Although they say the middle-class is dying, they also make up the majority of the socio-economic
spectrum and decisions.
Unfortunately, most of the middle class are blinded by the idea of financial security
that they can't consciously weigh out assets vs. liabilities.
Robert Kiyosaki, a famous book author, concludes that the assets or liabilities owned by individuals
are markers that distinguish the different classes.
This basically means that, what you own will tell you whether you're rich or poor.
So stay tuned as we dive into things the middle-class thinks are assets but are actually, not.
8.
Investing in jobs that you don't like as security to financial freedom.
The race to prestige and wealth is only for the smart.
Sometimes Knowingly, we find ourselves investing in jobs that do not bring out the best in
us.
Just for the sake of believing that if we stick to that lousy job eventually, we will
come face to face with our breakthrough in life.
This is just a hoax we try to feed our minds.
Do you think that investing in your tolerable job will turn you into a millionaire?
The high-class, on the other hand, has different ideologies from the middle class.
The fact that they invest in what makes them feel fulfilled is the reason they stand out.
Anthropologist Hadass Weiss believes that the wealthy keep getting wealthier because
of their mindset.
It is possible to reap tremendous benefits from investing in your talents, hobbies, and
what you like to do.
As long as you have a well-done strategy and the correct financial knowledge, nothing is
unattainable.
We have to get rid of the poor man's mindset that makes us believe that securing a safe
8:00 AM - 5:00 PM job will get us our millions.
Let's get out there and chase our dreams.
Once you are free from employment slavery, nothing is impossible.
So don't be afraid to risk it all in pursuit of a better status, you never know, the world
is full of surprises!
7.
Your home is your biggest liability.
Most of us picture wealth with having a huge house and cruising the streets in luxurious
cars.
The truth is that owning a home may not be considered an asset but a liability.
The famous rich-dad-poor-dad has been praised for being a remarkable financial encyclopedia
that has forecasted the success of many resilient entrepreneurs.
Unlike most people, the high class has maintained the discipline of categorizing their assets
and liabilities.
Things like cars, houses, tv screens all fall under the liabilities category.
Since they do not bring in any money into your pocket but instead, take out money from
you.
Once you master the art of managing your household finances like a business, you are in a better
position to avoid the blunders most of the middle class fall into.
To avoid getting caught up in such scenarios, we ought to invest more in our financial knowledge
and money in general.
When planning to buy your dream home, do not forget to seek qualified advice from financial
advisors, who would give you a better insight on smart and reasonable liabilities and assets.
Sometimes we make these mistakes due to negligence.
A smart man will always inquire and research before making such a decision.
Only a foolish man has a solution to every problem.
Alright, So, I would like you to do something for me.
Pause this video right now.
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6.
The middle class spends first then invests later.
Imagine cashing out 50-100 dollars a month to service your car loan when instead, you
could have invested the same amount into stocks and bonds, and earned divided from them.
The smarter move is to channel money into investments as early as possible, so you start
enjoying the cash flow from your assets.
It requires utmost discipline to correctly manage your funds and stick to your priorities
and plans.
When you receive your monthly income, do you start spending first?
Or do you invest?
And how does this work for you?
Following experts' review on the steps we take utilizing our income, those with tendencies
of investing their funds first have shown higher rates of generational wealth.
The trick here is to be consistent because eventually, the bit-by-bit investments turn
out to become something sensible at the end of the day.
For those of us who opt to spend first, most of them end up slaves of work since they have
to work to be able to sustain their constant needs.
Your view on spending and investing plays a big role in moving you up the social ladder.
Some narratives state that we are worth how much we remain with after spending.
Adopting this will upscale our thinking and place us in the trajectory of scaling up from
the middle to first-class or low to high class.
The trick is spending after you have already invested.
It might take a while to start reaping the benefits but eventually, you will come to
terms that the tip works wonders.
5.
Formal education Ever wondered why A students end up working
for C students?
The obsession for education within the middle class is alarming.
Maybe because of the belief that their investments in formal education determine their wealth.
But if the secret to building wealth was excellent grades, then every summa cum laude graduate
would be a multimillionaire!
The mass affluent know that financial success has little to do with your ability to memorize
textbook information.
Instead, they believe that gaining specific knowledge about things like how to invest
or network with powerful people have a stronger impact on their net worth.
Street smarts actually have a higher chance of making it compared to book smarts.
School is tuned to prepare you for a 9-5 set up, but general knowledge gives you tools
to face the world and explore different aspects of life.
If you don't believe it, take a look at some of the world's top billionaires.
They have little formal education.
Most of them are college dropouts who decided to pursue their dreams instead of wasting
years in school.
