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Theyre more concerned with looking rich than actually being rich, he said.
Consequently, he noted that rich people tend to buy more depreciating assets than wealthy people.
This is due to the latter being more focused on building lasting wealth than impressing others.
Despite having a high income, many rich people are still stressed about their finances, he said.
Debt
Rich people owe, wealthy people own, Kamel said.
On the other hand, wealthy people only spend money they have, instead of borrowing it.
If you live fake rich,youll end up real broke, he said.
Adjusting both your money mindset and spending habits canallow you to make the shift to wealthy.
Dave Ramsey shared five key tips to build wealth in a 2024 Facebook post.
Moving into the wealthy category probably wont happen overnight.
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