How do we become more financially wealthy?
Is it by working harder? Do we achieve wealth by staying in the office after 5 PM every day, hustling and hustling in order to get where we need to be?
I don’t know about you, but that sounds like a terrible way to live.
Don’t get me wrong — I’m all for working hard. I’ve put in long hours before in order to get things done. But if that’s your lifestyle, you’ll find that the extra money you make won’t fulfill you.
Instead, what are some other, more productive, and healthy ways to make money? Is it about making the right investments? Is it about saving? Or is it about coming up with profitable business projects?
Truth is, there’s a lot of ways to make money. That’s why in this episode, we’re mashing up interviews from some of the top business people in the world to give you the answers on how to attract wealth TODAY!
They Stay At The Wrong Job
If you are poor, it is more than likely that you have had at least one experience working at a terrible job. Unfortunately, far too many people stay at a bad job for years, even though they know it makes them miserable. People usually do this when they feel desperate or that they can’t get anything better. They are usually underpaid and overstressed, while convincing themselves that they have to stay where they are in order to advance within the company. People who eventually become rich never settle for being treated poorly by their boss or being underpaid. They decided to find a new place to work.
Remember that whatever job you choose should be in line with your career goals. And during an interview, you should be asking questions just as much as they are asking you. Try to think about where you want to be in the next five years. We are not suggesting that you quit your job immediately. It is much better to send out your resume and go on interviews while you are still employed. Once you get a new job, then you can put in your two-week notice to the job that you hate. Remember that successful people never settle for less. They go after their dreams.
Number 2: Poor People Don’t Invest in Themselves
Nowadays, we hear a lot about self-care. People think that by getting a manicure or styling their hair, it means that they are investing in themselves. While your outward appearance is surely part of it, there is so much more to investing in yourself if you want to be rich. Manicures and hairstyles are really liabilities instead of assets, because they cost money and will never pay back dividends. Instead, you will have to pay more money to maintain those things. Really investing in yourself is more than skin-deep. The rich go deeper with learning new skills and increasing their value as a person.
Ask yourself, am I the type of employee that is so good at their job, that is seen as indispensable to a company? Or are you just one of the many people who could easily be replaced overnight? If you feel like you are just one of the crowd, start to invest in yourself by spending time to learn new skills. Take some classes at a nearby college to learn new skills and/or polish the skills that you already have. Read books that will help you grow and improve. Be the best you can be, and continue to grow as a person, no matter what age you are.
Number 3: Poor People Believe Other People Should Help Them
Poor people think that someone owes them something. They often believe that they deserve a handout simply because they were born. Many poor people assume that the rich were handed a “big break” from someone else. This is one of the reasons why poor people fall for pyramid schemes. They assume that the person who is willing to give them the help they “deserve” has finally showed up in their life. In reality, no one offers you help or mentorship unless they see you are already putting in the work. Pro tip: You deserve nothing. No one owes you anything. If you want something, you have to work for it.
Rich people understand they are not entitled to anything. They know that when it comes to starting a business, they are the only person they can expect to do the work. Even if they grew up in a wealthy family, they realize that you need to earn what you have. If nothing else, you have to run the business well so that it does not go bankrupt. In fact, growing up with successful parents makes many people push themselves very hard. And if someone comes along promising to help them in some way, they are cautious to accept it. No one usually offers you help unless they want something out of it.
Number 4: They Are More Religious
It is a statistical fact that poor people tend to be more religious than rich people. More significantly, many poor people put their faith in beliefs that suggest God wants to make them rich and successful. One version of this is called the prosperity gospel, and it is taught by many megachurch pastors around the United States, particularly Joel Osteen, Creflo Dollar, and Bill Johnson. People who follow the prosperity gospel may give all of their money to a particular church because they believe that doing so will cause God to bless them with financial success. Oftentimes, they end up getting bilked out of all of their money but still expect to see a divine return on their investment.
Not that there’s anything wrong with being religious or that no rich people are religious. But rich people do not fall for the prosperity gospel, and they know that their financial success depends on their own hard work and ingenuity. In other words, while rich people may (or may not) believe in God, they believe in themselves and in their own ability to do what they need to do to make good things happen. Faith and religion do not necessarily hinder success; however, faith will not cause you to become successful. It can help you on the path to success, and sacred texts to have many important things to say about money.
