You may think that the only difference between the rich and the poor is the
size of their bank accounts but in reality there is something much more
important that separates these two groups you see if you want to become
rich you need to not only have certain skills but the mindset to put them into
action therefore in this video I will share with you seven ways of rich think
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mindset number one time is more valuable than money time is easily your most
valuable resource for two primary reasons first there are only so many
hours in the day which makes it a scarce resource and secondly time is the only
resource that can be transformed into anything you desire for instance you ty
can be used to make money to travel or to spend time with friends no other
resource offers as much flexibility as time does and wealthy people know that
they can always earn more money but there's only so much time each of us has
on earth with that in mind they look for ways to maximize their own personal time
by leveraging technology and the time of others consider this thought experiment
what dollar figure would you put on being able to save a full day's worth of
processing paperwork and showing your work week to just four days $100 $500
come up with an actual dollar figure now imagine you earn $50 an hour and can
hire someone to take on a full eight hours worth of work for $100 would you
do it by paying that $100 you could spend a
full day with your family or go see that movie you've been meeting to watch in
economic terms this trade-off is known as opportunity cost which is the loss of
potential gain from other alternatives when one alternative is chosen so when
you choose to work the cost is the dollar value placed on enjoying
leisurely activities as an employee you may be thinking to yourself there's no
way it could ever do this at my job but in reality there are tons of individuals
already leveraging other people's time in order to shorten their work weeks a
2018 study reported by CNBC found that 70% of professionals worldwide now work
for home at least one day per week you owe 40 productive hours a week to your
employer why not work 32 and outsource the other
a second this is why people start businesses to take more control of their
time and work well see people ask how they can delegate work to leverage other
people's time in return they have more control over their time which they can
then spend as they wish it's part of the reason wealthy people look for ways to
build passive income so they can bring in money without having to work for it
mindset number two health is the foundation of wealth one of my personal
mantras is that if you don't have your health then you have nothing and unlike
time you can't buy better health well there are exceptions to every rule
statistics show that wealthy individuals tend to live longer a 20-17 study
published in The Lancet found that the wealthiest Americans live up to 15 years
longer than the poorest Americans so while the rich can leverage other
people's time in order to increase their own they compound this effect by making
healthy choices that will extend their lives and ultimately increase their
chances of building greater fortunes the links between health and wealth start
with a healthier lifestyle a 2017 Gallup survey found that people who self-report
is having enough money to do everything they want to do also of healthier eating
habits data from the Centers for Disease Control and Prevention analyzed by The
Washington Post showed that the greatest predictor of physical exercise on the
state level was money and this makes total sense there's no disputing that
healthier food cost more money and doubling the cost to your grocery bill
in order to eat healthy isn't something everyone can afford to do moreover the
sad reality is that many people have to work so many hours to get by that they
either have no time or not enough energy to maintain a consistent gym routine
fortunately you don't need to be rich to live a healthier lifestyle start was
free home workouts and try and eat as healthy as possible on the budget you
have and while you're at it reevaluate your health insurance to make
sure we'll protect you in case of a true health crisis mindset number three
wealth and Happiness can coexist on average wealthier people are happier and
this is probably no surprise to you because if you've ever been under
financial stress you will know just how taxing you can be on your mental health
the rich however manage these emotions by ensuring that they have adequate
funds to weather any financial obstacle and this diligence certain
pays dividends a study published by the National Academy of Sciences
demonstrated a strong correlation between income and life satisfaction as
well as income and emotional well-being up to around 75 thousand dollars in
annual income after that it leveled off yet several twenty eighteen studies by
the National Institutes of Health found that even among millionaires more wealth
did lead to more happiness interestingly they found that the source of wealth
also modern self-made millionaires were happier than inheritance beneficiaries
or lottery winners now I'm sure you've heard someone say well I'd rather be
happy than rich but why can't you be both where wealth can't buy happiness
per say it can buy you more time with your family and friends which presumably
would make you happier you can use wealth to switch to a single income
household or to help you and your partner retire young and raise children
full-time for that matter you can use it to reclaim more of your time to do
anything you want and that type of freedom is definitely something to be
happy about mindset number four risk-taking is required for success one
stark difference between the rich and the poor is how they manage financial
risk just about every way to make money requires assuming some sort of risk for
instance if you quit your old job to get a new higher paying role you risk the
