Have you ever wondered why the majority of people struggle financially most
people follow the advised path to 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 well 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
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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 Road 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 20-17 survey from fidelity investments found that 88% of
millionaires are self-made with only 12% having inherited significant funds
making up at least 10% of their wealth there for thinking that wealth can only
be inherited and not earned he's 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 exchanged hands around
the world every day why can't some of that free flow and cash be yours
luckily becoming rich even from nothing is entirely possible but the first step
towards financial success is to lose the sense of scarcity you currently attached
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
eighty-six percent make conscious efforts to associate with other
successful people while on the flip side 96% 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 to 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 ie relationships that support your
financial growth or a poverty relationship ie 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 pay for you to earn a lucrative income which will help you
amass the wealth do 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 I'm 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 $60,000 no matter how frugal you live paying down the stet 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 challenge is
that college doesn't teach you anything about managing your money take it from
someone with a master's in accounting that even business programs don't
provide the financial education you need to properly save an investor
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 a mentality of if I have a master's 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 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 business achievements speak for the
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 Hardware 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 in middle classes they
believe that working hard at their nine-to-five job will allow them to
achieve financial success 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 and 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 have
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
inflow 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 will 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
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
your salary flow 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
thanks for watching if you want to go from the life you have to the life you
deserve then hit the subscribe button now