have you ever thought about how some people can become incredibly wealthy while others struggle
to make ends meet does it make you wonder if there's some sort of secret formula to
becoming rich that you're missing out on well in this video I'll share 10 things that rich people
do that poor people don't which often makes the difference between financial success and
financial distress number one the rich believe in the law of income the rich believe that
they will be paid in direct proportion to the value that they deliver to the marketplace in
other words if they are integral in forming a product that nearly everyone in the world
wants or needs then they should be compensated accordingly rich individuals understand that
output is the only metric that counts since we live in a results-driven world poor people on
the other hand believe that they should be paid based on the amount of time they put into an
activity well hard work is a factor in success increased input does not always equate to more
output and this can be a sign of inefficiency when value added results are not consistently
produced therefore poor people often missed the mark by solely focusing on inputs instead of
outputs number two the rich are a shis readers wealthy individuals live by the saying the more
you learn the more you earn and this is often accomplished through reading Warren Buffett
arguably the world's greatest investor was once asked about the key to success he responded by
pointing to his stack of books and answering read 500 pages like this every day that's how knowledge
works it builds up like compound interest all of you can do it by guarantee not many of you will
do it Warren Buffett is not alone in the club of enthusiastic book readers Mark Cuban owner of the
Dallas Mavericks dedicates three hours a day to reading Bill Gates the founder of Microsoft reads
50 books a year nearly a book a week and Elon Musk the creator of Tesla is an avid reader that
claims he learned to build rockets by reading text books as for the poor only one in 50 admit
to employing self-improvement reading habits on a daily basis and as a result lack the knowledge to
make decisions that will lead them to financial prosperity number three the rich focus on
opportunities not obstacles there was once a shoe salesman that found himself in a faraway country
trying to sell shoes to the natives the only problem was knowing there wore shoes and the sale
was often quite difficult the salesman soon gave up in frustration and decided to leave the area
on his way out he met another shoe salesman don't bother entering this town said the first salesman
these people don't even wear shoes the eyes of the second salesman grew wide no one has shoes
then I could sell a pair to everyone in town how fortunate we are dissemble upon an untapped market
you see it's all a matter of perspective the poor often see obstacles and quickly give up while the
rickety opportunities and enter arenas that many wouldn't dream of number for the rich associate
with positive successful people it's been said that you are the average of the five people you
spend the most time with and rich people know that your social circle drives you success this
is why individuals spend time with others who enjoy talking about success opportunities and
the positive things in life by doing so these successful individuals have a higher chance of
optimizing their view of the world by being in good company as often seen was poor people they
make a little effort to integrate themselves with people who will allow them to develop into more
successful versions of themselves instead it would rather be brought down by bad influences
ultimately squandering any chances they would have of improving their financial situation number five
the rich are willing to promote themselves and their value most rich people have a skill or
idea that has brought them their wealth as a result they are not afraid to share their
strengths with others the sharing of their best attributes is often in an effort to disseminate
knowledge to help others grow as for the poor most are not extraordinary in any one thing and
unfortunately being average is a precursor to financial mediocrity furthermore thus cozy's
individuals do have are really on display as lower tier income earners tend to lack the understanding
AK important it is to sell yourself when trying to get ahead number six the rich go bigger than their
problems the poor see problems as obstacles rather than opportunities instead of trying to figure out
how to overcome hard times these individuals succumb to the challenge and return to their
status quo conversely rich people thrive on new challenges rich people understand that there is
value in creating solutions to problems which is the basis of many financial success stories number
seven the rich think both the poor think either or economist came up with the term opportunity cost
long ago put simply this means that if you choose one thing you are ultimately foregoing something
else in other words if I have five dollars and I buy in five dollar ice cream cone then I am
giving up that pakka gum that I wanted as well this is how poor people think too they have a
set amount of money and they think that they can spend it on either one thing or another but not
both it sounds logical doesn't it but the rich focus on how they can get both following along
the same lines is the example above let's give a rich person $5 date to one folks ice cream and a
$5 pack of gum but instead of thinking either/or they decide to go for both to do this the rich
mindset would not buy the ice cream or the gum initially but might instead buy a 24-pack of
water for five dollars they walk down the road aways sell each bottle of water to pasture buyers
for fifty cents and a total of twelve dollars now they can enjoy their ice cream gum and still have
two dollars left to spare the rich have a both mentality not either/or number eight the rich
focus on net worth not working income poor people often talk in terms of hourly pay whereas wealthy
people know that an hourly income is not nearly as important as someone's net worth one can earn
quite a lot of money per hour but if they don't know how to keep it then they will still be broke
in the end the rich person knows that a large net worth will net many opportunities and will
create more wealth in the future number nine the richer dollar smart there's the same that
goes penny smart dollar stupid and this phrase is practiced by many poor people this phrase
basically means that some individuals are very particular about how they spend small amounts of
money like when buying a cup of coffee but do not make wise decisions with large sums of cash like
investing and self-improvement and education rich individuals leverage both strategies by
making discipline penny decisions while investing the large amounts of funds into conferences paid
mentorship and other activities that will foster continual improvement and financial success number
10 the rich network and volunteer regularly the rich understand the value in building connections
whether it is making friends are finding potential clients meeting new people only has upside and
this is often facilitated through community involvement activities almost three-quarters of
wealthy people network and volunteer a minimum of five hours a month among those struggling
financially only one in ten does is causing them to miss out on new connections and as importantly
many new opportunities for financial prosperity in conclusion these 10 things are just some of
the factors that set the rich and the poor apart and by employing the rich person habits previously
outlined you'll be much better equipped to become wealthy yourself thanks for watching
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