To be rich you need to own your own business or have a high-paying job right
well it's true that these things allow you to generate significant income the
reality is that there are still many high income earners that aren't rich and
it's because they don't understand the fundamental principles of money
luckily boss in this video I will share with you the three money laws only rich
people know and if you're new to the channel then hit the subscribe button
below for more life-changing content law number one the law of expectation
the truth is that every single person on earth has a potential to be rich however
most don't expect that they will ever achieve significant wealth now maybe
this is because they don't know how they can increase their income or maybe they
grew up around others who struggled financially whatever the reason these
people don't realize that the first step in achieving financial freedom is to
expect and plan for success most people don't realize that their attitude is one
of the main contributors to their financial success and as such don't make
any effort in cultivating and maintaining a prosperous financial
mindset sadly this weak financial mindset can translate into a lack of
confidence that prevents them from taking even the easiest of financial
steps for instance they never try to negotiate a price because they never
learned how or they avoid asking for a raise at work
because they are afraid that they might get fired they might even avoid managing
their finances altogether claiming that they just aren't good with numbers and
the truth is that while one person is living payday to payday always in
desperate straits because of poor money management his or her next-door neighbor
can be abundantly successful and they are probably similar in most ways except
for one there are IQs may be roughly the same
they may have a similar education and may have gotten similar grades in school
they come from similar backgrounds they may even work for the same employer but
one expects to be poor or at best struggle with money and the other
expects to do well in each case they are right now if you're the type of person
that has a negative view of money or thinks that there is no way you can ever
be rich you're probably wondering if there is a
way to change the current mindset you have well in life we can't always
control what happens to us we can always control our attitude
when you think about it attitudes are no more or less than thought hobbits we can
change attitudes like we change any other habit by substitution and worse so
of a new truth for instance if you find yourself constantly having negative
thoughts about money you can start to repeat to yourself the following phrase
every day in every way I am becoming more successful with my money over time
using daily affirmations will cement themselves in your identity allowing you
to truly be someone who is successful with money now expecting to become a
financial success is the first part of this law
however expecting must be paired with planning and logically this makes sense
when you expect to do something like take a vacation you automatically start
planning for it and if you don't start planning then it is a dead giveaway that
you don't really expect to do it so create the expectation set up a plan and
then there will be nothing left but to act on it law number two the law of
control most people believe that they have little control over their money
they can increase their income because their boss wouldn't even think of giving
them a raise and they can't lower their expenses because they never learned the
skill of negotiation therefore a year over year they remain in the same
financial position however the reality is that everyone has the power to
control their finances and those who do are the ones who ultimately become rich
you see the rich practice three proven methods of money control and by
leveraging these principles are able to become active money managers rather than
taking a more passive stance like the other 99% of the world the first of
these three methods is money consciousness money consciousness means
being aware of the financial implications associated with every
decision we make now you may think to yourself I just don't want to have to
think about money every time I do something but this kind of thinking
locks understanding of the concept and reflects an unhealthy rather than a
positive attitude about dealing with money in general in fact being money
conscious can actually make your life better as it will allow you to focus
your money on more rewarding things for example if you buy a five dollar latte
everyday then this action is probably a rather unconscious habit but as a money
conscious individual you may reassess as purchasing behavior and think to
yourself with the same amount of money Coffee a year I could go on a two-week
vacation ultimately being conscious means having options and more
specifically being in control the second method of control involves living below
your means now this probably seems obvious but not everything that's
obvious is easy which is why so many people are in debt as a 20-19 78% of
Americans are living paycheck to paycheck as a majority of the population
continued out spend their earnings and need that next pay to keep them afloat
and while you may think that it's just lower-income earners falling into this
trap the reality is that living beyond your means can affect everyone according
to a recent survey 23 percent of American respondents with incomes of
$150,000 or more had less than $1,000 set aside for emergencies and one in
three had nothing safer retirement which again is indicative of people's
propensity to spend so what's the solution
simple you must learn to live on less than you make and the first step in
doing so is to make the conscious decision to control your spending you
see if you're not seeing the financial progress you desire it's probably
because you have never made the decision to improve your financial position
becoming rich doesn't just happen on a whim as a result you must develop the
skills required to properly manage your money and one of the key skills to
develop is how to responsibly dispense your money perhaps you're in order to
control your spending you need to take cash out at the start of every month and
