Our Lands: Promised or Inherited?

What is the difference between the promised land and the land of inheritance? It might seem like the two are the same; the Guide to the Scriptures states that the promised lands are

. . . lands that the Lord promises as an inheritance to his faithful followers, and often also to their descendants (Promised Land).

I feel there are small differences between "inheritance" and "promise." Inheritance is the acquisition of a possession, condition or trait from past generations; a promise is the indication of something favorable to come. Therefore, inheriting is looking to the past, and promising is looking toward the future.

In the Old Testament, God promised land to his prophet Abraham (Genesis 12:7). The children of Israel were eventually led into the land, a land that was "flowing with milk and honey" (Deuteronomy 26:9).  However, by the time of the Book of Mormon prophet Lehi, Jerusalem had become a land of inheritance; it was known and comfortable (1 Nephi 16:35). There needed to be a new land of promise, which was the Americas (2 Nephi 2:20). Once again, the children of God were in a "land choice above all other lands" (2 Nephi 1:5).

We have to evaluate ourselves; are we dwelling in a land of inheritance or a land of promise? Do we rely on the faith of others, or are we actively seeking direction from the Lord in our lives? I know that He has a plan for each of us, and that "faith is always pointed toward the future" (Jeffrey R. Holland).