“Wealth consists not in having great possessions, but in having few wants.” ― Epictetus

There is a lot of talk in business and entrepreneur circles about wealth and riches. Many people consider these two terms to be interchangeable, looking at being rich and being wealthy in the same way. While there are some similarities, the differences are also very much present. While many people are rich, not all are wealthy, so to speak.

“There is only one true wealth in all the universe–living time.” ― Frank Herbert

One example that immediately comes to my mind when I think of “rich” is a lottery winner. While an individual who hits a jackpot number or wins big at a casino might have a large amount of cash to their name, there is no real wealth there. The person is still the same and, usually has the same mindset. The other problem with being rich is that it doesn’t take very much to change this position entirely. A few unlucky investments, bad decisions, or just years of frivolous spending can deplete even the most ample bank account balance. And, when the dust settles, all that is left when the money is gone is the mindset.

On the other hand, I think of entrepreneurs who have worked with their hands and minds to build an empire and change the world. These wealthy individuals like Warren Buffet or Bill Gates, do not just have money or assets to sustain them, but they have a mindset that is full of wealth as well. Even given the toughest financial crisis, the wealthy will bounce back because they won’t doubt who they are or what they can do in life.

“If there are people at once rich and content, be assured that they are content because they know how to be so, not because they are rich.” ― Charles Wagner

Why do I say this? Because, in reality, wealth is something that is solid, built up over time, and comes with a mindset of greatness attached. Rich, though, is just having money…and very little else. I once heard a motivational speaker say that mindset is everything. He explained that people with a poor mindset literally set themselves up to lose everything they have…no matter how substantial an amount it is…because actions follow where the mind leads. Those that keep their mind on success and achievement, though, will seem to just land in the right place at the right time by the same logic.

You might say, then, that your mindset determines your habits and then your habits determine where you end up in life. Entrepreneur Warren Buffet, when asked about his life and his wealth stated, “I always knew I was going to be rich. I don’t think I ever doubted it for a minute.” This mindset is what carried him through failures, setbacks, and even times of having very little. Because he never doubted that his future was bright, he was wealthy in his mind long before he was rich on paper.

“Wealth is not about having a lot of money; it’s about having a lot of options.” ― Chris Rock

So, while the whole world speaks of getting rich, and getting rich quick, most only have ambitions to make money. As cliché as it sounds, money is an “easy come, easy go” road in most cases. For the rest of us, though, who place a higher value on passion, innovation, and making a difference in the world than we do some dollar amount, wealth is being built at every step in life. From relationships that are fostered, ideas that are developed, and experiences that are gained, destination wealth is closer than you might think. And the best part of all? Wealth in life will bring happiness and fulfillment that no amount of money can. Choose to be wealthy, not just rich.

“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.” ― Franklin D. Roosevelt

[Image via Fedor Selivanov/Shutterstock]