see your whining point. Just had to point ou that you are an envious charity case. Kukubali success ya wengine haiwezi ika kuuwa.

[Alchemist]

It is a shitstorm out there. Take what you can, give nothing back said the Kenyan leaders.

[ochithunder]

There is no difference between Rich and Wealthy. A wealthy person is a rich person and obviously a rich one is wealthy. These are semantics. The only difference there exists is between Rich and poor, the difficult task is deciding the dividing line between the two in terms of net worth, is it 5million, 10million, 50 million? Difficult to tell. Ypu could even throw in that ambigous “middle class” who in my opinion are simply well to do poor people anyway (in relative terms):D:D:D. All I know is that I would not mind more money…

[PepoPunda]

@ochithunder

There is no difference between Rich and Wealthy. A wealthy person is a rich person and obviously a rich one is wealthy. These are semantics. The only difference there exists is between Rich and poor, the difficult task is deciding the dividing line between the two in terms of net worth, is it 5million, 10million, 50 million? Difficult to tell. Ypu could even throw in that ambigous “middle class” who in my opinion are simply well to do poor people anyway (in relative terms):D:D:D. All I know is that I would not mind more money…

You know compared to a slum dweller somewhere in Mukuru, you are “Rich/Wealthy” according to them. Even a slum landlord is considered quite wealthy in slums and has alot of respect. Its relative and yes semantics.

[Weston]

@Ka-Buda,hii thread yako imejaa tu kama mkate kwa karatasi lakini hakuna weight…

[karema-hitI]

@ochithunder

There is no difference between Rich and Wealthy. A wealthy person is a rich person and obviously a rich one is wealthy. These are semantics. The only difference there exists is between Rich and poor, the difficult task is deciding the dividing line between the two in terms of net worth, is it 5million, 10million, 50 million? Difficult to tell. Ypu could even throw in that ambigous “middle class” who in my opinion are simply well to do poor people anyway (in relative terms):D:D:D. All I know is that I would not mind more money…

There is a huge difference between Rich and Wealthy. It is possible to have wealth and no cash. So a wealthy person does not have to be rich. Wealth is what remains after you have paid off everything.

[Dunya]

@karema-hitI

There is a huge difference between Rich and Wealthy. It is possible to have wealth and no cash. So a wealthy person does not have to be rich. Wealth is what remains after you have paid off everything.

What wealth is this that is not genetating cash, or better yet does not require cash to maintain. So if you pay off everything and remain with a table thats wealth? How many people in society will consider you wealthy?

[Ka-Buda]

In my Humble Estimation and from what i have seen in alot of Wealthy Brits,;
These are the main differences between Rich people and Wealthy People…

. Wealthy People Will avoid spending and are more interested in Saving.
It might be on buying their weekly/monthly shopping when the Sales are on Or in cheap supermarkets,it might be in driving a Probox rather than flashing around in a 7 Litre Guzzler of a Range Rover and its Ultimately in the Detail they pay to Interest Rates,Bonds, Shares and Long term saving schemes.

. Wealthy people are Not afraid of Competition and Neither are they Jealous.
They will help you “up” to join them if they see potential in you because they know that Fresh Ideas are key to their success. (Wealthy people hate Lazy people though so be warned)

.Wealthy People Not Only Work to Secure their Childrens Future,they work to Ensure that their Childrens Children are Financially secure.
How do they do this?;

Wealthy People work with their Children (First Son most Notably But Not Exceptionally) …;…
Almost All the successful Jungus i have come across bring their kids to work during school Holidays and some even support that 16 year old rebel of a teenage son who has been expelled from school by showing him the ropes in his Business.
That way,you hardly hear of cases of kids feeling the kind of Entitlement that the likes of our local Wealthy dead Billionares` kids have been displaying on T.V recently i.e Karume,Tuskys etc…

If the fathers to these kidz took them to work from an early age and they saw how the Real world is out there Rather than take them to Private schools,these kids would appreciate every penny that bit more and would have more Respect for Money and Riches.

But as Africans,we want to believe in Entitlement. Just Because your Father was a politician,you feel that you are Entitled to be a Poliician.
Just because your father ran a Successful Supermarket Chain that he started from scratch makes you feel that you are entitled to it!

Wealthy People Teach their Children to take Responsibility and that is what is lacking in all the "New Money " Generation of Rich Kenyans.

Rich People Enjoy their Wealth while they are Alive And Wealthy People Leave Knowledge with Inheritance for their Grandchildren… (Mhenga @Ka-Buda 2016)

[Mjasusi]

@Ka-Buda

In my Humble Estimation and from what i have seen in alot of Wealthy Brits,;
These are the main differences between Rich people and Wealthy People…

. Wealthy People Will avoid spending and are more interested in Saving.
It might be on buying their weekly/monthly shopping when the Sales are on Or in cheap supermarkets,it might be in driving a Probox rather than flashing around in a 7 Litre Guzzler of a Range Rover and its Ultimately in the Detail they pay to Interest Rates,Bonds, Shares and Long term saving schemes.

