Do rich people acquire special knowledge
from being at the top, or do they have it?
Because in order to get to that level,
you need some kind of inherent understanding
about the way the world works.
Well, it's a little bit of both.
You need a foundation
to get there, but once you're there, you're
privy to an abundance of information
that helps you to move up
even faster.
But luckily for us, from working closely
with these people
and for the ones kind enough
to pass their knowledge down, we can put together
the blueprint of being rich.
Keep watching to find out 15 things
the rich people know
about the world.
First up,
something we've said before.
You're never going to get rich
working for someone else.
Last week we did a video on 15
high paying jobs.
Every job on that list yields
an annual salary of more than 120 K,
and that's a decent amount of money.
But being rich is more
than just about money.
It's about having freedom.
The freedom to go on holiday
right now if you want to.
Or the freedom to buy
whatever you like.
When you work for someone else, you're
constrained by their
rules, their timelines.
If you want to be rich,
you have to be in a position
to make your own rules.
Time is money.
We say this all the time
because we want you to understand
that while you're driving
to the store, shopping for groceries
or mowing your lawn,
you could be making money.
You shouldn't be only making money
when you've got the time for it.
You should be making money
when you're staring at the wall,
if that's what you want to do.
Rich people know the more ways
they can make money in a minute,
the more freedom
they have to do whatever they want.
They know that even though they've spent money
on a fancy dinner, that in that time
they've actually made
more than they've spent.
Despite having
freedom of choice,
you still need to choose your work.
This is the real kicker.
Okay?
Being rich isn't end game.
It's just the beginning of another level.
Even when they have the
freedom to do whatever they want,
they still choose
to sleep under their desk
and shower in the office
when there is a big deadline looming.
At some point, it's not even about the money.
It's about the achievement and the thrill.
If you can shift your mindset
to seek that thrill along with the money,
then it'll be easier for you
to give up a night out drinking
with your friends, to
focus on your side hustle.
Sometimes you need to be
more delusional than practical.
Think about your top five
or ten favorite entrepreneurs.
People who are in your eyes.
Rich.
Go research them and you'll
come up with stories and find some mad
adventures, taking insane risks,
being absolutely obsessed
with a ridiculous idea.
Working behind the scenes
on something for years while everyone thinks that
what they're doing is a joke.
There are few practical
stories from rich people
just starting out.
They're all
paragliding off mountains
with no training.
Sometimes they fall,
they lick their wounds
and they hustle their way back up to the top.
Sometimes
they manage to fly.
You need this
kind of absurd blind
belief in yourself.
It's why it's easier
to take these risks when you're young
and don't have anybody else depending on you.
Wealth accumulation takes
time or luck and luck.
Rich people know that wealth accumulation
takes time or luck, and that luck
will find you when you're working.
The average age
of most millionaires
is 57 years old.
Of the 3194
billionaires in the world,
nearly half were between 50
and 70 years old.
A clear majority of the world's
billionaires are men.
Now, it might sound like
there are a lot of young
millionaires, but that's only because
they communicate using mediums
we're familiar with.
So know
that accumulating wealth
will take time.
Just because it didn't happen immediately
for you doesn't mean you should give up now.
You might have to work out it for two, three,
four decades even,
but at some point
it will pay off.
You're not going to get rich
by only chasing the money.
If you only have the numbers in your mind,
you're going to take opportunities
that will increase the numbers quickly
and not opportunities
that will provide a higher
steady stream
over the long term.
Let's say, for example, you've got a contract
with a small company to make $15,000 in a month.
At the same time,
you're offered a contract
with a larger company
with multiple branches
to do a small amount of work
with a possibility of more.
But that's offered up $5,000 over
four months.
You really want to go on that holiday
and would much prefer to do a lot of work quickly.
That makes total sense.
And there may not be a right or wrong
answer here, but
it does show you
that you're only chasing the numbers
when you also need to be chasing
longevity.
Keep both of these things in mind
when you're making decisions
and the direction you choose
will be more well-rounded
and better thought through.
There's no such
thing as retirement.
Rich people don't retire.
They may shift their focus, sure.
But the idea of sitting at home on the porch
day after day
is really boring to them
because in their mind, there's always more
to conquer.
There are always challenges to go after.
They might take sabbaticals and decide
on their next venture,
but full out retirement.
Not going to happen.
Life can get pretty boring
when you've got everything you want,
so you have to find something new
to be obsessed with,
whether it's your self,
your children, your company, your horse.
It's going to be really unsatisfying
when your obsession is material things
and you can get whatever material thing you want.
