This Is What Separates The Poor, Middle Class And The Rich (Not That Different)
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- čas přidán 11. 05. 2024
- This Is What Separates The Poor, Middle Class And The Rich (Not That Different)
When it comes to money mindset and spending habits, the wealthy have a distinct approach that helps them maintain and increase their wealth while still indulging in life's luxuries. And here's the good news: you can adopt this mindset too so you can become wealthier while also spending money on fun experiences, buying cool stuff and earning money from various income streams. On the other hand, the poor and middle class have their own set of behaviors and beliefs but surprisingly, the three aren’t all that different from each other.
Nice content! Few years back I was assistant to a wealthy pen artist and within the short period I worked with him I observed that he had quite a chunk of investment everywhere, stocks, crypto, dividend investing to name a few, so he had revenues coming in from all angles. And in a year his worth doubled. With this I learned that the rich stay rich by investing.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I appreciate the implementation of ideas and strategies that result to unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa Breton Dollard up and send her a message. You've truly motivated me. God's blessings on you.
For boomers and senior citizens, the current market and economy are unnecessarily harder. I'm used to simply purchasing and holding assets, which doesn't seem applicable to the current volatile market, and inflation is catching up with my portfolio. My biggest concern is whether I'll survive after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.
Please educate me, i'm willing to make consultations to improve my situation.
Juliana' heidi. understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her siignals are top notch
She's recognized as 'mrs Juliana. One of the finesst portfolio managers in the field.....and widely recognised; you should take a superb look at her analogies.
Don’t be confuse buying the dip in a bear market, with guaranteed future returns. Just because that company is down 60%+ from ATH does NOT make it a sound long-term investment. Make sure you’re investing in great companies. kudos to Juliana heidi.
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to larysa Caba, my portolio is doing really great and im proud of the decisions i made last year.
I feel one Of the greatest challenges that we first timers face in the ma rket is that we end up losing all we have,making it difficult to find ourselves back to our feet. My biggest advice is to always seek the services of a professional just like I did when I ventured into it for the first time. Big thanks to Larysa Caba. I now make huge profits by weekly through her services while still learning to stand on my own.
I think she trades for everyone I meet. I met her twice at a meeting in Germany and after her lectures from Ella I had to personally ask her to be my financial advisor. she is definitely good.
I have never seen a trader as open and transparent as Larysa Caba with her clients. The way she decides to make a profit for her clients. she allows you to express your fears and she still rests your fears and that is my respect. I don't normally comment on videos, but this word should be included. she is really cool.
I just looked up her name online. she is licensed with credible certificates and has an amazing track record. Thank you for the message.
I definitely will like to know more
The amount of money people spend at Starbucks for coffee is insane. I can make the same at home for pennies. I've never understood it.
I think their coffee is gross. I drink instant coffee and think it tastes better.
The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?
Varied sources of income is wise and especially living within your means. My net worth is $2M and I can pay my bills with no stress, but I don't live like I have that. I have no complaints.
Money advice is subjective, what works for you may not work for someone else, but it's always better to plan. I'm quite lucky exposed to personal finance at an early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after subsequent investments.
bravo! i'm 46, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in view of retirement, can your advisor be of help please?
I'm cautious about giving specific recommendations as everyone's situation varies. Consider independent financial advisors like "KRISTIN AMBER LANDIS" I've worked with her for 9 years and highly recommend her. Check if she meets your criteria.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
It’s expensive to be poor.
“ you think education is expensive? Try ignorance” Ben Franklin
Hit 247k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months.Started with 11k in last year 2023.
Wow, that's more than a mouthful of profits you're making. How do you achieve this feat consistently? You must be a genius !
I'm 45 and have been looking for ways to be successful?
Haven’t you heard of mrs. Amelia Jason’s ?!
She has this skill of making complex crypto concepts easy to understand and is truly commendable.
You know her too? I'm also a proud beneficiary of her super platform. They’re the biggest custodians.
It’s about mentality around money and spending and less about how much you earn. Research on millionaires shows that few inherited the money or are celebrities. The vast majority are average people who saved and invested versus spending to impress. One of the top 5 occupations of millionaires is a teacher.
But I bet most of the millionaires who supposedly earn their millions came from a middle to upper middle-class area or they had someone who fund their occupations (college tuition), business, and or money investment journey. Most millionaires did not come from poor backgrounds.
@@appollo1826 check out the “National Study of Millionaires”. You might find it interesting. I was raised in a small town by a single parent (mom) who raised 5 kids on her own. We were poor. Today I’m $10,000 away from a net worth of $1,000,000. I’m also the main bread winner in my family (I have a musician husband, no kids). I worked my tail off to get where I am today.
Excellent video as always! 🎉
Nice video Chris👍
Great video. Thanks for posting 👍
This mindset is good.
But only having a mindset is impossible.
You need good income too.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience since the 08' crash
Yes true, I have been in touch with a financial advisor. With an initial starting reserve off $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
@@maryHenokNftbravo! I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?
Wright promptly do a web check where you can connect with her *Gertrude Margaret Quinto* and do your research with her full names mentioned..