new role being less satisfying or more prone to you being laid off if you
invest in government bonds you risk the government defaulting resulting in you
losing some or all of your investments these examples and many more the reason
why there's the saying no risk no reward and time and again we see the clear line
between the risk tolerance of the rich and the poor in most cases we see poor
people reduce or completely eliminate their financial risk which also hinders
their ability to grow their wealth statistics show that half of Americans
owned no stocks whatsoever that includes pensions 401k and IRA accounts and
college 529 plans in fact 84 percent of all US stocks are owned by the
wealthiest 10% of Americans some pundits claim that it's because the average
American can afford to invest in stocks but that argument falls apart in the
face of the facts it's free and simple to open a brokerage account and you can
even invest in an index fund with as little as $50
the truth is that the average American feels uncomfortable to risk posed by
stocks don't take my word for it that NBER studies showcases an enormous
divergence amita median wealth in the aftermath of the Great Recession as the
middle classes flood stock market ownership the subsequent stock market
recovery overwhelmingly favored the wealthy because they didn't panic and
sell off their stocks like so many less wealthy people did sadly that shift away
from stock ownership by the middle class has had a lasting impact increasing
wealth inequality in the United States there's no doubt that investing involves
risk but when done correctly these risk can be calculated risks whether it's
investing in the stock market or starting a business the rich calculate
whether their anticipated returns are worth assuming a certain level of risk
and given that 96% of income for the wealthiest 400 Americans comes from
either dividends interest capital gains or business income it's clear that
taking on these risks is paying off mindset number five a home is not an
investment whether you're rich or poor buying a house will be one of the
biggest cash expenditures of your life where the poor see their house as their
most prized asset the rich know that in most cases the house is simply another
expense like groceries or your water bill and if you want to build your
wealth then you need to minimize your expenses as much as possible sadly far
too many Americans justify spending whatever a bank will lend them when they
want to buy a house they tell themselves well sure it's a lot of money every
month but it's real estate and real estate is a long-term investment this is
a fairy tale there are many ways to invest in real estate from rental
properties to flipping houses to REITs to alternative real estate investments
buy your primary residence is not one of them reframe the question from what's
the maximum I can afford to spend on housing - what's the least I can spend
on housing and still be happy by spending less on housing you can funnel
more money into building true wealth with true investments mindset number six
money is a tool money is a tool with many uses yet most people only use it
for buying things a bigger house a newer car a better wardrobe a better hotel
when traveling the majority of people buy things like it's their day job but
the wealthy use their money and more product
of ways because they know that money can be used to create more money every
dollar you invest rather than spend can go into the world and generate more
income for you there are many ways to take a dollar and turn it into five you
can invest in stocks or bonds or other paper assets lend money to others start
a business or invest in real estate just to name a few the possibilities are
endless but they all have the same simple
premise investing money instead of spending it don't believe me look no
further than how America's billionaires earn their money every few years the IRS
releases a breakdown of income sources for the 400 wealthiest Americans in the
2014 breakdown only four point four seven percent of their income came from
wages and salaries here's how the rest of their income sources broke down
interest four point two four percent dividends ten point eight nine percent
partnerships and corporations 16 point two four percent and capital gains sixty
five point sixteen percent all of this income arose from investing money in
something and the overwhelming majority of it came from starting and growing a
business in other words your drug won't make you rich but your investments in
businesses might mindset number seven resources are limitless as I said before
each one of us only has so many hours in the day which is why if you want to ramp
up your output and see your revenues soar then you need to leverage the
resources that exist around you that's why the wealthy use other people's money
to build their own portfolio of assets a classic example is rental properties
sure you could save up a hundred thousand dollars and buy a property with
cash or you could borrow eighty percent of the purchase price I only put down
20% of your own cash this is what financial experts mean when they talk
about good debt if each rental property earns $500 per month in cash flow even
after your mortgage and other expenses then it's debt that makes you richer
every month not poorer the faster you can accumulate assets like this the
faster you grow your income in your wealth good debt isn't limited to rental
properties however you can also leverage other people's money to start or grow a
small business sure you might have to give up some equity in the beginning but
when you rather own 70% of a million dollar business then 0% of a
non-existent one therefore if you want to grow your income in assets don't be
afraid to enlist other people's resources to help you
reach your dreams faster thanks for watching if you want to go from the life
you have to the life you deserve then hit the subscribe button now
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