WHAT RICH PEOPLE DO WITH THEIR MONEY 💸 #Best Education Page #Online Earning

how's it going today guys so today we're

going to be talking about what rich

people do with their money because the

truth is rich people do very different

things with their money than the average

person does now I'm always kind of

cautious when I make a video like this

because a lot of people get very upset

for some reason when you start talking

about rich versus poor and how to be

rich and why poor people are poor and a

lot of people just seem to get stuck in

this idea that if you're poor right now

you're gonna be poor for the rest of

your life and that's just not true this

is not anything that is set in stone and

if you're looking through these things

and you feel like you're somebody who is

falling on the side of what the average

poor person is doing all that means is

you need to change your habits and do

different things with your money but the

first thing I want to ask you guys is

this why are we so mean about rich

people because my guess is you've heard

something along the lines of rich people

really don't deserve what they have or

they were fed from a silver spoon and

they inherited all their money well I

want to dispel that myth for you guys

right now so according to research done

by Thomas J Stanley and he is the author

of the best-selling book The Millionaire

Next Door eighty to eighty six percent

of millionaires are self-made

millionaires so when you hear people out

there saying things like millionaires

were fed from a silver spoon or they

inherited all their money eighty to

eighty six percent of them are self-made

millionaires and I want to ask you guys

this I'm guessing if you're watching

something like this you yourself want to

be rich someday you yourself you want to

be a millionaire someday do you want

people saying these things about you

once you become a self-made millionaire

and you really do figure things out for

yourself and you become rich do you want

people talking behind your back and

saying things to you like oh this guy

inherited all his money he doesn't

deserve it he didn't actually work for

what he has he just had it given to him

so one of the things I want to say right

now is you really have to just stop

having these negative thoughts and

believing things that are simply not

true so I honestly want you guys to stop

for a second and think the next time

you're looking at somebody who maybe

they're driving a nicer car than you or

they're out to dinner at some fancy

place and you start saying things like

boy they don't deserve to be rich you

know they just had it handed to them

before you start saying things like that

most rich people out there are self-made

and they in fact did not have it handed

to them even though these are the things

that you hear everyone's saying but the

problem is guys if you're somebody out

there who is saying things like this if

you're somebody who's going around and

saying things like life isn't fair and

you know the rich are getting richer and

the poor are staying poor and all the

rich people don't deserve it you're not

helping the situation at all all you're

doing is complaining and complaining is

gonna do nothing for you so I want to

ask you guys this question here rather

than complaining about this and saying

that the world is not fair because

obviously the world is not fair

otherwise everyone out there would have

the same amount of money in their bank

accounts and it's very clear that this

is not the case so now that you

understand that wealth inequality exists

why aren't you playing to win so the

simple truth guys is that rich people

have drastically different habits when

it comes to their money when you look at

the difference between what rich people

are doing with their money and what poor

people are doing with their money and

I'm going to explain those to you right

now so the first thing it comes down to

delayed gratification versus instant

gratification and this is one of the

biggest differences between the mindset

of a rich person and the mindset of a

poor person and that is simply the fact

that rich people have a long term vision

and they understand that if they save

today it's going to be worth it tomorrow

if they if they sacrifice just a little

bit today then they're going to really

reap the benefits down the road

meanwhile you'll see a poor person is

more interested in that instant

gratification they want to spend today

they want to live in the moment and as a

result they have a short-term vision so

one of the biggest differences is that

long-term vision where you're able to

see into the future and understand the

future is coming a lot of people don't

think about the future because they're

only living in the moment they're living

in the present and they're not worried

about tomorrow they just want to live

for today

well these rich people they understand

okay even though it doesn't seem like it

tomorrow is in fact coming and five

years down the road yeah it's gonna come

a lot quicker than I think so as a

result they're actually planning for

tomorrow they're not just enjoying today

and they're not just burning through all

their money for that instant short-term

gratification they understand

hey tomorrow is in fact coming another

big difference between the rich people

and the poor people is the use of credit

okay so you will see rich people using

credit to buy income generating asset a

mortgage on a real estate investment or

something like that

that's what they use credit for they

look at credit as a way to make money a

way to leverage the money they currently

have

while a poor person looks at credit as a

way to buy things that they feel that

they deserve if you can't afford it

do you really don't deserve it because

you haven't worked hard in a fort this

is something else that the rich people

understand if they can't truly afford

something and I'm talking again about

this old-school wealth here if they

can't truly afford something they're not

going to buy it

meanwhile the poor people they see

credit as a way to game the system they

go well you know what yeah I can't

afford it

but if I put it on a credit card then I

really can't afford it because I'm gonna

pay for it a little bit over time that

is what the poor people look at credit

is they look at it as a way to buy

things for themselves to buy material

possessions so another big difference

between the rich people in the poor

people is rich people understand the

