The #1 Thing Wealthy People Know That Poor People Don't #Best Education Page #Online Earning

Hey Miles here, milesbeckler.com.

In this video you are going to learn the number one thing that wealthy people

know that poor people don't.

My goal of this video is to help you understand exactly what it will take for

you to break free from the rat race. When I was younger,

I grew up in a family that was working class poor. We had love,

we always had food on the table, but we didn't ever really have enough money.

At the end of the month,

it was very common for my family to go pawn their valuables in order to get the

money needed to pay basic bills and to essentially pay for rent. Okay.

Shopping for us was going down to the thrift store and at one point my mom had

two pairs of socks, the ones she was wearing that day,

and the other ones that she was hand-washing that day because she literally

could afford two pairs of socks.

So that's where I grew up and when I left the house I was on a mission to figure

out what is it that wealthy families did that my family didn't. Right.

So this sent me on about a 15 to 20 year deep dive into society,

economics, entrepreneurship, business, et cetera,

and I'm going to break down everything I learned in this one video for you with

a little diagram. We're going to hop on the computer,

I'll draw it out for you so you understand exactly how this works.

But first I want to get really clear here on the word wealth because wealth is

the absolute key here, not riches, wealth.

And to me wealth is measured in time. When you are wealthy,

you should be able to count that in how long you can go with ever without ever

having to work for your money again. Okay? My family was behind the ball.

They had negative wealth because at the end of the month they still didn't have

enough money to pay for that month,

so they had to go to the pawn shop with valuables. Now at this point in my life,

I could measure my wealth in years. I could literally walk away from life,

travel the world for three to four years right now.

So I consider myself to be three to four years wealthy.

And that's what I want for you. Because that feeling of having freedom,

of not feeling the pressure of the bills, my student loans, 50 grand,

all paid off, everything's covered and taken care of for years.

I want you to get there. So how does it work? Let's jump on the screen here.

I'm going to jump on my computer and draw this out.

And there's one big key distinction that I learned in this whole process.

So on the top, there's you, and...

Or we can use me if you'd be more comfortable with me as the example here.

And there's the income that we're bringing in from whatever it is that we're

doing.

And where this income goes is really what holds or unlocks the secret.

So we have two things.

We have assets and liabilities and every dollar that you spend is going into one

or one of these two categories.

Every dollar that I spend goes into one or two of these categories.

Now what's the difference between an asset and a liability? Personal opinion.

This is the number one most important thing. This is the secret right here.

I'm gonna tell you two ways that this actually manifests,

but the real key here is that assets bring you money.

Liabilities cost you money. I'm going to say that again cause it's super simple.

Things that bring you money are assets,

things that cost you money, our liabilities.

So your car that requires oil changes, insurance,

maintenance, et cetera, that's a liability because it costs money.

The house you live in, whether you're renting it or buying,

it costs you money. Even if you're buying your house,

that means you have a mortgage payment, you're paying interest to the bank,

you're paying taxes on that place.

You're paying for all of the maintenance and upkeep and utilities, et cetera.

That means the home that you own is actually a liability because it costs you

money. And I'm a draw how this works because once you see this,

it becomes a total aha moment.

So out of the money that is earned every single month,

some portion for sure it goes the liabilities because we all have liabilities

that you know, we got food, we got rent, we got things we got to pay for it,

right? We do need a roof over our head. It's not the point of this.

It's not about getting a van and living by the river hashtag van life trying to

make your life cooler than it is. That sucks. I know. How do I know,

but a nomad for four years. But how much money is going into assets?

Now what I'm about to show you here is when we funnel money into our assets,

what the assets do is actually create a surplus of money.

And then when we funnel that money back up in through the same process,

our assets start to grow and they actually create more money.

And this is how wealthy people get wealthy,

is they focus their attention, their intention,

and really they focus their cashflow into assets that generate positive

cashflow. And when that cashflow from the asset comes back out, what do they do?

They funnel it back in to more assets. Set another way.

Wealthy people collect assets.

Poor people collect things that costs them money.

And this is the biggest distinction that I had. Now there's two ways,

as I said that this works out, but I want you to think about it.

So in my videos here on YouTube,

a lot of people who teach digital marketing that I teach and do what I do.

What do they show? They show fancy cars, right? They got their Supercars,

they got their lamb bows over here.

