Have you ever wondered why the majority of people struggle financially most
people follow the advised path of going to college getting a job and investing
towards retirement but with this plan in mind many still don't achieve the
financial success they desire while this lack of success surprises the middle and
lower classes it certainly offers no surprise to the rich in fact the rich
possess certain information that the poor simply don't and in this video I
will share with you seven Secrets only rich people know and if you're new to
the channel then hit the Subscribe button below for more life-changing
content secret number one money is abundant ask the average person and they
will tell you that money is scarce and must be hoarded this is why the lower
and middle classes tend to make and save their money rather than investing it
into things like real estate or stocks that can make them more money over time
now you probably know by now that holding your money in a savings account
means that over time that money will erode due to inflation which is why
having this scarcity mindset is so detrimental to your economic success in
fact many less fortunate individuals literally think that making money simply
comes down to having good luck luck that they themselves do not possess they
think that it's only people who are fortunate enough to win the lottery or
to be born into wealth but that's simply not true in fact a 2017 survey from
Fidelity Investments found that 88 of millionaires are self-made with only 12
percent having inherited significant funds making up at least 10 percent of
their wealth therefore thinking that wealth can only be inherited and not
earned is not true the reality is that there is no shortage of money on planet
Earth only a shortage of people who think correctly about it according to a
study over four trillion dollars exchange hands around the world every
day why can't some of that free-flowing cash be yours luckily becoming rich even
from nothing is entirely possible but the first step towards financial success
is to lose a sense of scarcity you currently attach to money this whole
money doesn't grow on trees mentality can't help you if you want to have
abundance you must first believe and feel the abundance
secret number two you must maintain good company you are the average of The Five
People You spend the most time with and this is why the rich select their
company very wisely in a study of wealthy individuals 86 percent made
conscious efforts to associate with other successful people while on the
flip side 96 percent of those struggling financially hang around other low income
earners now this doesn't mean that the rich only associate with people because
of their economic status but they know that the secret will help them make more
money as they gain useful support and advice from those who have succeeded
before them this is why if you aren't where you want to be financially you
need to evaluate each of your relationships and determine if they are
rich relationships I.E relationships that support your financial growth or a
poverty relationship I.E relationships that are negative and stunt your
progress you will see that the more you spend time with those who are striving
for similar goals the closer you will become to achieving your own secret
number three formal education doesn't guarantee wealth the institution of
college has for many years been praised as a bearer of financial success if you
get good grades and go to a prestigious School a path will be paid for you to
earn a lucrative income which will help you amass the wealth you aim to possess
well as you may already know I went to college and the job I acquired
definitely didn't pave the way to financial success for me in fact it has
been only a small part in my wealth generation equation and I can say the
same for a lot of my friends all of my closest friends have gone to college
gotten jobs yet still live in financial mediocrity I think there's an argument
to be made that in many circumstances college is great at making and keeping
you poor think about this most college tuitions are in the tens of thousands of
dollars per year if your four-year degree costs you a hundred thousand
dollars and you get a job after college of say sixty thousand dollars no matter
how frugally you live paying down the debt will take years and every year you
carry this debt you are subjecting yourself to more and more interest
payments which keeps you poor for longer the other challenges that college
doesn't teach you anything about managing your money take it from someone
with a masters in accounting that even business programs don't provide the
financial education you need to properly save and invest your money at the core
colleges are not designed to teach you how to be rich they are designed to
teach you how you can be a good employee stop deceiving yourself with the
mentality of if I have a masters I will be rich which I obviously used to
believe money making requires different skill sets quite different from what any
school teaches unfortunately only the rich know that the skills they need to
succeed in Building Wealth come from outside the classroom the rich read
dozens of books on financial management attend business conferences and even
hire Financial experts to coach them in their day-to-day lives and while these
events and resources can be pricey I would argue that it may be cheaper than
college with a much greater chance of making making you rich rather than just
scraping by with your nine to five job secret number four better to be rich
than to look rich the rich know that having money is much better than simply
looking like you have money yet so many poor people love to look rich they spend
money on the latest phones and outfits to show off to their peers trading their
limited amount of money for the perception of being rich sadly many of
them spend money on these items before they even earn it it's not uncommon for
people to Simply charge new purchases to their credit cards and tell themselves