Number 5: Poor People Don’t Fully Understand Assets and Liabilities
Poor people do not fully understand the real definition of an “asset.” They might think that their car is an asset because it is an item that holds value. However, it is actually a liability, because it continues to depreciate in value year after year. It also needs money to keep up with repairs. Same goes with owning a house; it may increase in value over time, but for now, it needs a lot of work to be maintained. Some even consider a manicure to be an asset because having perfect French tips will help them get a better job. Poor people continue to buy luxury items that they cannot afford, thinking that they somehow hold value, when they really become worthless over time.
Assets, on the other hand, are investments that actually earn an income. This could be a healthy stock portfolio that is earning returns, a valuable antique, or a rental property that is making a profit. Rich people are focused on growing their collection of assets so that they can continue to make more money. More often than not, rich people live a modest lifestyle until they are earning a healthy income from their assets. Warren Buffett, one of the richest guys in the world, drives a $30,000 Camry instead of the luxury car that he could easily afford. Only after wealthy people have the income stream that they need do they begin splurging on liabilities.
Poor People Don’t Follow Through
Pretty much everyone knows a friend who has big ideas and no follow-through. They talk and talk about how much they want to do something, but never actually act on their ideas. They may have great ideas about how they are going to make good decisions to move their lives forward, like going back to college, becoming vegetarian, ending a bad relationship, applying for a better job, or starting to save money. This is something that only poor people do. They give up on their potential to succeed because they are not willing to put in the work necessary to make the changes they need to make.
Rich people, on the other hand, will do the things they want to do instead of talking about it. In fact, you might not hear what they are doing behind the scenes for months at a time because they are too busy working. Then, suddenly, they emerge to announce that their project is done. They decided on what they wanted to do, and they made a realistic plan for how they would achieve their goals. Then came the important part: putting in the work in order to make their goals become a reality. You may think that the process was magic, but those who have succeeded know that they have to roll up their sleeves and put in the hard work.
Poor People Try Get-Rich-Quick Schemes
Poor people are far more likely to fall for get-rich-quick schemes. In today’s world, we’re used to getting instant gratification. Everything we want to know is available online from our phones. People who are raised in today’s world seem to expect their rise to wealth to happen just as quickly. More often than not, they end up falling for a multi-level marketing company, or a pyramid scheme. A salesperson tries to pitch the idea that you can make a ton of money by selling a product to family and friends. Before you know it, you have invested everything you own and have nothing to show for it. And you never will. Get-rich-quick schemes don’t work.
A rich person would never fall for this kind of scheme because they have educated themselves on finance and business. They would see a red flag from a mile away. If it seems too good to be true, it probably is. The rich understand that it takes a very long time to make money. There is no such thing as an overnight success, and “get rich quick” is a fantasy. No, real wealth comes from hard work and healthy habits developed over a lifetime. Sure, there are people who are wealthy because of an inheritance – daddy’s trust fund is the ultimate get-rich-quick scheme. But if you are not one of those blessed few, stay away from any attempt that a company tries to sell you for making money overnight.
Having Only One Income Stream
Poor people go to work every day because they’ll lose their homes, cars, everything if they don’t. Their entire lives depend on that one income stream that is their monthly paycheck. They’re so dependent that they often live paycheck-to-paycheck, meaning that if one unexpected expense should come up like just a sickness or needing new tires, their entire lives can be derailed. If they need another income stream, the only option is to get another job. Moreover, no matter what you may have heard, working two jobs is hardly a way to escape poverty. It just makes you exhausted and unable to do any one thing well.
Rich people have multiple income streams, and if one income stream fails, their entire lives are not going to collapse. They may have properties that they rent out, in addition to a stock-market portfolio that is generating sizeable interest, plus publications that are earning royalties, all on top of a business that they are running. Most self-made millionaires have at least three income streams, which is far preferable to working two or three jobs. If you need to generate another income stream, start small by renting out a spare bedroom on Airbnb or buying small stocks that may begin to accrue interest.
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