Name: What REALLY Separates The Rich from The Poor - Rich vs Poor Mindset
Uploaded: 2020-12-29T07:58:48.000Z
Duration: 10 min 30 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

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

Those that are successful and those that aren't.

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

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

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

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

Mindset One Rich people make money work for them while

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

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

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

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

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

So even if you are employed have an exit strategy.

Mindset Two Rich people will invest their money but the

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

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

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

Mindset Three Rich people continuously learn.

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

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

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

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

Mindset Four Rich people believe that creating wealth isn't

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

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

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.

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

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