that they will pay off the balance once their bill comes in however life happens
and often these people start to fall behind on their payments and ultimately
get stuck in the interest payment cycle that keeps most people in financial
Straits for years and all this financial stress is simply the byproduct of trying
to appear more successful than we really are but if you look closely those who
actually Achieve Financial success really don't care about showing it off
to others many of the world's billionaires like Mark Zuckerberg and
Bill Gates wear Basic clothing as their are business achievements speak for
their worth in this world and not their outfits the same principle should be
adopted by you let your achievements speak for you and not the overpriced
shirt or phone you like to carry around secret number five hard work doesn't
equal financial success we are also the idea that if you work hard in life you
will be rewarded and what the rich know that the poor don't is that hard work
doesn't guarantee financial success you see for the lower and middle classes
they believe that working hard at their nine to five job will allow them to
achieve financial success and so every day they go into work and sell their
time for money however I think that just about every worker over time comes to
the realization that working a nine-to-five job places limits on how
much money you can really make employers are in the business of keeping expenses
low and salary is a line item that they try to minimize at all costs however
nevertheless the majority of people still believe that if they can work hard
they can be rich the harsh reality is that they are wrong now this isn't to
say that rich people don't work hard in fact they are some of the hardest
working people in society but they don't work hard just using their own two hands
in one brain they work hard using hundreds and thousands of other people's
brains and hands do you get where I'm going with this answer this question how
many millionaires do you see working alone probably none no matter how hard
you can work or how smart you can be you can't do everything by yourself and be
rich this is why the rich hire people to do work for them and this offers many
benefits first it allows them to Leverage The expertise of others that
they simply do not possess second it allows them to leverage the time of
others which ultimately increases the output they can generate this increased
output means more products made or services rendered which over time means
more money in their pockets if you need proof of this concept in action look no
further than Apple and Microsoft both companies employ over a hundred thousand
workers which allows them to produce thousands of products a day and this is
where the poor are mistaken in their thinking having the work hard mentality
is great but your own hard work can only produce so much output meaning that you
will continue to earn roughly the same amount of money over time therefore if
you want to be rich you must work hard and smart and learn how to leverage
other people's knowledge time and energy secret number six you can't rely on a
single source of income studies show that the average millionaire has seven
streams of income now when you compare this to the lower middle classes most
people in these economic classes have one sole source of income can you guess
what it is of course it's their job the fact of the matter is that wealthy
people never depend on a sole source of income and instead create a number of
revenue streams now is this because they are greedy I'm sure some are but having
numerous income streams presents many benefits first if you only have one
income stream like a job then losing that job will leave you without any cash
info which can lead to financial ruin and the incurrence of debt by having
multiple streams of income you can diversify this risk while also making
more money and by making this extra cash you can then leverage it to improve your
financial position for instance if you work a nine to five job and have a side
hustle you can use the income from your job to cover your living costs and have
the side hustle money set aside for saving or investing unfortunately most
poor people limit their potential for creating new streams of income by not
believing that they have what it takes to make more money but this simply isn't
true the internet has opened up several new avenues for making money like
starting a blog a YouTube channel or even selling physical products online
the rich know that having a sole source of income isn't the way to build true
wealth and now you do too before we continue many of you have been asking me
what's the best way to make extra money online and if you want to learn how
myself and many of my students are making thousands of extra dollars per
month you can learn more using the link I've left in this video's description
and pin comment where you'll find a special offer that I'll be ending very
shortly secret number seven jobs don't make you rich when you work at a company
who do you think is getting rich because of your efforts you or your employer the
current corporate model most of us live in is set up for employees to make their
bosses Rich we just went over the fact that employers strive to keep costs I.E
or salary low which is why if you're aiming for true wealth you should
consider starting your own business most people hate this truth but it has to be
said that working a nine-to-five job won't make you rich being an employee
limits your time and output whereas being a business owner allows you to
leverage the resources that can exponentially increase your output and
ultimately your wealth now I am not saying you should quit your job tomorrow
but start to build a business in your free time and see where it goes at the
least you will have developed a second source of income that you can now use to
invest or save with which again is key to becoming financially successful hey
it looks like YouTube thinks this next video is the one that will change your
financial life forever give it a watch end let's see if they're right