When you think of things that rich people buy you probably think of fancy
cars and private jets and while the rich do purchase these luxurious items from
time to time for the most part they are spending their money on things that will
grow their wealth further in fact the best way to see your net worth grow
exponentially is by buying assets that earn you more money over time and in
this video I will share with you these seven assets rich people own that poor
people don't and if you're new to the channel then hit the subscribe button
below for more life-changing content before we get into the assets at rich
people on that poor people don't I think it's worthwhile to refresh our memory of
what exactly an asset is in economic terms an asset is a resource with
economic value that will provide a future benefit effectively assets are
things you buy that produce income for example an asset could be a piece of
real estate or an apartment building it could also be a company stocks or any
kinds of investment that would put money into your pocket rich people buy such
things regularly that's why they stay rich the poor and the middle class and
the other hand buy liabilities it was many years ago that I first read the
classic book Rich Dad Poor Dad by Robert Kiyosaki where he masterfully explains
the importance of buying assets and how so many people in the middle and lower
class spend the majority of their money on liabilities for instance they buy
cars boats and even the items they think are assets like their home are in fact a
liability what they fail to realize is that assets are supposed to make you
money while you sleep liabilities on the other hand simply drain you of your
money this is where the rich differ from the poor rich people buy assets first
then with the money that comes from them they finance their luxuries so when you
see rich people having all the fancy luxuries they buy that from the money
that the asset produced for them in fact recently Kiyosaki made this exact point
when he tweeted live it up buy everything you want one caveat buy the
assets to pay for them first you see rich people think very
differently when it comes to money instead of saying this is too expensive
I can't afford it rich people ask themselves how can I afford it
that's fundamentally different from how most people think in everyday life
others often complain about things being too expensive but to simply say it's too
expensive is a poor person's mentality most rich people dig even deeper they
ask themselves what can I do to make the money I need one of the simplest answers
is that the investor money more strategically and receive large returns
as a result unfortunately many people want to skip right to living the rich
lifestyle without taking the steps necessary to get there so they buy
liabilities before buying assets however if you want to be a rich and not just
look it then you need to do the reverse so this makes a question what kinds of
assets to the rich invest in the first asset that the rich invest in our
businesses when people think of investing in businesses they usually
think of angel investors in private startups but the reality is that
investing in businesses doesn't need to be that intricate maybe you have a
friend who runs a small business in your city who needs some extra financing or
maybe you want to help a new startup in your field of expertise investing your
money into businesses doesn't need to be complicated in fact the easiest way to
do this is to invest into your own business use your income from your job
or profits from your company to further finance your business ultimately you
want the business you invest in to either earn you a return through
interest charges on alone you provide as equity or as profits when you invest in
your own organization the second asset that rich people invest in are
collectibles this can range from art to antique vehicles and even comic books
the sole criteria for this type of investment is that it has the potential
to appreciate over time given that these items don't produce income when
investing in these types of assets it's important to be well-versed in the
market for collectible items you may think that certain items will appreciate
over time when in reality their appeal has died off which cannot best have your
money tied up in this asset and at worst have you losing your investment the
third asset is real estate this along with the asset I will mention next is
the most popular asset class among the there are many different types of real
estate such as residential and commercial properties there are also a
ton of different strategies to make money with this asset class for instance
you go buy a commercial property and rent it out to a business or buy a home
in an up-and-coming neighborhood and wait for it to appreciate the rich love
this asset type for the flexibility it offers an income generation but they
also love it because it's easy to finance and why is that because the
bank's love it is tangible and secure if you default on your payments the bank
can simply ask for the keys and sell the property to recuperate their money
the fourth us that the rich owned are paper assets like bonds and stocks
generally these are long-term investments however both can make you
money in the short term as well for instance if you can identify undervalued
stocks you can stand to earn a quick profit once the market catches on
however for the most part the rich buy stocks and bonds for the longer term the
fifth asset the rich will love to hold our precious metals precious metals are
favored by the rich for a few reasons generally speaking gold and other
precious metals can act as a kind of safeguard against economic downturns
this is because precious metals tend to have an inverse relationship with the
stock market simply put when the price of stocks and bonds goes down gold and
other precious metals tend to go up and when stocks are on the rise precious
metals decline in value due to this inverse relationship this allows the
rich to maintain some stability in their portfolio even during the harshest of
economic times moreover many of the world's richest people in the physical
metal itself and not just the stock or ETF meaning that they have the benefit
of possessing a tangible item the sixth asset one that is new to many rich
individuals is attention while many people who earn their fortunes decades
ago didn't have to demand the attention in the way they do now for example
through social media and the Internet in general there is no doubting the fact
that attention is required to make money take the example of IBM they needed the
attention of the public to sell millions of computers and while this attention
wasn't drives to social media it was generated in other ways which allowed
them to become a major player in their field
so far I have shared with you six assets with each one of them having the ability
to make you immensely rich however there is one asset that the rich require and
use that the poor simply don't and that asset is other people's time if you are
an employee you are selling your time you get paid based on the number of
hours you work so you exchange your time for money most people think in weekly or
monthly payments rich people however don't think like that the rich buy time
because time is the only thing you can't generate more of that is unless you buy
more of it the rich are aware that time is our most valuable commodity and
that's also why rich people hate it if someone is wasting their time it's worse
than stealing money from them and not only is their time valuable it's more
valuable than the time of others for instance if you are a master salesperson
who can generate $5,000 of sales in a day then your time is more economically
valuable than someone making only $100 a day because of this the rich buy time
from people whose time is less valuable than theirs so they can maximize their
output up to 24 hours we all have in the day in fact the concept of leveraging
other people's time is one that I learned not that long ago and has had a
tremendous impact of my financial success you see one day I was cleaning
my house which is one of my least favorite activities by the way when I
got a call from my friend him and I got talking and I told him that I was
cleaning the house and preparing for the upcoming week he then asked me bluntly
why are you cleaning the house to which I answered so it's clean
then he clarified by asking me why I personally was cleaning the house he
then went on to explain that rather than clean the house himself every two weeks
he pays the cleaning company to come tidy up his house which saves him tons
of time he then went on to explain that in the four hours it would take him to
clean the house he could pay a hundred dollars and have his house cleaned for
him while used that time to work on his business then I did the math in my head
that if I was able to earn $50 an hour freelancing that I could make $200 in
that time and still be $100 a head if I paid for these same cleaning services
his conversation was a life altering moment because I started to view all
aspects of my life in this way and it has allowed me to exit
they increased my income while also avoiding all the chores I dislike doing
in the first place unfortunately whenever I share the story with my
friends they make the argument that they don't have any means of making more
money outside of their nine-to-five job and so this is all dead time anyways and
sure this may be the case now but it doesn't have to be it's for this exact
reason that I created the side hustle success course where I show you how to
build a freelance side hustle from scratch that you can use to earn at
least $1,000 a month and succeeding with this course requires no prior experience
as I walk you through step-by-step exactly how to skill up to $1,000 or
more a month and unlock the newfound financial success that comes with making
more money if this sounds like it's for you check out the link in the
description for more information on how you can join the side hustle success
course today in short if you want to be rich you have to use your money wisely
buying depreciable assets are funneling your money into wasteful expenses is the
easiest way to guarantee a life of financial despair instead ensure you put
as much money as you can into the assets I previously mentioned and if you do
then you will soon be one of the rich enjoying all the rewards of their
investments thanks for watching if you want to go from the life you have to the
life you deserve then hit the subscribe button now