Observations on What the Wealthy Do
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Observations on
What the Wealthy Do
This is the stuff not taught in schools but can make a huge difference on the type of lifestyle you have. Here are 7 of my observations of what the wealthy do.
How the Rich Think Resources
I have done a few resources on this topic. Here are some that may help you in your quest to understand why and what the wealthy do:
1. The energy of money – Without an understanding of this, it’s unlikely you will ever have a lot of it
2. Video: How Rich People Think – Might help you with the subconscious differences in how rich people think
3. My VMI Course on Think and Grow Rich – My most popular mindset course on audio, soon to be turned into a book, the one hour video on here has helped a lot of people just by itself
What the Wealthy Do
Yesterday on my blog post about Free Silver Bullion, a friend of mine commented this:
“I know I’m the odd ball out, but every time I hear free silver I think something else to throw in the drawer because I don’t know what to do with it.”
Now, I think in the network marketing world, this may be a common thread as MOST network marketing companies follow a consumable manner in either services or products. (You buy them, use them, they go away and you need to replenish.) This was my response to my friend:
“I totally understand. We live in a consumable world and you have to dig to learn what the wealthy do. A dude worth around $100 million said to focus on TAC, Taxes, Assets and Cashflow. Taxes are pretty straight forward (have a business), Cashflow he meant leveraged income, residual income, etc and that leads us to assets. CASH has been depreciating for quite some time (reduction of buying power) whereas gold and silver have held their value and increased. The smart people I know are holding onto and amassing more gold and silver. As far as storage mechanisms, there are several options out there. I prefer bullion for investing but just can’t get it for free, get tax writeoffs from it, win vacations with it or have a residual income from it.”
So Let me expand on that response…
Taxes, Assets, Cashflow
First, let’s talk about saving on taxes. If you think there are only tax breaks for the rich, you are mistaken. In the eyes of the IRS there are only two types of people..those with a business and those without. Simply HAVING a business allows you to enjoy the same exact tax breaks that the rich do. If you are a W-2 employee, the fastest way for you to gain more wealth is simply start a home business and typically the lowest overhead way to do that is through network marketing.
Second, let’s talk about Cashflow. Wonder what the wealthy do when thinking about income? They look for leverage and scalabiity. Even a job that pays $500 an hour is not typically scalable or leveraged. It is NOT about how much you make personally per hour, it is about how much can you make off the efforts of other people or other things (such as investments, etc). For more on this you may consider checking out my post about How to Build Wealth Smartly.
Third, we are onto assets. Robert Kiyosaki suggests that your personal home is NOT an asset and I tend to agree. An asset could be bonds, stocks, bullion, companies, trademarks/patents, etc. If you want to know your likelihood of becoming rich, look at your existing assets and your plan to acquire more. For the last three and a half years I have helped people with personal asset savings plans but quite frankly even that is not enough which I why I got into investment grade life insurance (not term) among other things.
When studying what the wealthy do, impact the big three categories of Tax savings, assets and cashflow and you are going to be much better aligned to create that wealthy lifestyle you so desire and deserve!
To Your Abundance!
Did This Blog Help You? If so, I would greatly appreciate if you commented below and shared on Facebook
Ray Higdon
Skype: ray.higdon
Email: RayHigdon@RayHigdon.com
Work With Me – Numis Network
Image(s): FreeDigitalPhotos.net
PS: Are you a fan of marketing? Study the secrets of persuasion that Obama uses in this video by Brendon Burchard
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Excellent post and packed full of valuable information, thanks Ray!
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Ray Higdon Reply:
January 17th, 2013 at 6:13 pm
Thanks!
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Yes! Thanks for sharing.
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Really Silver and gold as assets? Absolutely! I think holding that silver and gold as a hedge against inflation is a good plan that is indeed followed by many the wealthy, but I think that you will find that every person who went from not wealthy to wealthy saved and put their savings to work for them. The key to improving one's financial health is to increase income at a rate faster then the rate of increased expenses and then to put the left overs to work instead of acquiring more expenses. This increases the size of your Army of Assets that tirelessly works for you and ultimately sets you financially free.
http://www.crippen.ws
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Thanks Ray,
as always you are right on the money! I do enjoy your posts, there is always something more to learn.
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Great value Ray! Thank you for sharing your insights on what the Wealthy do. I always love how you break it all down so it is understandable and not complicated
Thanks,
God Bless,
Joan
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Ray, I am grateful for you and your powerful words! Thank you for all the inspiration you provide! You are truly opening my eyes!
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Working on all three right now. The world is changing and so should our thinking. Thank you for helping me make that change.
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Great Post Ray, I'd Like to know more about "Forever Weatlth Club," that you belong to.
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I especially enjoyed you post today Ray
As always I enjoy your insights and really useful information. You obviously believe in Paying it forward.
Regards,
Dr. Hale
PS I mentioned you today in my post – before I read this
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Hi Ray,
I really admire the way that you organize your blog posts so that someone new to your blog can still benefit from reading many of your previous posts. As usual, your posts cover so much value! I appreciate you!
Loving the discussion about how the wealthy thinks differently. I have in the past year or so shifted my offline prospecting to groups of professionals and business owners. I have found that business owners do think very differently.
When there is an opportunity, business owners tend to think in term of ‘return on investment’. It is easier for them to ‘get’ the beauty of the Network Marketing concept. Low capital investment. No ceiling long term benefit. Once hitting the ‘beak even point’, it is a lifestyle business that needs NO overhead.
I have recently had two business people joining my team. For one, doing MLM on the side means that she can one day quit her massage business. For the other, it means more cash flow for her part-time business. Isn’t MLM ‘The Eighth Wonder of The World”?
Viola The Business Mum
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Hi Ray,
I really admire the way that you organize your blog posts so that someone new to your blog can still benefit from reading many of your previous posts. As usual, your posts cover so much value! I appreciate you!
Loving the discussion about how the wealthy thinks differently. I have in the past year or so shifted my offline prospecting to groups of professionals and business owners. I have found that business owners do think very differently.When there is an opportunity, business owners tend to think in term of ‘return on investment’. It is easier for them to ‘get’ the beauty of the Network Marketing concept. Low capital investment. No ceiling long term benefit. Once hitting the ‘beak even point’, it is a lifestyle business that needs NO overhead.
I have recently had two business people joining my team. For one, doing MLM on the side means that she can one day quit her massage business. For the other, it means more cash flow for her part-time business. Isn’t MLM ‘The Eighth Wonder of The World”?
Viola The Business Mum.
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Thanks for always breaking it down in a way that is easily understood. Really appreciate your articles on finances.
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Hi Ray,
Thanks for sharing this wonderful insight, no wonder the rich get richer every day. They think of projects that will bring returns of investment in future while a poor mans thinks of “the present”
This year I want to think like the rich and take action in investing in Silver and Gold assets.
Charles K
RN,MNCLIC
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