. Wealthy people are Not afraid of Competition and Neither are they Jealous.
They will help you “up” to join them if they see potential in you because they know that Fresh Ideas are key to their success. (Wealthy people hate Lazy people though so be warned)

.Wealthy People Not Only Work to Secure their Childrens Future,they work to Ensure that their Childrens Children are Financially secure.
How do they do this?;

Wealthy People work with their Children (First Son most Notably But Not Exceptionally) …;…
Almost All the successful Jungus i have come across bring their kids to work during school Holidays and some even support that 16 year old rebel of a teenage son who has been expelled from school by showing him the ropes in his Business.
That way,you hardly hear of cases of kids feeling the kind of Entitlement that the likes of our local Wealthy dead Billionares` kids have been displaying on T.V recently i.e Karume,Tuskys etc…

If the fathers to these kidz took them to work from an early age and they saw how the Real world is out there Rather than take them to Private schools,these kids would appreciate every penny that bit more and would have more Respect for Money and Riches.

But as Africans,we want to believe in Entitlement. Just Because your Father was a politician,you feel that you are Entitled to be a Poliician.
Just because your father ran a Successful Supermarket Chain that he started from scratch makes you feel that you are entitled to it!

Wealthy People Teach their Children to take Responsibility and that is what is lacking in all the "New Money " Generation of Rich Kenyans.

Rich People Enjoy their Wealth while they are Alive And Wealthy People Leave Knowledge with Inheritance for their Grandchildren… (Mhenga @Ka-Buda 2016)

I like your analysis but I have this to say- Moderation. There is time to hustle and time to live the moment. If you become too mean to yourself by just obsessing on saving all the time you go to the grave a sad man. We are all in a race to improve our standard of living, so I think a wealthy person is one who is able to identify when he has attained success and takes time to enjoy the moment.

[Dunya]

@ Ka-Buda I think you are just throwing words around without really knowing what you are driving at. You say the difference between wealthy and rich yet you only refer to what the wealthy do according to you. Does that mean the rich do the opposite? How then do they end up so successful? How does wealth Bob Collymore take his child to his office in which he is only employed. And if he doesnt does it mean he is ‘only’ rich and not wealthy? Or does it mean the wealthy own businesses while the rich only run them?
Also there is the aspect of flamboyancy. There are flamboyant wealthy people just like there are flamboyant employees regardless of pay grade. Just because someone is frugal with their money does not make them wealthy.
Both rich and wealthy means having money. But wealth is deep and is usually accumulated over a long time. Most wealthy people were rich at some point unless it is inheritance which means they jumped directly to wealth. A lot of rich people turn to be wealthy over time if they keep making and accumulating money/wealth. Many also do not and either remain rich or degenerate to poverty.
Moving from rich to wealthy is not necessarily determined by how you spend your money. Different rich people have different income levels from whatever income sources they have. One rich person may be making 10m per month and drives a top of the range RR. Another may be making 1m per month and driving a premio, but depending on their accumulation and compunding skills they may with time both achieve wealth or fail. Also, wealth is subjective. E.g Karume and Michuki were wealthy, so is Bill Gates and Donald Trump. Yet you cannot even compare the numbers here. One set is shilling billionaires, the other dollar billionaires. Wealth is as percieved by specific communities.
In all this dont also confuse between a well paid flamboyant employee and a rich or wealthy person. However the employee depending on the amount of income may be rich but mostly never wealthy unless with time.

[Ka-Buda]

@Dunya

@ Ka-Buda I think you are just throwing words around without really knowing what you are driving at. You say the difference between wealthy and rich yet you only refer to what the wealthy do according to you. Does that mean the rich do the opposite? How then do they end up so successful? How does wealth Bob Collymore take his child to his office in which he is only employed. And if he doesnt does it mean he is ‘only’ rich and not wealthy? Or does it mean the wealthy own businesses while the rich only run them?
Also there is the aspect of flamboyancy. There are flamboyant wealthy people just like there are flamboyant employees regardless of pay grade. Just because someone is frugal with their money does not make them wealthy.
Both rich and wealthy means having money. But wealth is deep and is usually accumulated over a long time. Most wealthy people were rich at some point unless it is inheritance which means they jumped directly to wealth. A lot of rich people turn to be wealthy over time if they keep making and accumulating money/wealth. Many also do not and either remain rich or degenerate to poverty.
Moving from rich to wealthy is not necessarily determined by how you spend your money. Different rich people have different income levels from whatever income sources they have. One rich person may be making 10m per month and drives a top of the range RR. Another may be making 1m per month and driving a premio, but depending on their accumulation and compunding skills they may with time both achieve wealth or fail. Also, wealth is subjective. E.g Karume and Michuki were wealthy, so is Bill Gates and Donald Trump. Yet you cannot even compare the numbers here. One set is shilling billionaires, the other dollar billionaires. Wealth is as percieved by specific communities.
In all this dont also confuse between a well paid flamboyant employee and a rich or wealthy person. However the employee depending on the amount of income may be rich but mostly never wealthy unless with time.

You are just explaining what i have been trying to say!
Wealth is hereditary. If you are rich out of your own hard work today and you want to leave Wealth in your Name and for your Chidren,you have to start teaching them the Skills that you had to learn to acquire your Wealth.
Otherwise all you will have left them is Richness that they can only squander and that they have no Skill to Maintain into and for their offspring…
DONGE?!

[Mjasusi]

@Ka-Buda

You are just explaining what i have been trying to say!
Wealth is hereditary. If you are rich out of your own hard work today and you want to leave Wealth in your Name and for your Chidren,you have to start teaching them the Skills that you had to learn to acquire your Wealth.
Otherwise all you will have left them is Richness that they can only squander and that they have no Skill to Maintain into and for their offspring…
DONGE?!

In other words being rich is having the ability to make a lot of money but what you do with the money determines whether you will end up being wealthy. Case in point Michael Jordan and Tyson in their prime were very rich. Today one has transitioned to being wealthy and the other one is poor.