Things rich people do are different than what poor people do
There are five things that poor people do that the rich don’t do and that’s what we’re going to talk about today.
What are 5 things that poor people do that are different than the things rich people do?
I notice poor people watch TV, rich people read books to learn. I mean, not only necessarily reading books, but also watching videos like the one above.
Poor people think they know it all. I mean, even I know some people who are struggling and say, you know what? I have a college degree. I know it all.
The rich, on the other hand, know that there’s always more to learn. This is why rich people don’t sit mindlessly in front of the TV.
I don’t know all the talking heads or the bad news that you see, right? I don’t like all this negativity.
What I like to do
I personally read at least one hour per day and I’m reading way more on the weekend.
If I tallied it up I’m learning two hours per day on average, if you think about this that’s 15 hours per week or 60 hours per month.
Do you think that a poor person would make more money if he or she would learn for 60 hours a month?
Absolutely, so one thing that poor people do and the rich don’t – poor people watch TV, rich people learn.
I cut cable years ago. I still watch shows but I really make sure that I learn at least one hour per day.
Rich people found a way to make money while they sleep. Now here’s an interesting story something that happened yesterday.
My son Julius turned 16 and yesterday I went with him to the DMV to get his driver’s license.
Now I told him very clearly, “Julius, listen, if you want to drive a car you’re getting one of the cars that I have. So, you’re allowed to drive the truck.”
I said, “Julius, you need to put gas in the tank, you need to also pay me a little bit for insurance.” Insurance is horribly expensive for a 16-year-old.
So I said, “You need to come up with a way to make money.” The first thing that came to his head wasn’t a big surprise, he said, “All right I’ll get a job.”
And I said, “OK, I’m curious when you get a job how much are you making?” And he said, “Well, high school students are probably 10 to 12 dollars.”
And I said, “Really? You know that this is not what you should be doing,” and he said, “You’re right. I should probably help other kids by tutoring because then I get twice as much I get twenty five dollars.”
I said, “No, you’re not getting a job, Julius, you have to come up with something where you’re not getting paid for time.”
That’s an important concept that I’m teaching my kids.
He said, “OK, I’ll think about it.” And I said, “Well, maybe you know something that others don’t know where you can sell information.” Or he has a 3D printer. I said, “Maybe you can print something on a 3D printer that you can sell to others.”
For me it’s so important that I’m teaching it to my kids. Poor people are working for time. They get paid for a time that they are putting in. Rich people found a way to make money while they sleep.
I want my 16-year-old son to come up with a way to make money while he sleeps. He cannot trade because right now he doesn’t have $10,000. Well, he does in a trust fund and he doesn’t know about this so don’t tell him.
Poor people blame others, rich people take responsibility. Poor people have the mindset of it’s somebody else’s fault, right?
It’s the economy, the president, the rich it’s the banking system. Rich people ask, “How can I get better? What is a way to take advantage of this situation?”
One of my favorite sayings is, don’t wish that it was easier wish that you were better because if it was easier, everybody and his grandmother would be doing it.
And this ties back to what we said previously, rich people like to learn they want to get better. They know when they’re better they can make the most out of every situation.
Poor people blame others. Rich people take responsibility. They focus on saving and investing.
Poor people focus on savings. Rich people focus on investing.
Poor people ask themselves all the time, “How can I save some money? Would it be possible if I save $5 a day by not going to Starbucks and having my latte?”
You know there’s people out there that say you can become a millionaire if you don’t drink a coffee a day. No you don’t. Absolutely not, right?
Don’t focus on saving money. Focus on making more money.
Here’s what rich people do.
Rich people invest in assets. Assets that make them more money so they don’t save money. They invest money. That money can start working hard for you.
Now what assets come to mind when you are investing in assets? Of course stocks come to mind, right? Real estate.
Here’s two things that rich people know that they can invest in where they actually get a much higher return than investing in stocks and real estate.
Would you like to know what they are?
Well for me personally I believe the greatest asset that you can invest in is yourself. This is where it goes back to learn more and get more skills, become better.
It’s not about the goal. It is about becoming the person that can accomplish the goal.
So I invest in myself, tens of thousands of dollars per year in learning and having mentors in getting better. And I also invest in tools.
The main difference is that rich people ask, “How much is it and how much money can it make me?” “If I can invest $5,000 today and it can make me $50,000 in the next 3 years let’s do it.”
Rich people ask how much can it make me.
Poor people wish and rich people just do it.
If you don’t change, nothing will change. Poor people blame others, rich people take action.
Rich people are doers, poor people procrastinate they say, “Oh I’ll do this, I’ll invest in myself when the economy gets better, next month or I’ll invest in myself when I get a raise.”
Rich people just do it. They have faith not only in themselves, but also in their investments.
Score yourself. Let me know in the comments. How many of these rich habits are you already doing? Just say three out of five, or four of five.
Summary: Things rich people do differently than the poor.
- Poor – watch TV. Rich – read books and learn.
- Poor – getting paid for time. Rich – found a way to make money while they sleep.
- Poor – blame others. Rich – take responsibility.
- Poor – focus on savings. Rich – focus on investing.
- Poor – wish, rich – do.