How much do you think insurance is on a Lambo?

How much do you think an oil changes on a Lambo? I've actually looked some.

Some Lamborghini's have $4,000 oil changes that happen to happen that have to

happen multiple times. They've got race clutches in them.

How much do you think it costs to do a clutch in a Lamborghini? Right?

And that's why when purchasing these things,

this money goes out to other people. Okay,

this money goes back to you fam.

That's the key distinction. So what happens is it creates a cycle.

The money comes in, we buy new things. Those new things cost us even more money,

which require even more money to come out.

When Lambo boy buys his Lambo for 250 grand or whatever it is, it ain't done.

It ain't over. That's not it. Now there's even more money required.

And what is this money that goes into liabilities doing?

It's keeping them from putting more money into assets.

And this truly is the difference right here as clear as day.

So I want to show one more time,

here's how the cycle can work when it gets going for you.

And we'll talk about two ways to implement this.

So there's the money that's coming in. Now, the first question might be,

well miles, I ain't got no extra money. I get it. My family was there, right?

So what did I do personally? Personally,

I worked two jobs and learned how to build a business on the side,

which we're going to talk about here in a minute. Um,

but the number one key at the beginning is how to increase this number.

Because if what's going out to the liabilities does not afford you the ability

to buy any sort of assets,

that means all of your money is gonna go out to liabilities.

It's going to go out to other people. And that's either corporations. Uh, yeah.

I mean it's just, it's literally going out to other people, right?

Interest banks, insurance companies, landlords, et cetera, et cetera,

is where that money goes. It does not flow back into you and your family,

but when you get yourself going in a situation where you are able to bring that

money into an asset, then that money can create more cashflow itself.

That cashflow comes up here. You make a little bit more money every month,

and then you flow more money back into another asset when the timing is right.

This gets you more money.

And eventually what can happen is the money generated from your assets is more

than your liabilities, which is your mortgage, your house, the lifestyle,

the food you want to eat, the entertainment you do, going out with friends,

all of the things that we all spend money on, right? I got liabilities.

I ain't trying to be like holier than now in this moment saying I don't.

I definitely do. I got a truck with a cooler camper thing.

There's things I like in life,

but my goal and what wealthy people do is wealthy people focus on taking the

cashflow that they're earning.

They always work on increasing what they're earning actively and then they put,

they funnel their cashflow into assets that generate additional cash flow where

that extra cashflow comes in,

they funnel it back into more assets and that's the key.

And I found two ways, two very specific ways to do this.

Number one is through business and that's why I've taught everything I know

about growing a business online here on this channel, 500 8,590 videos,

all of them free, no pitches. I don't have a thousand dollar course.

I don't want to sell you nothing.

I literally want you to understand how to do this because I have achieved the

level of freedom I desire in my life and I want to help you get there and you

getting there.

It doesn't require you to spend $2,000 or $4,000 cause I ain't got no Lambeau.

That needs an oil change, right? I'm good.

I built business systems to pay for my life as is,

which is why I'm sharing this with you now. So when I left home,

I found there's two things that families do. Number one is they own businesses.

Now this helps in two ways. Number one,

the business can generate a lot more cashflow than you can with your hours,

right? So my business can have a $10,000 day,

and I don't know how much your hourly rate is worth,

but odds are you don't have an hourly rate that is sufficient to make a $10,000

day. Neither did I. I didn't have those skills,

but I was able to build business systems that could reach the lives of millions

upon millions of people and it could add enough value to the lives of millions

upon millions of people did.

It could generate thousands and thousands of dollars every day in profits. Kay?

The number two way is real estate. Okay?

So real estate is kind of interesting because everybody needs a place to live,

right? No matter what the economic condition is,

no matter what the world's looking at, everyone needs a place to live.

And what landlords do is landlords actually get other people working for them,

right? So what happens is landlords, real estate,

which is an asset to the landlord, actually becomes a liability to the tenant,

and the tenant is going to pay for all of the liability aspects, right?

So the rent covers the mortgage, it covers the insurance,

it covers the taxes,

it covers the maintenance when the deal is structured correctly,

if you get it wrong,

your rental could be a liability because it could be costing you money every

month. But when it's done right,

a rental property should be covering all of the costs and it should generate

excess. And that's it. This right here,

literally this super simple kind of messy. I admit it,

this super simple formula of just ask yourself,

what are you doing with your money?

