Observations on What the Wealthy Do
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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!
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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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