it's crazy because it seems like the rich keep getting richer and the poor keep getting poorer now why is that well becoming rich becoming wealthy it's not about hustling it out or grinding it out it's really about the money habits that you form and you practice over years and years so look in today's video I'm gonna be showing you the three habits of rich people let's get straight into habit number one is they focus on growing their income now look investments are great and we're gonna touch on that a little bit further down the line
in this video but the number one way to accelerate your process to becoming rich to becoming wealthy to even just having money that you could invest in places is growing your income and I see this a lot of time I see a lot of people thinking that they can just invest their way to becoming rich you know they start off with a thousand fifteen hundred maybe five thousand dollars in the bank and they literally think that you know they are gonna get to a place where they're gonna be rich or wealthy just by investing that
income you know they think they're gonna take fifteen hundred dollars and turn that into a million dollars in the space of you know two three years and stuff like that just doesn't happen if it does most of time it's a fluke so you know let's just say let's take an example you know my watch if you want to buy my watch you might you know and you had a hundred K in the bank to invest you know at an average return at eight percent let's say if it take you nine years to buy this walk
if you had a hundred K in the bank or a hundred K to invest and you were getting an annual return of eight percent so the thing is most stuff that people want in life you know whether that be a nice watch and you know we'll get onto that a little bit later about how you actually manage your money manage your cash flow but you know if there's some nice things that you want in life you know house car watches etc etc the easiest way to get there is not to invest your way oh that
should be a part of your strategy the easiest way is to accelerate your income and that's really what I focused on over the last two years and because I'm growing my income and I've been able to scale my business it's allowed me to afford a lot of nice things in life a lot of luxuries in life and it's allowed me to have a really really good sort of nest egg a really good just chunk of money in my bank account that then I can make wise decisions on what invested with and that kind of brings
us in to point number two habit number two is this mindset of it's not what you make it's about what you keep and you know the age-old saying out there is revenue is vanity profit insanity and cash is king I see a lot of people in the business world they focus way way too much on the revenue when in fact they're actually making losses in their business and it's sort of the same thing with your income right if you you know making all your money in your business your agency or you know your profession your
career and you're taking all that money and you're spending all of it you are pretty much in the same situation you know if you make a million dollars a year and you spend a million dollars a year or you know even worse I know people out there who make a million and they spend 1.1 or 1.2 you're in exactly the same situation you have the exact same financial stress as someone who makes 50k or and spends 50k or really it's no difference it's just the stakes are higher which to me is even scarier so always
remember it's not about what you make it's all fine and dandy if you make 100k or 500k a year or maybe even 4 million a year if you don't keep a retainer any of that money or you don't consciously make the decision to you know when you do indulge yourself or you do buy some luxuries number one have those things in life that are just you know for example with me it's washes I love my watches but for example I don't own a car you know I make a ridiculous amount of money a couple million
a year profit yet I don't even own a car because to me I just have you know that's one of those things in life where I just have too much guilt having it sit out front of you know sit outside of my house just kind of sitting there doing nothing whereas my watches they retain value a lot law better than say something like cars so even when I do indulge myself I'm looking at things that you know retain their value because it's me making all this money is great but it's also what you retain what
you earn and you know what you can you know the the sort of things you can indulge with in life or you can indulge yourself with but that still retains some value so the further that point having cash in bank or assets that can easily become liquid for example say you own a property that is a little more tough to make liquid aka to get the money out of that you know to turn that house into cash in your bank account then say something stalks or say you have an investment or a stake in company
that's a lot tougher than say something like and once again as I said stocks or bonds or foreign currencies etc etc one of the biggest habits of those that are rich those are wealthy is just making sure that they have you know for me I don't really have that many assets for me I just prefer to have cash in bank which kind of brings this on to point number three point number three is rich people watch their money like a hawk once you the first step is really just accelerating your income and getting to the
point where you're making a lot more money whether that be you know taking you from where you are right now which is 50k a year to 100k a year you know accelerating your income that way or if you're at a point where you're making a million year and you want to get to three million a year or ten million a year and try to accelerate that the point is the best thing you can do to sort of spearhead the charge is really focus on accelerating your income now once you accelerate your income don't be stupid
with your money alright remember it's not about what you make its what you keep and if you do indulge yourself try to indulge yourself in things that at least retain some value you know I even use an example of a car I would never buy a car new I would always buy a car used I don't think there's any amount of money I could ever make even you know where I am right now making a couple million or a few million a year I still don't think I'd ever buy a car new just because of
the sting of buying that after buying that car the amount of loss in value so even if you start making a ton of money just being smart in the places that you do indulge yourself and you do spend your money and that's step number two and that kind of brings us into step number three which is you know making money making sure you you retainer now you have to make that money work for you now one way and probably the most common way is investments right and you know I always get people shouting at me
and stuff like that you know basically be like 'hey man why don't you have any investments etc etc and that is because i am a business owner so for me right now where i am right now in my life it is better to have more in bank because I know that you know if my business ever gets super super cash hungry which in fact over the past few months it kind of has you know I have that cash in bank and you know that gives me a longer run rate if I ever you know do
go into the negative which is very unlikely but you know if I ever go into that negative which basically means making a loss in my business I have a longer runway and run rate VC means how long I can operate the business until I run out of money so for me I feel most comfortable having cash in bank especially because my business brings such great returns you know month on month on month I am watching my money like a hawk but I'm deciding consciously and wisely deciding to put my money in my business or sort
of protect my business by having a good you know a good reserve rather than investing my money you know investing my money in real estate that's something I plan on doing in much farther down the line but that is a great great option for example if you know you're a lawyer and you're making a million a year or a doctor and you're making a million a year or a half a million a year you can't really invest that money back into your career your profession so now you know a great option for you might be
looking at things like real estate stocks you know even getting stakes in companies those are options to let you have your money work for you because you can't consciously you know kind of grow your business in the same way that I can or other entrepreneurs can so that is step number three you need to watch your money like a hawk it's funny you know people they don't know have a lot of money they never log into their bank account they never manage their cash flow they want to avoid accounting at all costs whereas wealthy people
rich people they love looking at their bank account I love looking at my cash flow managing my cash flow you know even though I have an account and stuff I still do all of my own books you know so I basically have my books done twice simply because I love looking at the money you know seeing where my expenses are fattening up where I can kind of sort of trim start to trim the fat or where I'm allocating money correctly and I should allocate more money towards there so look I hope you enjoyed this video
on the three habits of rich people as I said just as long as you follow these three principles which is one always focus on accelerating and increasing your income number two always remember it's not about what you make it's about what you keep and number three wash the money like a hawk as long as you abide by those three principles and you do it over an extended period of time you know not over one month or two months over years and years and years to me becoming rich is accelerating your income and becoming wealthy is
accelerating your income managing to retain those earnings and then grow it over years and years and decades and decades you know if you want to first of all become rich all of that first principle if you want to then go on and become wealthy follow principle two and three and the most important thing is do this over an extended period of time now if you liked this video make sure you go ahead and click that subscribe button also press that bell because I've got videos coming out weekly just like this and if you want to
abide by that first principle and actually go ahead and accelerate your income and start making a six-figure income and beyond there's a two-hour free training the link is right below this video that's actually how I got my start increasing my income building in business and being able to have the sort of lifestyle I have as well as the sort of financial security that I have which is a social media marketing agency so as I said there's a two-hour free training if you want to get started on that first point you want to accelerate your income
six figures and beyond the link is down below so once again ladies and gentlemen I hope you enjoyed this video and I will see you in the next one
