by Helen Tansley, of Armstrong Watson

WHEN working with clients at Armstrong Watson we take time to establish what they want to achieve from running their business and their financial future. Many say that they want to be ‘rich’ and others say they want to be ‘wealthy’, yet it could be said that they both mean the same thing.

On the other hand, Robert Kiyoski, author of ‘Rich Dad Poor Dad’, suggests that rich and wealthy have entirely different meanings; describing rich as ‘people who earn a lot of money’ and wealthy as ‘how long you can live without physically working and still maintaining your standard of living'.

A recent example of the difference can be seen with two professional footballers; one who earned £20m over his 25 year career and was declared bankrupt in 2014 and the other who earned similar career earnings but now has net assets valued in excess of £30m.

The big difference between them was how they spent their money. The former spent money on lifestyle expenditure and repaying monies borrowed against his earning to fund his lifestyle. The latter set up a property company with a fellow professional and went on to invest in 80 terraced properties in the UK. This has allowed him to generate a sustainable income well beyond his playing career which doesn’t involve him needing to work.

We work with clients to help them become rich, but more importantly, help them convert being rich into becoming wealthy, with the aim of achieving financial freedom as soon as possible, thereby allowing them to spend more time away from their business and spend time with family, go on holiday and pursue other passions.

To achieve this requires a shift of mindset, from spending extra earned income to investing any surplus in assets that will deliver returns in the future. These assets may include investing in their business, looking at diversifying into property, or using conventional investments such as ISAs or pensions.

At Armstrong Watson we provide bespoke accounting, tax planning, financial planning and wealth management under one roof to help our clients achieve the level of wealth they need to enable their hopes and dreams a reality.

An initial review of your financial affairs can be provided with our compliments; please get in touch with Helen Tansley on 0113 2211332 or email