have you ever thought about how some
people can become incredibly wealthy
while others struggle to make ends meet
does it make you wonder if there's some
sort of secret formula to becoming rich
that you're missing out on well in this
video I'll share 10 things that rich
people do that poor people don't which
often makes the difference between
financial success and financial distress
number one the rich believe in the law
will be paid in direct proportion to the
value that they deliver to the
marketplace in other words if they are
integral in forming a product that
nearly everyone in the world wants or
needs then they should be compensated
accordingly
rich individuals understand that output
is the only metric that counts since we
live in a results-driven world poor
people on the other hand believe that
they should be paid based on the amount
of time they put into an activity well
hard work is a factor in success
increased input does not always equate
to more output and this can be a sign of
inefficiency when value added results
are not consistently produced therefore
poor people often missed the mark by
solely focusing on inputs instead of
outputs number two the rich are a shis
readers wealthy individuals live by the
saying the more you learn the more you
earn and this is often accomplished
through reading Warren Buffett arguably
the world's greatest investor was once
asked about the key to success he
responded by pointing to his stack of
books and answering read 500 pages like
this every day
that's how knowledge works it builds up
like compound interest all of you can do
it by guarantee not many of you will do
it Warren Buffett is not alone in the
club of enthusiastic book readers Mark
Cuban owner of the Dallas Mavericks
dedicates three hours a day to reading
Bill Gates the founder of Microsoft
reads
50 books a year nearly a book a week and
Elon Musk the creator of Tesla is an
avid reader that claims he learned to
build rockets by reading text books as
for the poor only one in 50 admit to
employing self-improvement reading
habits on a daily basis and as a result
lack the knowledge to make decisions
that will lead them to financial
prosperity number three the rich focus
on opportunities not obstacles
there was once a shoe salesman that
found himself in a faraway country
trying to sell shoes to the natives the
only problem was knowing there wore
shoes and the sale was often quite
difficult
the salesman soon gave up in frustration
and decided to leave the area on his way
out he met another shoe salesman don't
bother entering this town said the first
salesman these people don't even wear
shoes the eyes of the second salesman
grew wide no one has shoes then I could
sell a pair to everyone in town how
fortunate we are dissemble upon an
untapped market
you see it's all a matter of perspective
the poor often see obstacles and quickly
give up while the rickety opportunities
and enter arenas that many wouldn't
dream of number for the rich associate
with positive successful people it's
been said that you are the average of
the five people you spend the most time
with and rich people know that your
social circle drives you success this is
why individuals spend time with others
who enjoy talking about success
opportunities and the positive things in
life by doing so these successful
individuals have a higher chance of
optimizing their view of the world by
being in good company as often seen was
poor people they make a little effort to
integrate themselves with people who
will allow them to develop into more
successful versions of themselves
instead it would rather be brought down
by bad influences ultimately squandering
any chances they would have of improving
their financial situation number five
the rich are willing to promote
themselves and their value most rich
people have a skill or idea that has
brought them their wealth as a result
they are not afraid to share their
strengths with others the sharing of
their best attributes is often in an
effort to disseminate knowledge to help
others grow as for the poor most are not
extraordinary in any one thing and
unfortunately being average is a
precursor to financial mediocrity
furthermore thus cozy's individuals do
have are really on display as lower tier
income earners tend to lack the
understanding AK important it is to sell
yourself when trying to get ahead
number six the rich go bigger than their
problems the poor see problems as
obstacles rather than opportunities
instead of trying to figure out how to
overcome hard times these individuals
succumb to the challenge and return to
their status quo conversely rich people
thrive on new challenges
rich people understand that there is
value in creating solutions to problems
which is the basis of many financial
success stories number seven the rich
think both the poor think either or
economist came up with the term
opportunity cost long ago put simply
this means that if you choose one thing
you are ultimately foregoing something
else in other words if I have five
dollars and I buy in five dollar ice
cream cone then I am giving up that
pakka gum that I wanted as well this is
how poor people think too they have a
set amount of money and they think that
they can spend it on either one thing or
another but not both it sounds logical
doesn't it but the rich focus on how
they can get both following along the
same lines is the example above let's
give a rich person $5 date to one folks
ice cream and a $5 pack of gum but
instead of thinking either/or they
decide to go for both to do this the
rich mindset would not buy the ice cream
or the gum initially but might instead
buy a 24-pack of water for five dollars
they walk down the road aways sell each
bottle of water to pasture buyers for
fifty cents and a total of twelve
dollars now they can enjoy their ice
cream gum and still have two dollars
left to spare the rich have a both
mentality not either/or number eight the
rich focus on net worth not working
income poor people often talk in terms
of hourly pay whereas wealthy people
know that an hourly income is not nearly
as important as someone's net worth one
can earn quite a lot of money per hour
but if they don't know how to keep it
then they will still be broke in the end
the rich person knows that a large net
worth will net many
opportunities and will create more
wealth in the future number nine the
richer dollar smart there's the same
that goes penny smart dollar stupid and
this phrase is practiced by many poor
people
this phrase basically means that some
individuals are very particular about
how they spend small amounts of money
like when buying a cup of coffee
but do not make wise decisions with
large sums of cash like investing and
self-improvement and education rich
individuals leverage both strategies by
making discipline penny decisions while
investing the large amounts of funds
into conferences paid mentorship and
other activities that will foster
continual improvement and financial
success number 10 the rich network and
volunteer regularly
the rich understand the value in
building connections whether it is
making friends are finding potential
clients meeting new people only has
upside and this is often facilitated
through community involvement activities
almost three-quarters of wealthy people
network and volunteer a minimum of five
hours a month among those struggling
financially only one in ten does is
causing them to miss out on new
connections and as importantly many new
opportunities for financial prosperity
in conclusion these 10 things are just
some of the factors that set the rich
and the poor apart and by employing the
rich person habits previously outlined
you'll be much better equipped to become
wealthy yourself thanks for watching if
you enjoyed this video please hit the
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