- What's the one thing that rich people buy
that the poor and middle class don't?
(upbeat music)
So you see it on Instagram,
you see it on Facebook
and sometimes you'll see it on YouTube,
that you see that rich people they have these nice watches
and they have, and they drive the Lamborghini, the Ferrari,
you know, the Bentley.
They stay in luxurious hotels.
They have huge houses.
And all these things that they buy.
And that's what people see rich people
that's what they have.
But that's not actually what got them there, right?
So what do they actually buy?
Rich people, one thing that they buy is,
they buy assets that the poor and the middle class don't.
Now, what are assets?
I'm talking about income producing assets.
Assets that appreciate.
Assets that will make them money.
So example, it could be a piece of real estate.
It could be an apartment building.
It could be a company.
It could be stock.
Any assets, investments that would put money
in their pocket versus poor and middle class.
What do they buy?
They buy liabilities.
If you study a little bit about what Robert Kiyosaki's
Rich Dad Poor Dad, you know that the definition of assets.
It's assets is things that put money in your pocket.
And most middle class they buy liabilities,
such as their home,
their primary residence.
That they think is asset.
Which is not because the asset is supposed
to make you money while you sleep.
Versus liabilities is to eat you,
it takes away money from you while you sleep.
And you look at poor, middle class,
you look at their financial statements,
very often they have very little or no assets,
zero assets and they have a lot of liabilities,
their home, their car and all that stuff.
But they have very little assets.
So rich people, they buy assets first.
Then the assets buys our luxuries.
Versus the other way around.
I'll give you a perfect example,
so instead of asking yourself, saying to yourself,
"Oh I can't afford that, it's too expensive."
Rich people, that's not how we think.
That's a very low level poor person mentality.
"I can't afford it." Right?
Rich people, we ask the question,
not only how could I afford it,
but how can I make this make me money?
How can I make this make me money?
So instead of thinking, let's say for, this car,
so I could have just buy this Bentley any time.
But I waited for a period of time
because I set a goal and said, "OK instead of just buying
"a liability, I need to buy the asset first.
"So I need to buy an asset
"that will throw off enough cash flow,"
in my case a piece of real estate,
"enough cash flow, that I know that would cover
"my monthly payment of my Bentley."
Right?
So instead of me just buying a Bentley
which then I have to pay from myself from my own pocket.
I say, "OK let me go through a step,
"let me buy the asset, that one thing,
"buy the asset first,
"when the asset throws enough cash flow
"that pays for my luxuries."
That pays for the car that we're filming in.
So even though when this car, I'm a change two three years,
when this car, when I no longer drive it,
when I sell it, whatever it is.
Guess what?
I still have the asset that's working for me.
That's the difference.
We buy, rich people, we buy nice things.
We buy the nicest things.
The difference is we don't want to use our own money.
We buy the assets first, we invest first,
we buy the investments first, then we buy liabilities.
The definition of rich people, the rich is simple.
Rich people we are entrepreneurs who invest.
I'll say that again.
We are the entrepreneurs who invest.
Verus, even if you're a business owner,
instead of just buying stuff for your business,
make the money from your business first, right?
And then you can put into investments.
If you watch my world triangle videos,
you know I talk about the three stages, right?
If you have not watched them, click on the I button,
just watch them first and you know what I'm talking about.
So high income skills
and then on top of your scalable business
and on top of your high return investments.
So rich people we are entrepreneurs who invest.
So that's the one thing that rich people buy
that the poor and middle class do not.
Let me give you one more tip.
There's one thing, that we also buy,
that the poor and middle class do not.
And that is, rich people buy time, poor people sell time.
Rich people buy time, poor people sell time.
The thing about people who are struggling financially
or employees they sell their time.
They get paid based on their time.
How many hours I get, how many hours I work,
how much do I get paid per hour,
or how much do I get paid per month or bi-weekly
that's how most people think.
Rich people we don't do that, we buy time.
We buy time because time is the one thing
that you can not replace.
This second that you're watching my video,
that second is gone.
That minute you're watching this video,
that minute's gone.
You can't replace it, I can't replace it.
I cannot replace it.
The customer is replaceable.
Money is replaceable.
Time is not.
I cannot create, manufacture more time.
Money I can always make more money.
If I have the time.
If I run out of time I cannot do that.
That's why time to rich people
is a most valuable commodity.
That's why I fucking hate it when people waste my time.
It's worse than stealing from me.
It's worse than stealing money from me.
Because money, I can always make it back.
The minute that I waste, I cannot get it back.
And if I use the time wisely,
I could use it to make a lot of money.
So the reason we buy time, we buy talents, we buy people,
we buy people that can help us,
we buy people that can save us time.
So that's why the two hours that you spend
you know cleaning your home
or doing all the stuff, mowing your lawn.
You know, a quick story,
one time I was visiting a pretty successful CEO,
the company's probably doing $20, $30 million a year.
And I visit his office and I went to his office
and I couldn't believe it.
The minute I got there he was mowing the lawns
in front of his office.
I'm like what the fuck was that?
Right?
Right there it tells me, my god,
this CEO does not value his time.
