39: How Wealthy People Can Still Be Broke

Girl on FIRE

🎙 This week, we’re talking about how wealth and income are different things. And having a high income doesn’t necessarily mean that you have wealth. This is a super important distinction especially on social media where we’re all vulnerable to the comparison game. But if your income doesn’t make you wealthy, then what does? 🤔

This episode discusses topics like:

🌟 The difference between wealth and income and how they interact in your financial plan;

🌟 Why high incomes are often mistaken for wealth or “being rich”; and

🌟 How the confusion between income and wealth becomes a breeding ground for comparison online.

Links from this episode:

Episode transcript and show notes: https://www.papermoneyco.com/gof39

Time codes:

00:00 Hello and Welcome!

02:15 What’s the Difference Between Wealth and Income

03:59 Why Wealth and Income Get Confused

06:21 Conspicuous Consumption

07:56 The Comparison Game

10:04 Next Weeks’ Episode

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The advice shared on Girl on FIRE is general in nature and does not constitute financial advice. The information shared does not consider your individual circumstances. Girl on FIRE exists purely for educational purposes and should not be relied upon to make an investment or financial decision.