Great examples are Apple co-founder Steve Jobs and Dell Technologies CEO Michael Dell.
Universities are becoming irrelevant by the day so instead of getting huge student loans
that you can't service, consider taking up an online course in your field of interest
that will strengthen your skills in that field.
If you like need some inspiration, Bill Gates has credited much of his success to reading
50 books a year! so, don't be scared to learn on your own.
4.
Getting rich is not a personal decision but a matter of fate.
The average individual views getting rich as a matter of chance, and luck.
Therefore, limiting not only their thinking but also their overall performance.
Speaking out of experience, many people in the middle class relate their wealth to their
professional skills, homeownership, and formal education.
This is a mindset that will get us nowhere in the corporate world and would leave us
stagnant in the middle class for life.
Once you are unable to break the ice and change your perspective of thinking, you are doomed
and will only keep wondering how lucky your higher-class counterparts are.
Once you can embrace the fact that you are responsible for your status, you are one step
closer to enjoying financial freedom.
You just have to identify and fill a gap in society, and in no time, you are a millionaire.
Whatever you venture into, you first have to be able to convince your mind before executing
your plan.
You manifest what you think, that's why it is important to always stay positive.
Instead of focusing on new ways to cut down on your groceries and monthly expenses, try
brainstorming on new ideas that have the potential to fill a gap in the entrepreneurial world.
3.
The more the money the worse the character.
The idea that money is the root of all evil is something that continuously enslaves the
middle class.
Contrary to this popular belief, 'the more money you have, the more problems you'll have.
I believe that this belief is untrue.
Money can also bring out positivity and seriously change people and family lives for generations.
It's unfortunate that most individuals relate vast wealth to greed, corruption, and oppression,
among other vices.
But that is not the case once you familiarize yourself with wealthy individuals.
The truth behind this belief is that money is in any case, the issue but the individual.
Vast wealth only brings out the true character of an individual.
If you were greedy before, once you get financial freedom, you will become greedier and vice
versa.
So the goal is to cleanse our minds and transform our thinking.
If you were a just and kind individual, money will more likely highlight your virtues.
So you better invest wisely and learn to distinguish between humility and poverty.
2.
Saving money instead of investing.
The middle class tends to believe in various rules of savings.
The low and middle class are more comfortable risking less compared to the high-class individuals.
The mistake that many folks make is that, by saving money, they think they have achieved
the ultimate goal towards wealth.
However, the secret of wealth is multiplying the money and not saving.
Money is beloved to many as it is used as a dynamic medium of exchange of commodities
and services and has a circulating tendency.
Therefore, it should not be hoarded but multiplied.
A common subconscious trait amongst the middle class is that money is scarce.
Hence there could never be enough thus, leading many to hold back on spending and maximize
on saving.
This economic class has conformed to putting money in a piggy bank or a bank hoping to
create generational wealth.
The middle class tend to trust banks so much that they'd rather leave their money sitting
around their accounts than spend it on some risky investment opportunities promising high
returns.
This tendency is a far-fetched strategy towards generating any real wealth.
This is because most times, money is subject to a withholding tax.
Leaving you with just a little less an amount than you had initially saved.
The norm in the banking industry is that after you save money, it is utilized by banks.
Where do you think banks get money to finance loans?
They most definitely use your stored cash to finance investors with ideas and little
capital.
This, unfortunately, keeps the rich very rich while the poor are as poor as they were yesterday.
1.
Are white-collar jobs an ideal venture?
A very confusing topic I'm sure, but yes it's a fact your ambition to stick to that corporate
job because it's a very comfortable paycheck isn't leading you to wealth.
The rich never strain themselves to climb the corporate ladder, they work to own the
ladder.
The middle class believes that there is no way forward financially unless you are employed
somewhere and have a paycheck at the end of the month.
They seek to build a career because they were told to get good grades and join a college
to find work.
The rich instead seek to create businesses and eventually create employment for the middle
class.
This rigid thinking of the middle class leaves them stagnant and unable to climb up the economic
ladder.
They also end up making good errand boys for their employers and make billionaires in the
process.
No matter how thick the paycheck is at the end of the month, chances are your employer
only lost about 10% of his billions to pay you that much.
The wildest part is that the probability is that you are good at your craft better than
your employer, that's why they hired you.
So think about if you could only dare to start something small of your own, what amount of
greatness would you build.
The message is simple: everyone needs to get out of their comfort zone.
Be a little willing to take risks no matter how small you think it is.
That is the very first step towards financial freedom and wealth beyond imagination.
Now doesn't that sound nice.
Well, thank you guys so much for watching today’s video.
I hope you’ve enjoyed and found value while watching it.
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With that said, have a good day, and I'll see you all in the next one.