ten things rich people know that the
poor don't if you master just these ten
things you're gonna be well on your way
to becoming a millionaire what's up guys
in this video we're gonna talk about the
ten things that rich people know that
the poor don't and how to take these ten
things and use them to your advantage to
start accumulating wealth and one day
become a millionaire multi millionaire
or even more number ten is understanding
how taxes and money work most poor
families don't have a good relationship
with money which means that they never
talk about it themselves
which means that their kids and nobody
around them ever actually hears about
money and so what this does is people
who grow up in poor families have a
negative relationship with money they
want to face it and you know when they
have debt or credit card debt or bad
things related to money in their lives
they just ignore it rather than facing
it head-on
dealing with it and then overcoming it
rich people understand that money is
just a tool and understanding how money
works and understanding more importantly
how taxes work and how to take advantage
legally of course all of the different
tax you know deductions in all the ways
that you can minimize your tax burden is
your responsibility so number ten is
that rich people understand that money
and taxes are just something that you
need to learn about and face head-on
while poor people ignore them hide all
of their problems and they just get
worse and worse and worse the number
nine thing that rich people know that
the poor don't is that you are not
entitled to anything rich people
understand that you're not entitled to
the best job you're not entitled to
become a millionaire you're not entitled
to anything you have to go out and you
have to get it right the poor person
mentality is to think that they're a
victim and that everything that they
deserve everything without having to
work for it they think everyone's
against them and they think everything
else is someone else's fault rich people
understand that you're not entitled to a
thing you have to go out and you have to
get it you have to take it and you have
to create your own life number eight is
that result don't come
instantly poor people think that they
should get rich overnight that the next
small thing or hack is going to
instantly change their lives
rich people understand that it takes
time and it takes incremental daily
effort every single day to build things
that become truly great and excellent
rich people understand that every day
you're putting in incremental work and
your daily habits and you're waking up a
little bit earlier and you're working a
little bit harder and a little bit
longer those things add up until they
become exponential and they return more
money and more wealth than you could
possibly imagine
number seven is that habits are what
create wealth and poor people don't
understand that every single day is how
you actually become rich poor people
think that you know okay whatever I'll
get up a little bit later or I won't go
to the gym today you know it's just one
day and rich people understand that your
day-to-day habits are what change your
life if you change your daily habits
today and you can just do it today right
and then tomorrow becomes a little bit
easier and you just do it tomorrow and
then all of a sudden you know a couple
days passes and a week passes and you've
changed your daily habits and when you
change your daily habits you change your
life and when you change your life you
change your bank account and that's what
rich people understand that poor people
don't number six is that money is a tool
right a lot of people say that money
can't buy you happiness and while that's
true directly most of the people who
probably say that are people who are
poor right because having more money
doesn't directly make you happier but it
is a tool to enable you to have more
experiences in life if you have more
money you can you know travel the world
and you can you know not have to worry
about bills to pay or debt collectors
and all of the negative things that you
know not having money brings into your
life Kanye West puts it best right he
says having money is not everything not
having it is and when you don't have
money it consumes your life right it
stresses you out when you do have money
you're able to do the things that you
want and have not only financial freedom
but time freedom right so you
understanding that money is a tool and
you simply use money to be able to do
the things that you want to do and live
a half
and more fulfilled life is something
that rich people understand while poor
people just think money is some evil
thing that doesn't enable them to
actually find more happiness and more
freedom in their lives the number five
thing that rich people understand that
poor people don't is that it's not about
lowering your expenses all the time it's
about generating more money what poor
people think and their mentality is that
you always want to actually lower your
expenses always lower your expenses
always lower your expenses and what rich
people understand and what their mindset
is that you actually sometimes don't
want to lower expenses I spend hundreds
of thousands of dollars every single
month on my business but that money
generates me more than it cost me
because if you're gonna spend a hundred
thousand dollars a month if it's making
you an additional two hundred thousand
that you didn't otherwise have then
that's obviously worth spending and the
poor person's mentality is you always
constantly want to lower and lessen
expenses without realizing that
sometimes you have to spend money to
make more so a lot of times the rich
person mentality is about generating
more money instead of always focusing on
lowering expenses number four is that
knowledge is power this is probably the
single most important thing that I've
learned in my entrepreneurial journey is
