Often times we think some people are created rich while others poor. How wrong! Why then are some people rich and others wealthy? Neither destiny nor luck have anything to do with it. Some people are rich because they are always looking for ways to either save money or to make money. People who don’t have that drive usually remain poor.
The rich work smart, make the most efficient choices, see opportunities and maximize them, while the poor do not.
1. The poor eat their seed, whereas rich people sow or invest their seed. The rich understands the act of multiplication and compound interest. Compound interest is man’s greatest invention as quoted by Albert Einstein.
2. Poverty comes, in part, from a lack of savings and investments; whereas the rich practice patience and invest in themselves by putting their spare money into savings and investments with a high ROI (Return on Investments) like real estate.
3. The poor want to live like the rich, so they spend their money on luxuries. The rich, however, never spend; they multiply their money by reinvesting their assets then live off the overflow.
4. The rich know how to identify opportunities by taking well calculated risk but the poor do not see opportunities. Rather, they
5. The rich have the “can do” mindset, but the poor rely on miracle and luck. This can also be attributed to lazy thinking.
6. Poverty is not a state of purse or pocket, but a state of mind. The difference between the poor and the rich is intelligence.
7. The poor lacks management skills (time, finance, people etc) whereas the rich work to manage and maximize their resources.
8. Poverty comes by inability, lack of self-discipline and unwillingness to confront hardship. People who are poor are usually afraid of failure. And because of that, they don’t put their ideas into action. “If you Fail To Plan, you are Planning To Fail.”
The future rich, however, take risks and ask “Why not?”
I believe if you diligently follow the success formula which does not require you to reinvent the wheel, rather do what other successful people did, you will get the result other successful people got.