In the world we live in today, the richest 1% of the population controls 48% of the total wealth and the top 80 richest individuals are worth as much as half the world’s population or roughly 3.5 billion people. When considering these figures, there is no doubting the fact that there is a separation between the rich and the poor. While many people assume these wealthy individuals gained their wealth by being born into wealth or winning the lottery, that simply isn’t true. In fact, only 11 out of the 80 richest individuals were passed down their fortunes with the other 69 having made their wealth through their own hard work and determination. And one of these 69 individuals is none other than the investor mogul himself, Warren Buffett. Like the majority of these rich individuals, Warren Buffett grew up in a middle-class family but found a way to amass the knowledge and skills that would eventually lead him to accumulating a wealth of over $70 billion.
Rich John vs poo Tim, similar IQ, same city,
Tim watches show.
John work on credentials.
Rich never stops learning -> Tim complained about $100 bonus. John got $10,000 check in his name.
Difference number 2:
Rich sells value, poor sells time
Difference number 3:
The rich pays them first, poor pays them last.
TV costs $1,000 for Tim, at a cost of $500 for play station.
Difference number 4:
The rich has growth mindset, the poor has fixed mindset.
Difference number 5:
Delay gratification - the rich understands the delay gratification.
Difference number 6:
The rich build a stream of income, but the poor does not.
Difference number 7:
The rich surrounds him
Difference number 8:
1. NEVER STOP LEARNING: CONTINUE TO PUT FEW HOURS EVERY NIGHT TO WORK TOWARDS GOAL 2. RICH SELL VALUE POOR SELL TIME: Instead of saying how long you been doing the work, you must ask yourself first what value you are providing. 3. RICH PAY THEMSELVES FIRST WHILE THE POOR PAY THEMSELVES LAST: With this rich strategy you will always have some savings at the end of the month. 4. RICH HAVE A GROWTH MINDSET WHILE THE POOR HAVE A FIXED MINDSET: Instead of cursing anybody why you don’t have money, always think of how you can earn more to get what you want. 5. RICH UNDERSTAND THE POWER OF DELAYING GRATIFICATION WHEREAS THE POOR SEEK SHORT TERM PLEASURE: Delaying instant gratification beat out many of the more traditional signals including age, race, ethnicity and height 6. RICH BUILD SEVERAL STREAMS OF INCOME WHILE THE POOR RELY ON ONLY ONE: Never keep all eggs in one basket if the basket is gone then lose everything. 7. RICH SURROUND THEMSELVES WITH OTHER RICH PEOPLE WHEREAS THE POOR SURROUND THEMSELVES WITH OTHER BROKE INDIVIDUALS: You tend to get more ideas of making money from other rich individuals.