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
To be happy, you must have discipline. Choose a good partner and never impulse buy.
You forgot to say that a lot of Rich people start off with money or get a job that give them more capital to work it.
So. Much. This! Starting from below the bottom, you don't exactly have a lot of options for "Investments".... Most of the Wealthy start from a state of privilege.
Money isn’t number problem, it’s YOU problem
No, wages really ARE a problem. Employers have been pocketing worker productivity increases without increasing wages to match since 1981.
Only physical Silver and Gold is Money the dollar is not money it's Currency worthless paper!
You want to be wealthy not rich there is a difference wake up
It also number problem. Someone earn shrimp and the other earn whale that they buy millions dollar junk modern art because they don't know how to spend it.
There's no wages equality. That is communism.
love the grounded reality of this channel!!!
*Retirement took a toll on my finances, but with my involvement in the digital market, $15,000 weekly returns has been life changing. AWESOME GOD* ❤️..
I feel sympathy and empathy for our country, low income earners are suffering to survive, and I appreciate Wayne. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
I'm in a similar situation where should I look to increase income? Do you have any advice? What did you do ? Thank you
Well I engage in nice side hustles like inves'ting, and the good thing is I do it with one one of the best(Michael Wayne), he's really good!
Did someone just mention Mr Wayne!? Damn! You just made my day; what a coincidence.. I've worked with him for over 2years and I can tell how good he is
It's great to see you guys talking about
Michael Wayne, This man changed the game for me. Good Man ❤️
The more you have (material things) the more you need.
In the west the middle class is the class that has to work the poor and the rich doesn't have work. If you think your poor but you can't get on the dole or welfare then you're middle class the rich has assets that makes them money automatically/passively especially in larger sums. The poor got money coming in automatically from the middle class in taxes.
This is the best description I have ever heard.
Nice video but definitely USA
This should be poor, middle and high income.
Class does not equal income and wealth
The UK can have rich working class, and extremely poor upper class
Eg a footballer who comes from a poor background earns £200k a week will NEVER be upper class.
Same for Lord Snot in his 100 room castle, with loads of land. He earns peanuts but will always be upper class
He's not talking class as a measure of education and/or people's status but as a level in their financial situation.
nah.
@robles100 he's using income, which is OK and I get it. But to then label income as class is just incorrect
I don't think USA has a class system at all, but it definitely has different income and wealth levels, from completely living in a box poor, to owning the moon rich.
Class has nothing to do with income in the UK but maybe it's different over the pond
@@philipgreenwood3251 the US system is nothing like in the UK. In the US people can (and do) move up or down the class system over generations.
@philipgreenwood3251 I understand what you are saying. Different countries, different terminology, I guess.
I hate it here in the States when they refer to people as "educated" just because they got a diploma.
To me, a degree is just a piece of paper. Your education is seen in how you behave as a human being.
Anyone in the top quintile of household income (~$155k/year+) can become rich after 10-20 years of good financial decision making. People earning less can still become wealthy, but it takes longer and requires more frugality.
No it's called don't be a dumb person with money
So what your saying in essence is “delay gratification”!!
Basically. The only problem is that we don't know if we'll make it that far to enjoy it. Enjoy it now when you're young or risk dying/bad health/old age (enjoyment of life is gone). I think I will enjoy life now and knowing I have lived to the fullest and can die happy.
auto saving and paying additional money towards your mortgage principal are the keys to financial success
I've been having this discussion with people, so I wanted to ask you - what if your mortgage rate is low enough that you could get a higher return in another investment vehicle?
If my mortgage rate is 3% and I can get 5% in a HYSA - surely I should make my regular scheduled mortgage payment and keep the excess in the HYSA, right?
This is my strategy I increase my mortgage payment yearly from day 1 and I pay bi-weekly and invest dollar cost averaging weakly into a broad index both are set it and forget it I will pay off my mortgage in total 15 year's then I will shift those payments into my index fund
@@billy2807 Other vehicles will go up and down in value.. A fixed additional principal payment will guarantee the reduction of the mortgage balance.
@@blackgrandpa7652 perfect strategy
@billy2807 Nothing is better than having your home paid off regardless of interest on your mortgage.
In the end, you need a place to live, and your primary place of residence is not necessarily an investment.
If we're talking about an investment property then that's a different story.
Borrowing money on a project like rehabbing a home to flip or rent out, imo, is a good choice. The debt is self liquidating. Borrowing the same amount to purchase a Breguet Marine GMT in rose gold may not be a good idea.
You want to eventually be "rich" should target 25%-33% of saving & investing your gross income. If you think that's not achievable, then get a job that can make it work (pays more). Spoiler, most of the high paying jobs are not fun, requires long hours, and stressful.
If you can save/invest that percentage of your pay then "my hat's off to you!" I'm working 2 jobs, not bad pay and I Strive for 15-18%. I'm not sure now, but I felt better off than most people...
I've paid off all debts and have minor bills. I invest 50% of my income now.
15-18 percent is great 👍
It would take 5 million dollars to be able to live off the interest. Then you'd need 5 million more to diversify.
