3 Things Rich People Buy That Poor People Don't

People are people, so we all need the essentials in life, but the way the rich buy them and the way the poor buy them are very different. And I’m happy we live in today's world and not back In the good old days, when opportunities were extremely limited. The good thing is today you can start investing with $1, everything is better.

I do want to say, there's nothing with owning fancy things; I would rather have a house of a few treasures nice things, than a house filled with trash. You know what I mean.

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1. Property

-Theirs no problem with renting in the short term, but renting forever is pretty stupid

-There’s nothing wrong with buying a house, but buying a house you can barely afford to pay is really stupid

-About 38% of homes in the US are fully paid off, and percentage of those homes that paid off is higher with low-income families



Let me explain:

-A house is like toaster no matter how fancy it is, it will still do its job ( which is to toast bread )

-A house is supposed to provide shelter, a level comfort and eventually become a solid investment by lowering your cost of living



Quick Formula:

- 33% Rule on a 15 years mortgage



2. Vehicles

-I’m a guy and something in my blood just likes the vroom vroom if you know what I mean

-But you have to smart when you buy a vehicle

-Here are three to follow



3 3. rules the rich follow

-You should spend more than held your annual income in a car ( so if you make 40k don’t spend more than 20k )

-Second: you should pay cash for a car, the best way to do this is, buy a cheap car and save up the 20k to buy the car you want

-Third: you always buy used 3-5 years old, this way you save 30-50% on the car and no way repairs are going to cost you that much, plus cars can run forever

Bonus:

-buy based on quality and not perception ( Toyota, Mazda and Hunda )



3. Investments

-The average millionaire has a 9-5 job

-Meaning they are not spending 4-8 hours a day reading financial statements to be the next warren buffet

-You see they focus on retirement account and index fund investing



Here is a Simple Strategy: to Follow once you are debt free and built an emergency account

-First invest 10-20% of your income forever ( the more money you have the better, because the market can always crash )

-Second invest into a diversified portfolio of index funds ( this should make you between 8-12% on average )

-Third: Always invest rain or shine



Tip: don’t wait until your investment reach X to enjoy your life, take a percentage of your income for fun



4. Advice

-Remember the rich people you know are not really the reach average people

-The average rich is about 57 years old, so if you are 20, you have 37 years of investing to go

-So that’s why its so important, to enjoy your life now, as you work towards that goal

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

[viprcuisine]

I was going to say, why wait till your older to start enjoying life. There has to be a balance, because you can be very conservative, then get wealthy then come down with a terminal disease and can’t even enjoy your wealth. To quote Steve Jobs: “Being the richest man in the cemetery doesn’t matter to me, ” he said. “Going to bed at night saying we’ve done something wonderful . . . that’s what matters to me.”

[bingo]

Great wisdom but could you highlight or bullet the things you’re discussing? That would really add a lot value.
Thanks! Great information by the way!👌

[jsp]

One Million. Thanks for the advice Tommy. Booking a weekend getaway right now!

[obbldudeTV]

I honestly disagree with the car. I bought a 5k car and by the end of my first year I was in the car at 8k from shop costs. So better advice would be get a reliable car for as cheap as possible which is honestly gonna be 10k that's why I got a 2017 used car for 15k under 100k miles. Most people say I'm an idiot but I have spent enough money to get 2 used cars but only had 1.

[jenifferwalker]

One Million Yes, Jim Rohn.. thanks for sharing

rich ppl buy multiple properties on 30-40 yo loans. not 15. and they post pone payment as much as possible.
real estate loans are incredible low interest and it's a great way to scale. specially cause the thing goes up in value most of the times. it' way better to be paying a home loan than having money in the bank.

[morrismckinnon]

You were correct on the name Jim Rohn. Motivational speaker.

[jima]

Tommy tryin to be "Rich Uncle, Poor Uncle" Maybe a book ?

[markedison]

Investing in forex currency is the best investment anyone can do This season because it has made a lot of people millionaires. I pray that anyone who reads this will be successful in life

[loriradtke]

One Million! Jim Rohn is Awesome.... Massive Blessings Tommy

[shawndoe]

Acura & infinity isn’t even in the same lane with Mercedes’

[velmawingfield]

One million. I wish I heard your great advice on getting a 15 year mortgage before I bought my house. Thanks for your videos.

[DreadMike]

1, 000, 000. I read a lot of books on personal finance and I'm investing my money, my biggest regret is I started investing in my early 40's and I wish I knew all of this in my 20's about the stock market, my granddad was a bond investor and he gave me the blueprint, I didn't follow it cause I was in the streets making fast money and not putting it to work. All that hustling I did, I got nothing to show for it but a criminal record and stories to tell. It's too late for me but I'm like this, it's either Florida lottery, scratch off tickets, or investing in the stock market, real estate investing and lending, crypto, options trading, and investing in start up companies, I choose to invest it.

[joshgehlhar]

How do I keep up to date on exactly hat Tommy is buying and trading at any point in time

[oggleme]

Real estate, insider trading oops I mean legit stock trading. Last but not least always buy an official of some sort with influence in HIGH places

[WelderBFamily]

I still drive my 2006 Toyota matrix! Almost 300K on the dash 🏎️

[vincentwaller]

1 million, thank you brotha very informative and inspiring. Much love and success.

[datg]

Lexus and Acura are very reliable cars. They are basically luxury Toyota and Honda.

[chrisn]

1 milli, great content as always. Love watching Tommy while l eat

[RodderickPrinceParker]

Don’t buy your “dream home” too early.