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Overview

Most people desire to be rich, but they also feel that their future is already determined. Deep down, most people want to be rich, but they don’t think it will happen for them.

However, it’s up to you whether or not you want to be rich. If you adopt the mind-set of the rich and make a decision to achieve that goal, then there’s no reason why you shouldn’t become rich.

Before we get into the details, you should know that there are no quick ways to become rich. You have to be educated about finances and understand how businesses work. Eventually, you’ll learn how to read financial statements and use your experience with them for more investments.

The first step to becoming rich is to change your mindset and start believing you can be rich. You have to stop saying, “I’ll never be rich,” and instead say, “I’m going to be rich.” In this article, you will learn that the wealthy invest differently than other people; saving after tax income is better than investing pre-tax earnings; and getting an education isn’t always helpful.

Big Idea #1: The richest 10 percent have 90 percent of the money because they invest in a way that the poor and middle classes do not.

The 80-20 rule may be true for success in general, but it’s actually 90-10 when it comes to money. This is because 10% of people have 90% of the money.

The 10-90 rule also applies to Hollywood stars. Many of them are waiting tables between acting gigs, while only a few make the big bucks. The same goes for athletes and musicians too. A study confirmed this by showing that 90% of all money is made by just 10% of people in America.

Why do some people accumulate so much wealth? One reason is that they can afford to make investments that others cannot.

In the past, people who wanted to invest in a new company could only do so if they had enough money. They would have to be worth at least $1 million or make $200,000 per year. Nowadays, there are regulations that prevent poorer individuals from doing this because it’s risky for them and can cause problems later on. However, these rules also prevent poor people from making the best investments – those of rich people. In order to become like rich people and start thinking like them when it comes to investing, we need to understand what makes them tick by looking at their thoughts and actions.

Big Idea #2: The first step toward being rich is to adopt the mind-set of the rich.

“Get an education, work hard, and save money. You’ll be fine.” This is the standard approach to financial security that most middle-class people use.

However, this advice won’t make you rich. It will keep you in the 90 percent that only has 10 percent of the money. So how do people get rich? They don’t work at one job until retirement; instead they purchase businesses and make investments.

Why do people have less money to invest? Well, for one thing, the US tax system is set up that way.

For example, let’s say you want to save $1,000 from your salary. Well, first you have to pay tax, so in order to save that $1,000, you’ll have to earn more than that. Inflation will reduce the value of your savings every year and it would be taxed as interest income if you were a business owner. It doesn’t seem like an effective way for an employee (who has less money) to become rich compared with being a business owner who can invest in assets that generate wealth without having much risk because they’re pre-tax earnings.

Lots of people rely on jobs for their financial security. But the old notion that you can have a job for life doesn’t apply anymore. People get fired all the time, and often companies’ stocks go up when they let lots of employees go. So being on the investor’s side of the table is usually less risky than being on an employee’s.