Are you spending all of your money on liabilities?

Are you putting any money into assets? If not, there's a little, there's,

there's something you can do today and there's a book called um,

the richest man in Babylon and it's an old book.

And the big idea from the book is you pay yourself first and put aside at least

10% of what you earn for yourself.

And the real idea here is if you start to put aside 10% of what you earn and

start saving up for these assets,

you can really put yourself on to a much different path than you might be on

today.

There's an audio book called a prosperity consciousness from Fredric Lehrman.

I'll have the link below. Somebody bid off his title and copied it,

but on audible, it's only on audible is from Nightingale Conant. Again,

the link will be below,

it's Fredric Lehrman and he talks about a system of running multiple bank

accounts because you can't ignore your liabilities, right?

You can't ignore rent, you can't ignore food,

you can't ignore the electrical people. I get that, I totally understand.

But what he talks about doing is running a multiple bank accounts system.

So when you get paid,

that money gets split up between several different bank accounts and what you do

is one of these bank accounts becomes your asset account and that gets 10% of

everything that comes in and goes into your asset account.

Then that account might not be ready to put a down payment on a rental property

right away,

but eventually if you habituate the process of putting 10% of everything you own

in the asset account and you live off of the other 90% you put yourself in a

position to be able to afford your first asset and that first asset can split

off to $300 a month and eventually the amount of money that comes in from this

asset that again runs through these exact same,

you run through the same account systems,

then you can put yourself in a position to purchase more assets over time.

It's really powerful.

There's some other ways to do this if you want to learn more about how I'm doing

this right? This is the money management side.

Everything on this channel is teaching you how to create cash flow and create

income by building businesses online, selling digital marketing services,

selling products and affiliate products online.

I'm teaching you how to increase your income by spending your time in the

mornings, the nights, the weekends, when you're not working,

building a business online.

But then what do you do with your income once that's coming in? Um,

I can teach more about that real estate. I'd love to go into it.

If you want to hear more about that, let me know in the comments below. Um,

but this is where, you know I've got my affiliate case study, right?

So my affiliate site that my team is building is yet another asset that's going

to create more cashflow. It goes up here. I got wifey site.

That's an asset we've been building for nine years.

It creates cashflow that goes up here. I got my site here.

I've actually got a couple of sites under my brand that brings it here.

My YouTube channel is yet another one that brings some cashflow that brings the

money in here. And then what am I doing? I'm funneling into more things.

That's where I got the budget for my affiliate website.

I got real estate coming in. I've got real estate deals in the work.

I'm hunting for more real estate deals right here today and this is how wealthy

people create wealth and I started with nothing.

I started with $50,000 in student loan debt.

I started at negative 50 to be perfectly honest with you,

and through understanding the difference between an asset and a liability and

really going all in on this and just trusting that if I put my money towards

assets that generate cashflow for me,

I'll get more cashflow and eventually the cashflow from my assets will cover my

entire lifestyle. Sure, I can live on less, right?

I can cut down my expenses, I can cut down how much my liabilities are,

but I could also just make a lot more and build a lot more in assets and live

any kind of lifestyle I want. If I want to live a $400,000 a year lifestyle,

I could build up enough assets that generate enough cashflow to where I can live

that lifestyle. For the rest of my life. Zero concern,

zeroS given because I have exited the game, I'm playing a different game.

I'm out of the rat race at that point in time.

You can do this too and you need to understand how this stuff works.

You need to understand the meanings of these words, the vocabulary,

the financial vocabulary. You've got to understand how this stuff works first,

which is why I broke it down.

If you have any other questions about personal finance,

about how to build wealth in your life, et cetera, get at me in the comments.

I'm happy to do more videos like this. I thank you very much for your time.

I hope this has been helpful. If it was, let me know in the comments.

Thank you again. I'm a color for this video until we meet again. Be well.

I appreciate you and I look forward to helping you build the lifestyle of your

dreams through the business of your dreams. You can do it.

I know cause I ain't got no college degree on this.

No formal training on any of this. I'm,

my wife and I have built an amazing lifestyle with amazing businesses.

You can do it too. It takes a lot of work, but it's worth it in the end.

On that note, cheers. I appreciate you. I'll see you on the next video,

if you will.

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