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The richest 1% of the world we live in today has 48% of the total wealth, and the top 80 richest individuals are worth half the world's population of about 3.5 billion people. When considering these figures, there is no doubt about the fact that there is a separation between rich and poor. While many believe that these wealthy individuals gained their wealth by generating money or winning the lottery, this is simply not true. Out of the 80 richest individuals, only 11 got their fortune, while the other 69 made their wealth through their hard work and determination. And one of these 69 individuals is none other than investor Mogul, Warren Buffett. Like the majority of these wealthy individuals, Warren Buffett grew up in a middle-class family but found a way to gain the knowledge and skills that would eventually lead him to earn more than $ 70 billion in assets.
Of course, we have all seen people living in excess and others living with the next few, but have you ever taken a second to wonder what separates the rich from the poor? Certainly, the obvious answer is that the rich have more money than the poor, but I am talking about reasons beyond dollars and cents. When you think about it, a rich and poor person can live in the same city, reach the same job and both have only 24 hours a day, yet someone stays in a paycheck for a paycheck. While others may have more money than they could spend a lifetime.
What differentiates between those who will earn billions of dollars in their lifetime and those who struggle financially forever?
Well, to explain using our rich friend John and our poor friend Tim, I separate them both, so that you can adopt these rich man's habits and realize the financial prosperity in your life. Before we leave, you should know that both John and Tim have similar intelligence, come from middle-class families, and live in the same city. In short, neither man has any advantage over the other, although their bank accounts are on the exact opposite end of the money spectrum. It is a Monday afternoon and both John and Tim come home from work. When Tim gets home, he goes to his couch, turns on Netflix, and watches bi-clockless TV watches to numb himself from a long workday. While Tim's boss recommended that he should read more books to increase his chances of getting promoted this year, Tim can't be bothered to read, especially now that a new season of his favorite shows has surfaced. When John comes home, he immediately enters his computer to begin studying. As the hour passes John reviews his notes for his upcoming exam. While John already has a master's degree and multiple designations, he continues to work towards another accreditation for a few hours each night that will help him move up the corporate ladder faster. John recently learned that one of his idols, Dan Lok, invests more than $ 500,000 per year in continuous learning. John figures that if millionaires are spending more time and money learning that new thing then they should do the same.
- difference number 1 between rich and poor is that the rich never stopped learning:
The next day at work, Tim's boss starts handing out bonuses to all employees. As Tim opens his envelope, he sees that he has received a $ 100 bonus, which is far less than all his peers. Tim goes to his boss and complains that he has been in the company for 10 years and it is an embarrassing bonus to receive it. His boss explains that Tim is never too late to help his team and his productivity has started to fall every year since. Across town, John is working through his current project, when his boss contacts him. His boss hands him an envelope and as soon as he opens it, he sees a $ 10,000 check-in in front of him. John is stunned and generous bonuses are greatly appreciated. John's boss explained that John was getting a ton late and that his final project saved the company $ 1 billion in operating expenses to recognize their work, the least they could do.
- Difference number 2 is the price of selling rich and the time of selling poor:
Next week, Tim is counting down the days until Thursday when he pays. As soon as his boss gives him his bi-weekly check, he runs into the bank and starts sending payments to all his creditors. He sends money to his landlord, to his hydroelectric company, and of course to his monthly installment for income tax. As Tim arrives at the end of the month, he decides to see how much money he saved. As he opens his balance, he realizes that not only did he save no money, but that his account was lower than it was a month ago. Tim has no idea where all the money could have gone. When John is paid, the $ 500 is automatically deducted and funneled into a savings account that he cannot access. After making sure that his savings have been funded for the month, John then makes his mortgage payments, pays his utility company, and pays the government a monthly installment of his income tax. At the end of the month, John smiles as he notices that once again, his bank balance has increased to make him richer than ever.
