[Music] welcome back to our channel if you're new here welcome and tap the subscribe button today we share with you some of the greatest secrets held by rich people if you're poor or in the middle class make sure you watch till the end today you'll learn why you are not in the rich category and how you can change that we're not going to share with you some get rich quick schemes but real secrets that the rich have held for years now let's begin shall we 1. money should work for you in most cases there's this
belief that for you to get money you must work for it although this might be true to some extent it exposes one to a situation where you're limited as to how much you can make this is because one of the major factors which is time is limited since you can only work for a given period of time hard work which is what most poor and middle class people capitalize on is not always the solution to becoming wealthy the wealthy know that this is not necessarily correct and they focus more on making their money do the
work they look for opportunities where they are assured of generating passive income some of the main sources of passive income include rental properties investing in different investment channels such as bonds currencies forex fixed deposits trading in coins among other things knowledge is a key element when it comes to investments to ensure you do it wisely considering all the factors and risks associated with each stream of your passive income two time is valuable the wealthy understand that time is valuable and also a very important asset you realize that most investments earn interest over a period of
time so the time when one invests has a direct impact on the earnings that will be generated what you invest today will determine where you will be tomorrow small amounts invested over a long period of time can earn you a lot of money in the future it's therefore advisable to start now irrespective of the amount you have time will multiply the small beginnings especially if invested in trusted and reputable investment channels make it easy for yourself to save or invest through standing orders or using an automated system whether it's weekly monthly or quarterly three spend
within your means reckless spending is one sure way of remaining poor you might find yourself using every coin that you've earned and easily run into debts most wealthy people budget their money and ensure they spend wisely you only buy what you must or what you really need this is normally key as you're starting out but with time and if your income allows you can spend at the same time ensuring that you still have enough to generate more before spending one should look at any pending debts that need to be paid off ensure a portion of
your earnings are set aside as savings and all bills paid up it's very tempting to use money that's lying idle in your bank account so it's wiser to invest it other than yielding to the temptation of using it without a plan spending to show off is also a bad mentality and you can find that most wealthy people shy away from this some might appear to remain in their current situation even if they've made a lot of money and it's hard to tell if they're wealthy or not 4. streams of income the middle class and poor
people are comfortable with one stream of income and do not bother to look for other opportunities as they're not aware of this money secret this is not the case for the wealthy the wealthy folks do not rely on one source of income but create many streams of revenue the poor and most middle class people will stick to one revenue stream and cheat themselves that they'll get rich over time money however stems from many different sources of earnings or income generating streams when you have different sources of income you have the advantage of spreading your risks
and staying afloat in case one fails five seeking expert financial advice not everyone is an expert in all fields wealthy people may also not understand everything about money investments as well as finances and many appreciate the value of professional advice although this might come at an extra cost the wealthy are fully aware of the contribution that a finance advisor can make to the wealth creation journey it's likely that their wealth will grow fast and take a shorter time than if they worked alone financial advisors are likely to provide you with better and tested strategies as
well as a wide investment opportunities which will enable you to achieve your objectives and goals optimally most poor people are ignorant of this fact six working as an employee might not make you rich as an employee you're working and enriching another person the best you can get out of it is to learn how a business is operated and go start your own you can start by saving little by little until you have something to start you off otherwise the notion that you'll make money and wealth out of working for someone is not really true some
people stay employed for their whole life and sometimes leave with no money the poor and middle class fear to start their own businesses as most think it's too risky or requires a lot of money to start the wealthy are not hindered by the risks but will go for it and mitigate the risks sometimes the higher the risks the more money you make employment offers a comfort zone but sometimes hard to leave but the wealthy will not be comfortable in such a situation as they're always looking for more opportunities to make money positive attitude to make
money you need to have a positive attitude towards your environment and what you're doing you can say that the wealthy seem to know what they're doing and are sure of the outcomes they take calculated risks and they do not hesitate to venture into new areas to make their money the middle class and poor are more conservative and they fear losing what they have as they feel they might never recover in case they lose to build their confidence the wealthy are good students and invest in learning about their investments making them more experienced and smarter they
understand the game of gaining and losing and their positive outlook on things helps them to stay focused eight refuse to be comfortable if you want to make money the more wealthy one becomes the more they raise the bar and their goals to make more money stopping at a comfort zone state is a rare happening with the rich they're normally motivated and have a drive to attain greater heights they know making money is not easy and there's a price to pay through hard work they keep their focus on the goals they want to achieve irrespective of
the circumstances they find themselves in the poor will generally not know this and will avoid doing things they're not comfortable with and allow opportunities to pass them by they don't know that those who push forward consistently without giving up will get their money reward nine you don't need a lot of money to start investing most people shy away from investing because they have very little money in their hands or earn very small amounts of money the fact is that you can start where you are and save with an intent to accomplish a goal the only
difference with someone who has a lot of money at a go is that with your small savings you'll take a longer period of time to accumulate your savings the poor and middle class tend to ignore this fact and will brush off opportunities with the excuse that they have too little if the small savings are placed in an account or they are in some interest the compounding effect will surprise you when you find out how fast your money is grown the poor tend to use everything they have without saving and end up becoming poorer this secret
combined with patients can lead to wealth creation in the long run money should not be left idle in a savings account it may not be common knowledge to everyone that money left in an account does not benefit the owner as the interest rates from banks on savings are normally very little the poor and middle class normally leave their money in their accounts as they feel it's safer even if it earns very little for them savings should be invested in well-researched investment vehicles where they will bring in more money the key here is to ensure that
the money you've saved is working for you you have spent years growing your savings and denying yourself and it does not make any economic sense to leave it idle 11. make use of other people's money with clear strategic planning and a vision on where you're going you can use other people's money to make or increase wealth investors and banks are always willing to lend money which one can use wisely and make much more this may however require some good ground work and research to support your borrowing a good business model or business plan will come
in handy especially in real estate this has worked so well where developers or land sellers pay a small down payment on property and repay as they sell this way they increase their earnings without having to spend their own cash this done repeatedly can result in massive wealth acquisition the poor most likely will shy away from such due to the high risks involved as you're not using your own funds if you know where you're going you realize that the risks will reduce drastically 12. salary will not give you wealth working for money is not the wisest
thing to do if you want to become wealthy there's always a limit as to how high you can get to in employment before you stagnate or reach a plateau a salary if not invested will be just that it will come and go salary can be complemented by getting passive income from other sources which include rental properties securities that offer dividends returns from companies which you may not be managing on a daily basis and a list for passive income is endless earnings which are time restricted as a salary will limit your opportunities and the freedom to
create wealth middle class and the poor are majorly the ones who rely on a salary which results in many of them remaining in their status quo with no growth financially i hope you've paid attention throughout the video and i hope some of the pointers will help you make better financial decisions we share educational videos on our channels and if you want to learn make sure you tap the bell icon so you get notified every time we post a new video that's it for today but stay tuned for more share the video with other people who
may also find it useful with that said have a great day you guys and i'll see you all in the next one you
