Why Most People Will Never Be Rich | 5 Tips for Success

Why is it that the average person is not rich? Why is it that despite working hard and earning a decent salary, most of us struggle to make ends meet and build meaningful wealth? Watch this video for 5 tips to break out of the rat race.

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The first and biggest mistake that the average person makes when it comes to wealth is that they focus on earning more money instead of building wealth.

People go to a job, punch the clock and then count their dollars at the end of the week. When thinking about how to make more money, they typically think, is there any way I can get a raise? Or, is there any way I can get some overtime? Then they go to their boss and they ask.

Short of that, they may ask, is there another higher paying job that I can find? And then go and try to get hired for that job.

I’m not saying there is anything wrong with thinking like that. You should, of course, try to maximize your earning potential in the job that you’re currently in. You should know what options you have to make more money and take advantage of them as much as you can.

But, here's my point: earning money through a job and building wealth are not the same thing. Earning money simply means that you're trading your time and energy for a paycheck.

When you work a job for someone else, your income is set by that person or company. Whether you can get a raise and how much it will be is decided by them. Whether you can work overtime is decided by them. And whether you can get a bonus and how much THAT will be is also decided by them.

And worst of all, there are only 24 hours in a day and 168 hours in a week and you can’t work more time than you physically have. So, becoming wealthy from a job in a relatively short period of time is almost impossible, unless your job pays you a very very large amount of money, which for most people it does not.

In order to build wealth, you need to buy and create assets that generate passive income and increase in value over time without requiring you to constantly put in your own time into them to make them grow.

An asset is anything that generates income or has the potential to increase in value over time. This can include things like rental properties (which is my favorite), stocks, bonds, and businesses.

The key to building wealth is to focus on acquiring assets that will provide you with passive income, instead of just focusing on earning more money. This is because passive income allows you to continue earning money even when you're not working, and it's the key to financial freedom.

The second key to building wealth is discipline and planning. Building wealth requires hard work and sacrifices, but it's not enough to just work hard and save money. You need to have a plan in place for how you're going to allocate your resources and create assets.

Watch the video to see the rest of the tips!

DISCLAIMER: please note that the information contained in this video is for educational and entertainment purposes only. You should always consult your own attorney and your own financial and tax advisors before making any legal or financial decisions. This video is not intended to and does not create any attorney-client relationship between the content creator and the viewer. The views and opinions expressed in this video belong solely to the creator and do not reflect those of his law firm or any of his business partners.

#succeedrei #chalkboardrealestate

[RandomParrot]

We are all given hours, it's our ability to find who or what gives you the best return on hourly investment. Knowledge isn't just power.

[RandomParrot]

With the population where I am, and the diminishing jobs in the production market. It's a thin line of what you can buy, to what you can rent for.

[blockaderunner]

My problem with real estate is of course the difficulty of evicting people, especially during the plandemic, and the fact that I can't bring myself to buy a rental with a mortgage (I don't like ever paying interest), and I know from countless advice that a paid-off property is vulnerable not only to a suit from a renter, but also others out there in the world who see your paid off property or know of its status of being paid off.

With stocks, bonds, etc etc, you seem less exposed to REAL threats or biological threats. For the past idk 7 to 8 years I'd always thought too that Real Estate was the way to go. Now, I'm just thinking about just using my 401K, as limited as it is. It's all pretty scary, this life, especially today, knowing who's in charge - the insane and incompetent.

[citizenoftheyearCC]

Haha the part where your hardwork turned into more bonus for other employees prob drove your mad!