3 Reasons why Rich People Look Poor

3 reasons why rich people look poor. Now the first thing is this, You know when people say, well only 1% of the population controls all the wealth.

But in reality, its more like, 20% of the population controls 80% of all the wealth. So for this video, I want to define being rich actually is.

So that’s why for this video, I want to break down wealth as being apart of the 20% or even as high as 10%.

For example:
There are 30.5 million people between the ages of 18 -24 in America.
To be apart of the 50%: $4,000
To be apart of the 10%: $65,510

So here’s Where I Stand: I’m 22 years old
I earned an average of 20-23k Net
And I also have a net worth of a little over 100k

So I’m not Bill gates rich, Elonmusk, but step by step, you and I will get there.

3 reasons why rich people look poor

Basic Idea: Why do rich people look poor and poor people look rich. Example: I did this and so many of my friends also, that we wore literally all the brands’ names to look like our favorite artist but when it came time to invest, no one had any extra money.
We look Kanye, but our pocket looked like they just went bankrupt.

1. They know the value of a Dollar, 1 penny, 5 cents, doesn’t matter money is money
For example:
– 3 years ago, I would be walking and I would see pennies on the floor, I would literally just walk pass them.
– However, around 2.5 years ago, I read this book made in America by Sam Walton, if you don’t know who that is, it’s the guy that created Walmart.
– In the book he spoke about, whenever he would see a penny or dime on the floor he would pick up. Not because it’s going to make him richer but because he knew the value of a Money.

So here what I mean:

– I understood the value of money when I realized, that money is literally time. You work for x hours and you get back x dollars
– So whenever you spend money, you’re are either making more of it or just spending it.
Example: I bought a pair of $300 sneakers about a 3-4 years ago, I looked pretty cool and I look kinda rich.

However, I was making $8.75 per hour, which means I spent 34 hours of my life on a pair of shoes.

Solution: I only spend the money that money has already made.
Example: If I invest 100 bucks and get 50 bucks, I invest that again, and then if those 50 bucks make 25 bucks, well now I spend some of it. But I’m not spending my time or my actual money, I’m only spending the money on my made money.

2. They Don’t Buy Anything unless it’s free
So let me explain this: Before you say Tommy, Nothing in life is free, everything has a cost. The truth is, it depends on what you know.

For example:
– You Graham Stephan a Youtuber that literally breaks down he bought a tesla for free and also how he bought a house for free.
– And he says himself, I spend less than 5 bucks on tshirt and refuse to buy Starbucks.
– So how does it work?

The basic idea: There are three ways to spend money
Your money: you earn the money and you spend it
Someone else’s money: Credit cards, loans and even borrowing from a friend.
The money your money makes you
So all three ways can be positive or Negative:
The poor: spend all their money before they get it, paycheck to paycheck
The poor: Get into a credit card, loans that they can’t afford to try to look they are rich by owning a BMW
The poor: Doesn’t know how to make their money make money.

The rich do the opposite:
Save before they spend:
They invest with other people money
And the don’t invest Money that their money makes.

Tip: All this information is on youtube, books, seminars, courses its everywhere.

3. They Understand the Game
The first thing is you can’t win unless you know the rules to the game, its like monopoly, without dice. You cant move forward.

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