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  • Rich vs Poor Mindset The truth is there are two types of people

  • in the world.

  • Those that are successful and those that aren't.

  • Many factors contribute to the differences of the two classes of people but one that

  • stands out the most is mindset.

  • Ever watched those crazy viral videos of monks defying gravity and raising themselves above

  • ground?

  • They use their minds to do the most unbelievable things that have been deemed impossible.

  • The mind is a powerful tool, you can use it to either build or break you.

  • Today we share the differences between the mindsets of poor a poor person and a rich

  • person.

  • Want to find out where you lie?

  • Watch till the end.

  • Now let's begin, shall we?

  • But before we do, please give this video a thumbs up and tap the subscribe button if

  • you haven't already.

  • Mindset One Rich people make money work for them while

  • poor people work for money.

  • You might have heard this one before but we will explain it much better.

  • Rich people understand that you can never make good money if you are constrained to

  • an hourly pay or a pay check.

  • We all have the same number of hours in a day so we are all limited to 24 hours of pay

  • daily.

  • No matter how much you maximize on working hours within a day you can only do so much.

  • Your pay per hour is also limited to a certain amount.

  • However, the rich invest wisely by earning from other people's work hours or investing

  • in passive income sources.

  • Poor people on the other end, spend their lives working an hour wage.

  • They spend their time building someone else's dream and slave out their hours in exchange

  • for a limited pay.

  • If a poor mindset person didn't go to work today they would miss out on their income.

  • The rich realize that you won't build wealth if you're constrained to hourly pay.

  • Everyone has the same allotted hours a day, yet the rich maximize those hours.

  • We are not saying being employed is a bad thing, in fact we advocate for it.

  • Employment will give you some form of foundation to raise enough capital to invest in assets

  • and businesses as the rich do.

  • So even if you are employed have an exit strategy.

  • Mindset Two Rich people will invest their money but the

  • poor stash it away in savings accounts.

  • Rich people invest their money to win.

  • They invest with the mindset of getting rewards from their actions.

  • They are willing to take risks but only the calculated ones when it comes to their money.

  • The rich will take advantage of downturns in the financial markets by buying more stocks

  • while others bail and lose fortunes.

  • Poor people have the mindset of taking zero risks.

  • They believe in setting their money aside in savings accounts with minimal to no returns.

  • What they don't know is that most banks have a return rate which is lower than inflation.

  • The average return from a savings account is 2% but the yearly inflation is about 3%.

  • Just to understand this better let's give you an example.

  • If you have saved $100,000 in the bank with an interest rate of 2%, you will earn $2000

  • a year.

  • If the annual inflation rate is 3%, then the difference will result in a $1000 loosed,

  • yearly.

  • Mindset Three Rich people continuously learn.

  • Let's see an example, Warren Buffet reads five hours daily.

  • How many hours do you learn?

  • Or rather when is the last time you learnt something?

  • Many other billionaires and millionaires set aside at least one hour daily to study.

  • Sparing as little as thirty minutes a day for learning can go a long way in increasing

  • your knowledge.

  • I bet you are wondering what reading and learning new things will help you in.

  • By reading you will be able to understand different aspects about money and also identify

  • opportunities.

  • However, don't just read anything, choose books that will expand your knowledge.

  • Poor people stop the learning process as soon as they step out of school.

  • About 24.5% of adult Americans haven't read a book in the past two years and a staggering

  • 55% haven't read in the past year.

  • Mindset Four Rich people believe that creating wealth isn't

  • easy.

  • They know the road to success will have several roadblocks and challenges.

  • They don't let problems take over but instead focus on finding solutions.

  • They don't waste time complaining but focus their energy in finding a way.

  • The poor man's mindset if full of excuses and will often if not always give up.

  • Poor people let problems bring them down.

  • They don't have a way of picking themselves up when faced with challenges and don't

  • know how to kickstart the gear.

  • They surround themselves with non-supportive individuals who don't advise them accordingly

  • and let them grow.

  • This is known as the crab mentality.

  • Crabs in a bucket could work together to escape but instead they hinder each other.

  • Mindset Five Rich people take time to make decisions.

  • They will weigh the pros and cons before deciding.

  • Often, they will use references and logic during the whole process.

  • The rich also look at the repercussions of their actions.

  • If I do A, what will be the outcome?

  • This way they are able to take more calculated risks and grow their money more.

  • Poor people are impulsive when it comes to their decision-making process.

  • They will often make decisions without any forethought.

  • They will invest in a business just because a friend or family member asked them to.

  • You will be poor if you make impulsive financial decisions.

  • Mindset Six Rich people are future-oriented.

  • The rich always think about the next ten years, and are not looking for instant success.

  • They understand that it will take time and great effort to build sustainable wealth and

  • stable income streams so they plan ahead of time.

