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Understanding Wealth vs. Riches: Defining Financial Freedom

In the current economic landscape, a question often overlooked is whether one is wealthy or simply rich. While these terms may sound similar, distinguishing between the two can significantly influence one's approach to financial planning and future security.

With recent statistics highlighting that the average American net worth has reached just over $1 million, it’s easy to be misled. However, these statistics can be skewed by high-net-worth individuals inflating the average. The median net worth, more representative of the typical American's situation, is around $193,000. Understanding such nuances raises intriguing queries about the real difference between being rich and being wealthy.