What Is the Difference Between Rich and Poor?

difference between rich and poor

According to the United States Census Bureau, the official poverty rate in 2015 was 13.5 percent, which is actually down 1.2 percentage points from 2014. However, despite this decrease in U.S. poverty levels, there is an increase of individuals who consider themselves lower middle class or poor. In an article by Geoff Williams posted on U.S. News’ website on April 24, 2014, Geoff reports that, based on numbers by the Pew Research Center, 25 percent of people considered themselves poor in 2008; today, 40 percent believe this. So, why is this? What is the difference between rich and poor? And is there anything we can do to change that?

How the U.S. Defines Poverty or Poor

Although the number fluctuates year to year, the Federal Poverty Level (FPL) for 2017 for a family of four is $24,600 in the 48 border states and Washington D.C., $30,750 in Alaska, and $28,290 in Hawaii. The U.S. Census Bureau outlined in their 2015 numbers that those in deep poverty, which is defined as a household income below 50 percent of the 2015 FPL, made up 44.6 percent of those in poverty and roughly 6 percent of Americans.

The middle class, though, is a little harder to define, but that is another article for another day.

What Is the Difference Between Rich and Poor?

The obvious differences between those considered rich and poor include income, housing, food, and lifestyle. But, when we dig deeper into the topic, there is actually so much more to it than that.

Motivational speaker and author T Harv Eker notes one big surprising aspect to getting rich in a post on his website from February 2: adding value to people’s lives. Being rich, he says, is not all about you. The more people you help, the richer you become in all senses of the word: emotionally, spiritually, and financially.

Another major factor that Eker attributes to the difference between rich and poor is that rich people see opportunities and poor people see obstacles. There are no “ifs” for what they want to achieve but rather “when.”

Tom Corley, who is also an author and speaker, spent five years studying poor people and their habits. Along with gambling, he found that wasting time comes into play. This can be anything from watching reality TV to spending unproductive time on the internet.

“Time is money,” he says. “The rich understand this.”

He adds that 65 percent of the rich created at least three different streams of income in their lives. The poor, on the other hand, only relied on one.

Additionally, Corley found in his study that 93 percent of the poor people observed did not budget their spending. Not to mention, 61 percent did not own their own home, while 100 percent of the rich in his study did.

Final Thoughts

Just as the difference between rich and wealthy is about mindset, the difference between rich and poor is all about habits. There is a famous quote supposedly said by Bill Gates that goes, “If you are born poor, it is not your mistake. But, if you die poor, it is your mistake.” Whether or not he actually said this is still a bit of a mystery, but regardless, the meaning rings true.

You have the power to change your financial situation, and believing that is the first step. It won’t be easy, but it will be worth it.

What are your thoughts on the topics?

What Is Dianna Williams’ Net Worth?

dianna williams' net worth

For those of you who are fans of reality shows, dancing, and the Lifetime network, the name Dianna Williams likely rings a bell. Starring on the hit dance competition series ‘Bring It’ since 2014, Williams has made a name for herself not only in the dancing world but now on national television. But, when headlines announced her past involvement in the adult film industry, Williams was admittedly concerned about its impact on her present career. Did it actually hurt her brand though? What is Dianna Williams’ net worth today?

Dianna Williams’ Career

Williams, also known as “Miss D,” was born on November 29, 1978, in Jacksonville, Mississippi. At the age of four, she discovered dancing at the Angie Luke School of Dance and fell in love. She learned a variety of styles from ballet to belly dancing to modern styles.

“I graduated from high school when I was 16, and I realized then [teaching dance] is something I can do,” she said in a 2014 interview with Veronica Wells of Madamenoire.com.

Despite her talent and ambitions in dance, she began working in the adult film industry during college while living in California at the age of 19 in order to support herself to pursue her dreams. This part of her life did not last long, though, and she quickly left the industry before she got in too far. In fact, she has been very open about this time in her life, which has actually helped to make her a better coach.

Williams’ Career Blossoms

After she pulled herself out of the adult film industry, she decided to finally go for it and open her own dance group. In 2001, before she even graduated from college at Jackson State University, where she was studying for a degree in Criminal Justice, Dancing Dolls Dance Team out of a small space at the Pied Piper Playhouse was born with Miss D leading the way, her IMDB page lists.

In addition to Dancing Dolls, she also was the founder and choreographer for the Grove Park Dancerettes from 2002 to 2004; was a choreographer for the Callaway High School Chargettes from 2006 to 2008; founder and choreographer of the Prancing Diamonds in 2007; vice president and choreographer of the Jackson Association For Majorettes; member of the JSU Modeling Squad; and the sponsor and costume designer for the Jackson State University Twirlers from 2004 to 2009 and the Jackson State University Banner Girls from 2007 to present.

