What Truly Separates The Rich From The Poor (MUST WATCH)

Discover the secrets behind "What Truly Separates The Rich From The Poor" and learn how to get rich. Explore the rich vs poor mindset, uncover strategies for building wealth, and gain valuable insights into financial success.

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[christopherstewart]

You left out the absolute most important difference between the rich and the poor. The rich do not spend all of their income. The poor spend all their income, or more, getting further and further into debt. Your first example of the rich guy buying fancy cars and going on lavish vacations is the perfect example of a guy who has a large income but is likely to end up poor rather than rich. I would highly recommend reading The Millionaire Next Door. Most millionaires do not live lavish lifestyles. Instead, many live pretty modestly, living in smaller homes and driving older cars. I know saving money isn't easy, but it is absolutely critical if you want to become financially secure (let alone rich). The money saved should be invested. (Borrow The Millionaire Next Door from you local library and start your investing with the $10.95 you saved by not buying the book). To make it simpler, an S&P 500 index fund would do. However, do not trade in an out. That will kill your long term return. No one (not even you) can consistently "buy low and sell high." (And don't even think of daytrading - been there, done that, just don't). Buy as much as your budget will allow, every month, and don't sell anything until you retire. Nothing. Ever. There will be bull markets and bear markets, but you cannot predict them. Don't sell in a bear market, just keep on buying what you can each month. During bear markets you will be able to buy more shares because the price is lower. Thus, do not fear bear markets. They help you get ahead in the long run. Also, routinely spending less than your income teaches you that you can be perfectly happy living modestly, which will help you immensely during retirement (even if by then you truly are rich).