There's a difference between being rich and being wealthy.

Forbes.com says the difference between being rich and wealthy is assets.

A rich person could have found their money through inheritance, winning the lottery, or a lucrative job.  This group has enough money to cover their expenses and live lavishly, buying expensive cars, houses, and vacations. But eventually, the money runs out because the money source runs out.

Wealthy people view money as something they can parlay into generations, using real estate, the stock market, and other long-term investments for future growth and legacy. They can afford to buy lavish items, but chose not to based on the investment value.

So how much do you need to earn in New Hampshire to be considered rich?

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Gobankingrates.com reports wealth has changed dramatically over the past five years.  In the Granite state, "the 5-Year change (%) in average income of Top 5% was 33.26%, and the 2022 average income of Top 5% was $485,660 annually".

If you go back to 2017, the average income of the top 5% in New Hampshire was $364,454 annually.  What was considered a rich income five years ago is not anymore.

So when you see someone give up on their dream home on the water because they ran out of money, you'll know they were likely not wealthy enough in their planning at the start, although they were rich.

Pass this along to you 20-somethings now, so they can plan for their legacy and live a wealthy life.

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