- Difference number 3 is the rich pay themselves first while the poor pay themselves:
One night after work, Tim is watching TV and sees an advertisement for a new high-definition television that is being released. The TV costs $ 1,000 that Tim can spend on entertainment equipment for all year. While Tim considers this purchase, he is also dying to buy the new PlayStation that just came out but at a cost of $ 500, there is no way he can get both. Tim Sulks wished his boss hadn't sucked and gave him a big bonus so they could buy both. After passing his exams, John wants to treat himself for his hard work and decides that he wants to buy himself a new gaming system and TV. John has a budget of only $ 1,000 for his purchase, but both want a new state-of-the-art TV and PlayStation console. Instead of deciding between the two, John asks himself how he can get both. John figures that he can take on a side consulting project to earn an extra $ 500, which he needs to cover the costs of PlayStation and build himself the perfect gaming set to celebrate his big achievement.
- Difference 4 is the rich have a growth mindset while the poor have a fixed mindset:
Because Tim was going to work every day, he made grabbing Frappuccino a Starbucks staple in his morning routine. Without his sugar-laden latte, Tim knows he can't even make it through just a few hours at work which makes him more than happy to trade him $ 5 per day for a morning caffeine shock. On the other hand, John walks right by Starbucks every day, and instead of getting an expensive latte, he drinks the free coffee that was served at work. Certainly, coffee is not as good as a Starbucks drink, but being able to save $ 5 per day on coffee is worth it in his eyesight. You see, John has been saving $ 5 that day for a year and now has $ 1,500, which he is going to use to go on an all-inclusive trip to Mexico with his friends. John is also aware that this delay of gratification helps him to adopt the traits of his fellow wealthy peers, as he learned while studying the Tempuniversity study. The study ranked the most important factors in determining affluence. Business, education, location, and gender topped the list, but the delay in instant gratification defeated many more traditional signs, including age, race, ethnicity, and height. Researchers believe that a person's ability to imagine future big rewards reduces their chances of moving on to short-term pleasures. That's why imagine all the opportunities on the beach in Mexico with your friends It was easy to turn off daily lat while doing.
- Difference number 5 is the rich understand the power to delay gratification while the poor want short-term happiness:
As the economy begins to collapse at a difficult time, many companies start closing people as a cost-cutting strategy. As Tim sits at his desk on Facebook at noon and is doing the bare minimum to keep his job, he gets a note from his boss. The message says, "Please put a hand in your laptop and a badge at the front desk - we are letting you go". Tim starts freaking out wondering how he will pay his rent and bills now that his only source of income is gone! Tim always believed that being a job is job security and after being fired he starts to wonder if this notion was wrong for so many years. Unfortunately for John, he too is let go by his master. In an exit interview, John's boss talks for an hour about how great he is with a worker and how he let all the other employees go before letting John go. John politely acknowledged his fate and thanked his boss for the opportunity and assured him that he would recover financially. You see, John knew that no job was secure, which is why he started building an online business as soon as he entered the workforce and contributed to a dividend-stock portfolio that would keep him up until now Is sufficiently established for until he finds a second job.
- Difference number 6 is the rich create multiple flows of income while the poor rely on only one:
About a week after leaving, Tim is moping at home with his other loser friends about how useless the economy is, and finding a second job will become almost impossible. They go on about how unfair life is with them and how they will be rich if they get lucky breaks just like the others. After leaving in the evening, John invites his close friends to his house for dinner. As the group is eating, John explains that due to difficult economic times, he is let go by his company but assures his friends that other sources of his income will support his current lifestyle. A friend excitedly states that this is the right time for John to join his production company and offers him an executive position. Another friend chimes in and asks John if he wants to start a consulting company with him because the two have worked so well together in the past and could become one of the city's leading companies in no time is!
- difference number 7 is the rich surround themselves with other rich people while the poor surround themselves with other broken people:
In short, the difference that separates the rich from the poor is that the rich never stop learning, they sell value, not time, they pay themselves first, they have a growth mindset, not a fixed mindset Hai, they use the power of delay in giving satisfaction, they create multiple streams of income and in the end, they surround themselves with other rich individuals!
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