that knowledge literally equates into
more money the more things that you know
and the more things you have in your
brain makes you inherently more valuable
and you get good at the things that you
do right and some people don't
understand that no matter how high you
climb on the ladder if the latter is
leaned against the wrong building you're
not gonna get to where you want right if
you work at McDonald's 80 hours a week
you're gonna get really really good at
working at McDonald's but that's not
what you want to be focusing on you want
to be focusing on the things that you
can actually scale up that have
infinitely high thresholds like YouTube
personal brands right building an
e-commerce store SM MA all of these
different types of things that have a
massive massive upside and that have
automation and infrastructure that are
gonna make you money even while you're
not directly working when you can make
money while you sleep that is when you
have the rich person's mentality so only
do things that move you closer towards
that automation and closer towards that
financial free
don't do things that require your manual
time and effort to actually make any
money number three is that solving
problems is the quickest way to get rich
a lot of people you know think that they
just need to start some random company
without having any direction or any idea
about what they're actually doing but if
you think about it for yourself right
who are the people who make the most
money it's the people who saw that the
biggest problems think about uber for
example uber took a very massive problem
around the world that getting a taxi was
very inconvenient you know if you're in
other countries oftentimes they try to
take advantage of you there's all of
these different kind of negatives that
come with trying to get a taxi and so
what they did was they revolutionized
the market by using you know smart
phones to be able to get a taxi and
create a network and build a system of
drivers to make it so you can anytime
basically anywhere get somebody to pick
you up you know the price is already set
there's no haggling oftentimes you know
it's much cleaner than you know some
taxes I've been in in my life
and they solved a big real-world problem
so think about it in your own life
what's a big problem in your particular
niche or doing what you do and then
think okay how can I solve it and when
you solve big problems you earn big
incomes number two is questioning
everything or people will just listen to
what society tells them to do they'll go
to the job that society tells them to go
to and they'll never question anything
they'll never question how much they're
getting paid relative to their peers
they'll never question if there's
something else they could be doing with
their time that would make them more
happy and more money and rich people
understand that they have to question
everything never take what people say at
face value always question what is
happening always question the status quo
and think for yourself right use your
own independent thoughts and use your
own brain never ever just take things at
though at face value if just because
it's the way it's always been done does
not mean that it's the best way to do it
so question everything and when you
question everything sometimes you're
gonna find very interesting things that
can lead to massive massive businesses
and opportunities for you to take
advantage of to increase your wealth and
the number one thing that rich people
know that the poor people don't we'll
get to in a second we're really quick I
wanted to give a shout out to this guy
here he actually drew me a beautiful
picture that you see right here first
time I've ever gotten you know fan art
from a subscriber so shout out to you
bro
thank you so much for this awesome
picture I love it and at the same time
guys shout out to our comment winner
every single day we choose a comment
winner so if you want to be featured on
our next video all you have to do is
comment down below tell me which one of
the ten things resonated with you most
leave it for me in a comment and you
could be our next winner on tomorrow's
video so rule number one guys the number
one thing that rich people know that
poor people don't is that the world
operates on the 8020 principle and what
I mean by that is that 80% of what you
do is not going to help your life
literally everything you do in your life
20% of your activities produce 80% of
your results and if you think about it
this is so true everywhere I wanted like
for example when I first started selling
you know digital products in my courses
and things like that I was trying to
advertise on Reddit Pinterest Instagram
snapchat all the different forms of
social media right probably like 5 or 10
and when I actually looked at where all
my sales were coming from I noticed that
most of them 90% of them were coming
from YouTube Facebook and then a few
other places so what I did was instead
of spending 1/10 of my energy on all
these different social media platforms I
outsource everything and I spent 100% of
my time on the 20% of activities that
gave me 80% of my results and all I did
was spend all my time on YouTube and
Facebook and I let everybody else handle
everything and when you look at your own
life in the 80/20 rule right the Pareto
principle when you evaluate your life
and you evaluate the things that you do
you're gonna find that 20% of your
activities is giving you 80% of what you
want and when you're good at isolating
those things in your own life then
everything seriously becomes so much
easier and you're gonna have much more
explosive results much faster so if
you're ready to develop a millionaire's
mindset what I want you to do right now
is check out this video we did on how to
develop a millionaire's mindset we
through everything that you need to
start your path to becoming a
millionaire
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