You keep life
interesting by being obsessed
with different things,
no matter how bizarre it
might seem to other people.
You have to make a
conscious decision about the kind
of rich person you are.
You're either going to be
the type who displays your wealth
or the kind who knows they have so much
they don't care about flashing it
in people's faces.
Think Kardashian, rich
with the gaudy houses,
customized luxury cars
dripping in jewels
and expensive brands,
versus Zuckerberg rich
walking around in sweats
and driving a Honda fit
for the former.
Your wealth is often tied
to your display of wealth.
You make money by showing people you have money
because you believe that others
will invest in you because you are rich.
While with the ladder, your wealth is built
on your underlying influence,
which you don't want people to notice.
So you tone it down and blend in.
You have to choose
what kind of rich
you're trying to be
and then maintain that persona or brand
to be considered a
reliable investment.
Your personal home
is not an asset.
This is more foundational knowledge
rather than something you learn
once you've made it.
Aspiring to own
a home is great, but you have to know
that if you buy a home and then move into it
yourself, it is not an asset.
You're losing money from it,
not making money.
It's a better idea
to buy a home,
rent it out,
and then rent a much cheaper
apartment for yourself.
Especially if you're young and single.
You don't need to live in
a big place, even if you can afford it,
even if you buy a place.
And then stay with your parents for a few years.
You're still turning
your purchase into an asset.
You must set up
other income streams
as soon as possible.
The initial set
up of other income streams
takes some dedicated
focus and time,
but it's better to set them up
when you're young because you have more time.
Ideally, you wouldn't be working yet, so you're
not jaded and exhausted
when you're working on it.
If you can do it while you're still studying,
then great.
Your brain is wired for action
and your body isn't tired from working
for someone else for hours
on end just yet.
You're not going to get rich
spending all of your money
on yourself
when you're working toward being rich.
Spending below
your means is essential.
Okay?
You're not going to get rich if your expenses
continuously go up
along with your income.
Influencer culture has made us believe
that we can buy whatever we want
and still be rich.
We see those ordinary people
making thousands
with a single post,
buying whatever they want
and having influence
over thousands of people.
But the truth is,
to get there, many influencers
had to go into some major debt
that they struggle to pay off
even once they're earning a decent amount.
And many of them
also come from really good socioeconomic
backgrounds, wealthy families.
So get rid of the idea that you have to craft
an illusion of wealth
in order to be wealthy.
You must
diversify your investment
accounts.
Here's some more
foundational knowledge because of course,
the mega-rich already know this.
But you'd be surprised
how many people have made the mistake of making
risky investments and losing everything.
It's okay to take risks, but make sure
that everything you have doesn't live in
one account.
This might seem like common sense, but
we've seen all too often
how people lose everything
when a company goes bankrupt
or they make some bad calls with their money.
Even if you're investing
a few hundred a month,
it should be allocated
to at least a couple of different areas.
And if it's all going to the same place,
you need to know that investment
space inside and out.
Donating to charities
is also a financial benefit.
Now it feels a little bit
callous to put it this way,
but in addition to giving to charities,
being a good deed, it also helps you out
financially in many countries.
When you make a donation
to a registered charity,
you can submit the tax receipt
you receive and then get a tax credit.
Often up to 50% of your donation,
you also save on
capital gains.
The rich don't just
donate out of the goodness of their hearts.
It's good for their wallets, too.
And finally, hire
coaches and advisors
to help you.
Even if you're not rich yet,
working with a financial coach for a few sessions
will be incredibly helpful.
It's a great investment.
The rich know there are experts
who enjoy learning about these things
and keeping up with the latest trends,
and it's easier to learn from them
than it is to do all the research
yourself.
Even if you're still
building your wealth,
hiring a good coach or advisor
within your price
range is going to make a major
difference in your life.
And if this is still a little bit out of reach
for you, where you are now,
that's exactly why
we've created the Alux App.
It's a high performance coach
right in your pocket.
We pay the experts on your behalf
more than $1,000,000 have gone into the Alux App
experience so far,
and for only $99
a year, you get top level
mentorship to level up
your life.
Go to alux.com/app
to get
started today.
All right, my friend.
So to wrap all of this up,
you might not be rich just yet,
but there's nothing stopping you from thinking
like a rich person.
Follow these ideas and you'll be able
to move up the money,
freedom and choice ladder
a whole lot faster.
Fake it till you make
it has been proven to work
time and time again.
So we think it's time you put your multimillionaire
hat on and just go for it.