only spend what you would draw or maybe writing down your expenses every day
will help you realize how much you are spending and will allow you to make
better purchasing decisions either way your wealth will only grow once you
develop fundamental money skills law number three the law of productivity one
of the most overlooked laws of money yet one of the most basic is that all income
depends on productivity people always wonder why they never get a raise or
whether salary is so low however they never really ask themselves how am I
demonstrating my ability to be more productive people will sit around at
their jobs and expect that the more time they sit at their desk the more they
deserve to make but business isn't measured based on input but rather on
output instead you see being productive means producing output whether it's in
the form of sales reports or a manufacture
product and the more you can create the more you can make I hear it all the time
from people that run their own businesses they tell me that they wish
everyone had their own try at self-employment for at least a little
while the usual reason for this comment is that they want people to learn how an
employer's ability to pay his or her workers depends on their productivity
and the truth is that if an employee isn't bringing in money to the business
then the employer has no ability to cover their salary the average worker
greatly overvalues their time when in reality their time is worth nothing only
what we do with their time matters so what point am i trying to make here you
may be thinking simply this if you want to increase your income the best thing
you can do is improve productivity this is why major companies like Apple and
Microsoft employ hundreds of thousands of people because a more output they can
create whether that's in the form of phones tablets or computers the more
revenue they generate now you can increase your own productivity in
numerous ways but I think that there are three areas that I deem particularly
important and they're your productivity as an employee as a business person and
as an investor not everyone will be active in all of them at all times but
many people are engaged in all three at some point in their lives so let's
review each of the three number one increasing productivity on the job no
matter what your job or what your business ask yourself the question now
what could I do to increase my income if you want to continue working where you
are first determine what skills you can learn that will increase your value to
your employer look around at others who earn more than you and figure out why
they get more can you learn what they've learned ask your fellow workers who earn
more than you do how they were able to get the skills they acquired and moved
up to the job they have now attend night classes read make yourself indispensable
if you can't do these things and get paid for it where you are learn anyways
and then look for a job elsewhere that will pay for your new skills don't be
satisfied to stay at your current income level in fact what I've come to realize
is that in certain situations your boss will actually want to pay you more money
that's right your boss wants to pay you more but only when you contribute in a
way that will generate more income for the business think what would happen if
you were to ask your employer what can I do to earn a
higher-wage I'm willing to learn new skills or do whatever you recommend to
contribute more to the success of the business I want to do what it takes to
make more money for you and during any increase I get then once your boss
agrees it's up to you to follow through on your promises and get the education
and training you need in order to increase your skills and ultimately your
output number two increasing business productivity another approach to earning
more money and one I highly recommend for those who are willing to make the
effort is to start your own business once upon a time it was widely believed
that in order to do this you had to take great risks with a lot of capital often
borrowing on speculation now that idea is largely discarded the rise of the
Internet has allowed people to create low startup cost businesses like blogs
YouTube channels and even e-commerce sites in fact beyond the low barrier to
entry if you ask many business leaders they will tell you that there are a
multitude of benefits in starting your own business in this day and age Robert
Kiyosaki author of Rich Dad Poor Dad gives strong emphasis to the fact that
our economic and legal systems are inherently designed to benefit people
who are in business for themselves for lower tax rates to increased opportunity
running a profitable business is the greatest vehicle you can leverage to
become rich you see unlike the position of an employee where your increases in
income come from your employer granting you part of the returns when you own the
business all the profits are yours to keep number three increase investing
productivity many people don't realize the extent to which owning your own
business has advantages over being an employee but when it comes to generating
income the greatest potential to make money comes from investments
unfortunately even many successful businesspeople fail to take advantage of
the investment opportunities that are available all around us perhaps the fact
that most good investments require healthy doses of patience in south
discipline is what deters so many even at average rates of growth investment
income has incredible possibilities for example if you fund a Roth IRA at $200
per month in a stock market index fund it grows to $1,000,000 in considerably
less than 40 years this is a remarkable investment program that almost anyone
can achieve but think about this at that point with the average market
growth of 11% the famous rule of 72 tells us that in just over six point
five years that first million dollars would double the two million even
without further contributions how else could you earn a million dollars with
such little work again this process does take time but in the long run investing
can produce more income than any other one thing you can do thanks for watching
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