Homer Alaska - Opinion

Story last updated at 5:27 PM on Wednesday, January 12, 2011

What's the difference between being wealthy or prosperous?

By Chris Story

Are you wealthy or prosperous? What's the difference? To make sure we are on the same page, definitions are in order.

Wealth is the amount of money you have at your disposal today: cash on hand, stocks, bonds, paycheck or other liquid assets.

Prosperity is the amount of wealth you have going forward without having to work. This means the money or income you will have in the future from investments — be it dividends, rents or income from businesses.

Are you wealthy or prosperous?

Now is the ultimate time to ask and answer this question. We can learn from the past and apply the lessons learned to this moment, thereby securing a better tomorrow.

If you find that you are neither wealthy nor prosperous, don't lament or froth at the mouth.

Take this time to awaken your potential that may have been heretofore lying dormant. Being aware that you are not living up to your potential is the first step. The next step is to create a plan to make a change.

If you are reading this in America, I can 100 percent guarantee your success in creating wealth and prosperity.

How can I do this?

That's easy. One, you live in a country that not only allows for prosperity and wealth creation, but encourages it. Please keep in mind that the political climate of any given day may make the forgoing statement appear naive, but believe me when I say that America and her promise are stronger than any one political or presidential administration. The Union is strong and the promise is alive and well.

Secondly, you can read. Wow. To live in the greatest country on the face of the earth and to have a skill set such as yours, there is no doubt that if you apply yourself you will assuredly create wealth for today and prosperity for tomorrow. Read as many books on the subject of wealth as you can get your hands on.

Then, take action.

And whatever else you do, include real estate in your investment portfolio. I am not just talking about owning your own home. While that is the best place to start, I am encouraging you to become a real estate investor.

The majority of prosperous people either made a bulk of their wealth in real estate, or, once made, hold their wealth in real estate.

Harness the massive power of leveraged wealth accumulation that is real estate. Create prosperity for you and future generations by applying laws of prosperous thinking that are available to everyone.

I wish you health, wealth, happiness and prosperity.

A lifelong Homer resident, Chris Story is owner and broker of Story Real Estate and host of Radio Realty on KPEN 102 FM.