importance of investing in themselves so

there are people that are going to be

going on in getting education and

they're gonna be the people that are

taking courses and learning and reading

books and constantly learning new things

and learning about how to make more

money and how to be more responsible

with the money they have meanwhile poor

people if they're investing at all and

unfortunately most people are not but if

they are the small number of people that

are investing they're only investing in

things outside of themselves so they're

not investing in trying to make more

money by investing in themselves you

know they're not the people that are

going to go out there and start a

business or learn a new or more valuable

skill they're the people that are just

going to be investing in things outside

of themselves now while I would rather

see somebody invest outside of

themselves as opposed to not investing

at all the investments that are going to

pay you 1,000 or 10,000 percent ROI are

those investments you make in yourself

not necessarily investing in things

outside of yourself and the rich people

really understand the importance of

investing in themselves the other main

difference between the rich people and

the poor people really comes down

- the fact that rich people are

incredibly patient meanwhile poor people

are very impatient and as far as their

investing strategy goes you're gonna

find that most rich people most of these

old school guys and old school girls

that are rich most of these people that

have that long term wealth they buy and

hold so when they make an investment

they're not active with it if they

invest in a stock they're gonna hold it

for many years if they buy a piece of

real estate they're gonna hold it for 20

years

meanwhile you're gonna see poor people

the type of people that are investing in

things outside of themselves they're

going to buy and sell and buy and sell

them they're gonna repeat that strategy

because they're impatient they don't

have the patience to reap the long-term

benefits again this comes down to that

desire for instant gratification if they

don't see it in front of them right now

they don't want it even if you could

tell them look you hold on to this thing

for five or ten years you're gonna have

a lot of money built up they're gonna

say you know what I don't want it

because I want it today I want it right

now because I don't have a long-term

vision I only have this short-term

vision of what's right in front of me

now I know a lot of people again have

this misconception that rich people are

gonna pay less taxes because the system

is designed that way no that's not the

case what it is is rich people have the

money and they invest in accountants

that are able to work the tax system to

their advantage okay now yes

the average person out there can't

afford to have this done the average

person can't afford to have an

accountant come in and help them you

know structure their money in their

investments in a way that they're paying

less in taxes but this is just another

way that rich people invest they invest

in things that are going to save them

money so they understand that having an

accountant to go through and maybe you

know change the form that money is being

delivered or do different things with

their investments that is going to lower

their their taxable income they

understand the importance of that so

that's a big difference between the rich

people out there and the poor people is

that rich people plan for taxes and they

think about taxes when they're making an

investment while poor people really

don't think about taxes until it's

actually time to pay them and I'm sure

you guys will agree with me that it

doesn't necessarily matter what you make

what really matters at the end of the

day

what you can hold on to after taxes and

this is a huge difference between the

rich people and the poor people is the

rich people really understand taxes and

how to pay as little in taxes as

possible and they understand the value

of paying someone to help them with this

because it's going to save them more

money on taxes and the final difference

between the rich people and the poor

people in terms of money comes down to

investing intangible assets versus

intangible assets so an example of a

tangible asset one of the biggest ones

is real estate you know there's been so

many people that have gotten rich

through investing in real estate and a

lot of people a lot of poor people would

look at a tangible investment and Duke

to that poor liquidity they're gonna say

you know what this is too risky for me

so the rich people understand that yes

well this is a higher risk investment

there's a higher potential return here

when you're investing intangible assets

so I think that's one of the big

differences as well is that poor people

are only going to be holding intangible

assets while rich people are going to be

buying tangible assets like real estate

and I think if you guys really want to

become truly rich you have to hold both

tangible and intangible assets so you do

need to hold things like real estate on

top of holding things like stocks and

bonds and index funds you can't only be

involved in these intangible assets

anyways guys that's pretty much all I

got for this video this is what I truly

believe are the main differences between

the way rich people spend their money

and the way poor people spend their

money and again I just want to repeat

this I'm not at all pointing this out to

tell you guys oh you're poor or oh

you're rich and you're always gonna be

that way I want you guys to understand

that these are not limitations that it's

not like you're gonna be stuck in this

box forever while there are barriers

between being a rich person and a poor

person it's very easy to overcome those

barriers and start following these

habits of the rich people I'm not at all

telling you guys that the poor people

are gonna stay poor and the rich people

are gonna stay rich I know a lot of

people that used to be rich that end of

the poor and I also know a lot of poor

people that got rich there's fluid

between these things there's there's

mobility so I want to thank you guys for

taking the time to watch this video if

you enjoyed it please drop a like and if

you are new to my channel please

consider subscribing to be notified of

future uploads

and as always I thank you for taking the

time to watch this video

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