The two hours he spent mowing the lawns,
he couldn't have found better things to do?
He couldn't have found better ways to invest his time?
He couldn't have found a better way to utilize his talents?
He's mowing the fucking lawn, seriously, right?
It makes no sense.
When I talk with him, I was giving him a hard time, right?
So rich people, we don't just think of return on investment.
That's one of the words that you've got to learn, ROI.
We think in terms of return on investment.
Your assets, your liability, but we also think in terms
of return on time invested.
Return on, ROTI, return on time invested.
That I invest this time doing this thing, what's my return?
Right?
So I know if I spend two hours watching the movie,
that movie then doesn't just cost me $20, $30, $40.
That movie cost me thousands of dollars,
if not tens of thousands of dollars.
Then I know that when I watch a movie,
I have to ask myself, and not that I don't watch movies,
I love watching movies.
But I know also realistically that is not a $40 thing.
That cost me tens of thousands of dollars.
So then I need to ask myself, "OK, it's the escape,
it's the experience, is that worth that kind of money?"
And I look at and I say, "OK you know what? It is. It is."
If I take the time off and spending with my family
that hour costs me money
but I'm willing to spend that.
Very consciously, versus people who have concept,
very consciously, I know that I'm investing my time,
that's worth X amount of dollars, with spending,
I'm not trying to make money from this hour, two hours,
I am spending with them.
I am investing in that time.
And when you think of it that way, guess what?
You'll be more present.
That's why every time I watch a movie, rarely I say
a movie is so bad, no it's OK, at least I can justify
a little bit mentally that shit this movie just cost me
fucking $20,000 it's pretty good.
Right, it's $20,000 of my time, right?
So joking aside, that's what it is.
You've got to think of it that way,
how you value your time.
So that's what rich people do,
rich people buy time.
If you don't value your time
you're not going to be successful.
You have to value your time.
Everything, Bill Gates has appointment, booking,
six minute increment.
Six minute increment in his calendar.
That's a billionaire, right?
My mentor has his in 15 minute increments.
Now I also have my thing,
sometimes 30 sometimes 15 minute increment.
How you manage your time, how you invest your time,
your most valuable investment that you have.
So there you go, that's what rich people buy,
the one thing that they buy
that the poor and middle class don't.
Don't look at just what they have, their fancy car
and that's the thing.
Before we go.
Because maybe when you have no money,
you've been struggling for so long,
you have been working hard for so long.
And suddenly when you make a little bit of money
and all the image that you have about rich people,
all the nice things, the nice car,
all the things that they have.
Suddenly you make a little bit of money,
I'm not talking about a lot of money,
a little bit of money,
and you say I want a fucking, I've worked 15,
I waited 10 to 20 to 30 years for this.
Fuck it, I want that life.
And you go spend your money
and you think by spending that money that makes you rich.
That makes you fucking poor.
That doesn't make you rich.
You only see the surface, you see the result,
you see the outcome, you don't look at the fucking process.
Look at how they got rich.
They buy the assets first.
Before they buy their fancy watch,
they buy the investment.
The investment makes them money,
then they buy the fancy watch.
But you don't want to do that,
suddenly you make a little bit of money
because you're so fucking insecure,
you gotta big fucking ego,
you want to show the world, you want to show your family
that you've fucking quote unquote made it,
which you haven't, you want to look rich versus be rich.
You go buy that fucking watch and you know what?
You wear that watch and you thought you fucking made it.
Everybody thought you made it.
You did not make it, you just made yourself poorer.
That's not what makes you rich.
But if you can have the self discipline and self control
and say you know what I'm gonna buy the assets first,
I'm gonna buy the assets first,
once you buy that and your assets
you can buy all the fucking luxuries you want.
Your assets pays for it.
It's OK, buy the nice things you want.
It doesn't quote unquote cost you
because you're investments are providing for you.
Investments are feeding you.
It's making you money.
That's the difference.
So think about that.
Don't just look at, "Oh I want the nice things."
The nice thing is the result
that's the next step.
First you gotta build a portfolio,
I didn't have nice things for the first 10 years of my life.
It's only now I quote unquote after all these years.
OK now I have people say, "Oh Dan, you've got the..."
I didn't have the fucking Bennie over night.
I was driving, you know, Mazda for a number of years.
And Audi, not that Audi's a bad company, it's OK
but it's not a Bentley.
For a number of years.
Only recently, now I'm enjoying life.
And people look at they look at where you are today
but they don't look at where you came from.
Ponder on that.
Comment below, share with me what's one thing
that you think poor and middle class buy,
I'm curious to hear your thoughts.
The people that you see, the poor and middle class buy.
Share with us, share with me.
Also give me a thumbs up as well.
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That's what my channel's about, it's my life
it's what I do, just like this,
going to downtown, getting stuck in traffic
and answer your questions,
that's a good return on time invested.
Even in the car and stuck in traffic,
I'm making a video for you right?
That's how you utilize your time
that's how you're being smart with your time.
Check out my other Boss in the Bentley video, right there.
We have a lot of videos you can check out.
A lot of interesting questions,
a lot of interesting insights.
Until next time, I'll see you in my Bentley.