She graduated college in 2005 but never ended up using her bachelor of science degree in Criminal Justice. However, she was previously employed for the City of Jackson as the Recreation Aide and Dance Instructor for the north side of the city.

In 2010, the 38-year-old formed her very own dance studio called the Dollhouse Dance Factory, When she first opened its doors, it began with 23 students that semester. Under their new home, the Dancing Dolls went on to compete and win more than 100 trophies and 15 grand champion titles of varying age groups.

She has also participated in several dance competitions over the course of her career. The bulk of her cash has obviously come from her time in the spotlight. So, what is Dianna Williams’ net worth?

Current Sources of Income

Due to the success of the Dancing Dolls, Lifetime television network decided to start a reality series based on the studio and the group. On March 5, 2014, ‘Bring It!’ aired for the first time. The show continues to be a hit and has been on for four seasons thus far.

Along with the show, she does continue to enroll students each semester to her studio. She started an additional income stream through selling merchandise on her website as well.

Her dance group is also currently touring the nation, where tickets can be purchased at various venues.

Dianna Williams’ Net Worth

With three years into the spotlight already, the above reportedly brings Dianna Williams’ net worth to roughly $1.5 million. This number is anticipated to rise with the continuing success of her show and increasing endorsement opportunities. Not to mention, it does not look like her studio will be closing up shop anytime soon.

PC: Justin J

What Is the Difference Between Rich and Wealthy?

the difference between rich and wealthy

I remember writing in my diary once at the age of 12 that I wished my family were rich so we could afford certain indulgences like a swimming pool. The 12-year-old version of me wanted so badly to have a chlorine-treated hole of water in our backyard and thought this would bring my middle-school-pre-adolescent-self happiness. I was wrong. I was also immature with little life experience. At the time, I saw rich and wealthy as the same concept, understandably so. People can see the clear difference between rich and poor but not between the two words that both seem to mean having an excessive amount of money. There are many varying opinions on these two terms, so what is the difference between rich and wealthy?

The Difference Between Rich and Wealthy

Although Merriam-Webster Dictionary lists rich and wealthy as synonymous, both have conceptually different meanings. You might be rich with a large sum of money in the bank, but it does not mean you are wealthy. However, if you are wealthy, you could also be rich. Why is this?

What It Actually Means to Be Wealthy

When you close your eyes and imagine someone who is rich, what comes to mind? Likely, you’re seeing something similar to what I see, which is a large beautiful home, a luxury vehicle (or two), a spa-like backyard, and an overall extravagant lifestyle. While this may be accurate, there is one thing we don’t know about this mystery person: their financial plan to maintain said lifestyle.

Being wealthy is more than just having a lot of money. In fact, the difference between rich and wealthy is fairly simple; it all comes down to mindset, knowledge, and resources.

Dandan Zhu, Headhunter, Career Coach, Investor, and Podcaster Daily DANDAN, explains in this May 23, 2017, Quora post that being wealthy is not about how much you make but rather the strategies you take to make more than what you spend. She states that wealthy people will fare well in the following categories:

  • Saving. It’s hard to build wealth if you spend every dime you make. Zhu uses Warren Buffet as an example, who still lives in the Omaha home he bought in 1958 for $31,500.
  • Income Generation. Never stay in place in your career if you want to be wealthy, even if you’re already making six figures. The wealthy are always looking for ways to advance and to add various sources of income to keep their finances healthy.
  • Learning. Knowledge is power, and Zhu adds that part of this is learning how to deal and handle life’s setbacks. The response to such is also part of what separates the rich from the wealthy.
  • Investing. Zhu suggests that due to inflation and taxes, making your money work for you (instead of the other way around) contributes to wealth. This does not have to be the stock market; it can be assets, real estate, retirement funds, and so on.

New York Times columnist Paul Sullivan wrote in his book, “The Thin Green Line: Money Secrets of the Super Wealthy,” that people are wealthy because they have created financial security for themselves. In other words, according to Sullivan, they are in complete control of their money.

In an interview with Jessica Khorsandi of DujourNews.com, he says, “Rich to me is a number. It’s a bank statement, a broker’s account, perhaps it’s a number associated with the value of your house or the price of your car, but it doesn’t give you any security. It doesn’t tell anymore about your level of comfort in life. As we saw in 2008-2009, those numbers weren’t always enough.”

If that’s not an eye-opener, I don’t know what is.

Conclusion

When you only focus on what you have rather than how to build stability, you’ll find you’ll lose yourself fast. Many celebrities and professional athletes, such as Allen Iverson, have made this mistake, getting caught up in the lifestyle and materialism rather than creating financial freedom for themselves. Now, instead of living the dream, these individuals are finding ways to pay for their once lavish lifestyles and debts.

Instead of trying to earn your first million, put your attention toward improving your net worth, creating multiple streams of revenue, and building strong savings for cases of emergency, other investments, and the like.

What are your thoughts? How do you define the difference between rich and wealthy?