  • You will often find the rich buying stocks when the markets take a downturn or buy property

  • when there is a housing bubble burst.

  • The rich know the power of compounding interest and how to build a proper long-term portfolio.

  • They are very disciplined when it comes to spending their money.

  • They may not buy lavish assets now but in the next five years they will be wealthy enough

  • to afford them.

  • In short, the rich will make sacrifices today to live a better life tomorrow.

  • Poor people only think of today tomorrow and maybe next week.

  • They want to become instantly rich.

  • They live off paycheck to paycheck because they don't plan for the future.

  • Most poor people work towards getting the next meal and just that instead of financial

  • freedom.

  • If you want to be poor for the rest of your life then this is definitely the way to go.

  • Mindset Seven Rich people have clear goals and targets.

  • They have an outline of their path towards success.

  • They are always on the lookout for opportunities and don't view challenges as roadblocks.

  • This enables them to take calculated risks and make better financial decisions that will

  • grow their money further.

  • They have a step by step guide clearly outlined for them to follow.

  • There is no guessing which way to take as with poor people.

  • Poor people on the other hand, don't have life goals.

  • They don't know what they want from life.

  • They allow problems to always limit them.

  • They have acquired a fear-based mentality which limits them from growth.

  • They don't have the motivation to follow through with a plan.

  • Therefore, with nothing to look forward to and no action plan they end up in poverty.

  • Mindset Eight Rich people never settle and don't stay

  • within comfort zones.

  • They are always looking forward to the next step in life.

  • They love to take on challenges and create advancements in life.

  • They will tackle a problem head on despite being afraid.

  • As for the poor people comfort zones are the best environment.

  • They hate problems and will run away from unfamiliar situations.

  • They have no will to leave they comfortable way of life and achieve better.

  • When an opportunity presents itself and it happens to be slightly different from their

  • usual they will not take it on.

  • Most poor people are comfortable in their low-wage jobs and will not start something

  • different to boost their income.

  • Mindset Nine Rich people are innovators while the poor

  • are consumers.

  • The rich are the creators of the world.

  • They are the pioneers and entrepreneurs who take on risks and create new products, services

  • and concepts.

  • They spend most of their time learning and innovating.

  • They add value to the world.

  • The poor, however are just consumers.

  • They consume the products created by the rich and make them even richer.

  • They shy away from inventing anything or challenging themselves.

  • Instead of investing their little money, learning something new or creating something, they

  • spend their time struggling to acquire the latest status symbol.

  • Inevitably 90% of their income goes to buying things and services that will generate wealth

  • for the rich.

  • Mindset Ten The rich build lasting relationships based

  • on respect, trust and shared values.

  • They will then help each other grow and reach the next level with zero expectations.

  • They don't expect any favors in return once they offer help.

  • But, the rich believe that if I scratch your back you will scratch mine.

  • They make unstable relationships with people with no goals or discipline.

  • If you happen to be in the latter category start by evaluating the people you spend the

  • most time with.

  • Who are they?

  • Do they have a rich mindset?

  • If they don't replace them with people who have one.

  • You can attend events or local meet ups to make new friends.

  • Make the right connections and you will all win.

  • Mindset Eleven The rich understand the importance of having

  • a good reputation.

  • They know it is everything and that it takes respect and trust to gain one.

  • They also understand that the same way the reputation was gained it can be lost.

  • The poor mindset individual is shady in character.

  • He or she will do anything to make a quick buck even if it will jeopardize their image

  • and reputation.

  • To change from this, one will need to take the high road and consider the repercussions

  • of all actions.

  • It is easier to damage one's reputation than to build one, so with this in mind ensure

  • you always do the right thing!

  • Mindset Twelve Rich people understand the value of time.

  • You will never find them lazing around wasting time.

  • They know time lost will never be re-gained and treat it as their most precious asset.

  • As for the poor mindset individual, he or she is always looking for the next vacation

  • center.

  • They will waste hours every other day watching tv shows, consuming alcohol and drugs or gossiping

  • with their peers.

  • I hope now you understand why the rich keep getting rich and the poor just getting by.

  • Do you have a rich or poor mindset?

  • Let us know what you think about this video.

  • We look forward to your comments.

  • Also, share it with your loved ones they may need to hear this.

  • Well.

  • That's it for today, have a wonderful day and don't forget to give us a thumbs up.

  • If you haven't subscribed, what are you waiting for?

  • Tap the subscribe button and the bell notification icon so you never miss any of our awesome

  • video.

  • Until next time.

Rich vs Poor Mindset The truth is there are two types of people

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What REALLY Separates The Rich from The Poor - Rich vs Poor Mindset

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    Amy.Lin posted on 2020/12/29
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