Rich Vs Poor Mindset | 3 Ways To Escape Being Broke

The cool thing about money is that money is green and it doesn’t have any stereotypes, the people that have it may have some, but money on its own is just paper.

I realized early one, that if I did what someone else did, I should get similar results, but if I wanted what someone else had without doing what they did, then I shouldn’t expect anything.

Its like farming, one guy plants and he harvest, the other guy looks at the harvest but never plants, nothing is going to change.

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I have a friend that we started to learn about investing around the same time

I had a business and he had a job, but I had a lot less time than he did

But he was in a big rush

Poor Mindset:

Everytime we spoke he would tell me about some get rich thing

Forex trading, buying bitcoin, buying an ipo and whatever else was hot

And I couldn’t wrap my head around why kept doing it

I gave him advice but he never listened

5 years later: this a real story

I’ve been investing into my boring index funds

And his had to restart his investment a lot of times

And I asked him, you’ve been messing up for 5 years, that’s enough, how much more do you need fail

It finally clicked for him:

Rich people invest their money into things they understand and take advantage of every good opportunity

And poor people are always afraid of missing out and end up putting their money into garbage

Sometime a few make a lot of money but most don’t

Keeping Up with Broke People

I had this mindset too

If my friends got a game, I would want that game

If they got some nice clothes, I would want the same sneakers

And then when you grow up these games get a lot more stupid

Here how:

Your friends go to college, so do you $30k in loans

Your frineds bought a house, so do you 30 year mortgage

Your frined drives a nice car, so do you, 500 per month

Rich People go against the crowd not with it

They buy used cars

They don’t get into a bunch of debt

And they buy houses they can afford

Everyone was surprised when I paid cash for my house and my car

But people didn’t understand I was living on less than 1k per month

Spending less 10% of my income

And investing like a mad man

The rich don’t care about looking rich

Getting into debt to get Rich

Poor people are always in a rush

And that’s a big mistake

They tend to think short term

Here is an example:

I want to get rich in 10 years

When the average millionaire is in their 50s

I know people that borrow hundred of thousands of dollars to get some passive income in real estae

Because they just want to use OPM

And they saw someone on the internet talking about it

But they don’t see the countless people that end upside down playing that game

Victim mentality

Whatever man can achieve man can achieve

I am not smart

I not special

None of that matter

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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