I spent 2million dollars and I can’t remember what I did with any of it
This is completely normal to broke people …
How many broke people you know have to 2 mil to flaunt around?
I feel sorry for poor people, many of them are not there because of their own actions. But I also see a lot of poor people who are covered in "ink" (tattoos) and I can't imagine how much all that "ink" cost them and what they could have done with the money instead.
Wrong, poor people make poor decisions. There are many people who start poor but make good decisions. That's why most millionaire are self made. Immigrants from Asia and India come here poor but make good decisions, like being a doctor or engineer. I see it all over my community. We all came here as poor boat people and started at the bottom but now we are all rich as F*ck, lol, not super rich but upper middle class at least.
Choices matter. Unfortunately, poor people usually make poor choices compared to successful people. The Bell curve is real.
@@l.h.tnguyen4916 🎯
@@l.h.tnguyen4916 I like Asian work ethic and mindset about money.
@@l.h.tnguyen4916I would disagree. As someone who has spent a lot of time volunteering and running nonprofits, I can say very firmly that poor people are poor almost exclusively because of things outside of their control. Abuse, mental and physical health issues, caring for family, etc cause people to become and stay poor.
People make mistakes all the time and can be poor for a season, but normal people tend to only remain poor for a few months to a year. They course correct, rebuild, and make headway again and rejoin the middle class. They don't stay homeless and destitute.
I would agree that bad habits and decisions keep people from becoming rich or building wealth, but lower middle class struggling to keep up with the bills isn't poor... It's middle class.
This video feeds into the idea that poor people are stupid with their money when it is more complex than that. Middle class are just flashy and indebted, while the rich invest and chill. The mindset that “keeps people poor” is too simplified and becomes inaccurate. It is known that billionaires/multimillionaires leverage debt to avoid taxes, does it make them poor to loan against their assets? In the same vein, middle class people leverage mortgages to create passive income, are they poor too? And the poor, is it their fault for being poor, because they buy fast food? Put in perspective, being mindful of expenses is key but someone who makes minimum wage and considered poor is the problem. Minimum wage was supposed to be livable wage. What defines a class has more to do with income than expenses. Ex: a trust fund baby who spend all his money in a lavish lifestyle and some more is considered belonging to the lower/poor class? He may be broke, he isn’t lower class.
PLEASE don’t repeat that silly „they invest in experiences instead.“ Simply not true.
Plus, so many poorer people then think they are super clever when they buy an expensive vacation with credit card debt. After all it is an „investment“ in an „experience“, right? Still leaves you even more broke as soon as it is over.
Yeah... That bothers me a bit too. Rich people buy things that provide a service instead of paying for services. And they buy into a limited number of hobbies instead of trying all the hobbies and fads. Travel may be one of those few hobbies... But the point is limiting the number of categories you spend on, and spending on those things that you actually enjoy, not specifically "experiences".
There are far more wealthy and happy shutins who stay far away from airplanes and theaters than those who do. You just don't see or hear from them because they are happy little clams who don't care to be seen. 😅
I think they were implying that people with real wealth like to spend money on life-changing experiences instead of just accumulating more expensive toys. The investment is into themselves. For example, flying to space with Jeff Bezos instead of buying another Ferarri. Option #1 makes for a much better story at future dinner parties.
You left out a group...Poor but trying hard!
This is good in a nutshell, but it ignores the current economic facts the US are dealing with.
One thing that infuriates me, is wealthier people trying to understand the poor. You have NO CLUE what money actually goes to clearly, you just pickpocketed one negative.
I have lived most of my life in poor neighborhoods. This video is in line with my experience. At my job I make a middle class income and he is right on that too. I don’t know many wealthy folks but the ones I do know are normal folks that focused on the right things and prioritized long term over short term.
@@bucknut9475💯
I’d submit to you that many wealthy people who started out poor know exactly why they are where they. In most cases it probably took decades of disciplined decision making to get where they are. Everyone wants to be a champion but few people want to do what it actually takes to become one. Why? Because it looks an awful lot like hard work and delayed gratification for long periods of time.
This video is complete BS. Us poor folks can't say no to trinkets.
But not to fast foods that you don't need.
What separates the rich and poor?
.......um .... MONEY...🤔
Nope. It's the behavior
A poor way of thinking is.
Just like that
You can give a poor person money but they will spend it all and get back to being poor unless they change their behavior and mentality
Nope. It’s better decision making and the ability to think and plan over the long term/ delayed gratification.
Financial education and good habits.
This narrative is pretty stereotypical. How about just a difference in earning potential? I can tell you my mom was very conscientious with money but had only earned a GED. Her income was not much, so her savings were limited. However she paid off her home by retirement, so she can live frugally. I earned a PhD and make much more income, so I have saved much more but didn’t need to be as frugal. It’s true that we both used discipline to accumulate wealth, but income certainly impacts the outcomes between disciplined people.
Totally agree, the narrator very much comes off as an inexperienced child. Anything to satisfy the algorithm I suppose
Absolutely income affects wealth accumulation, but behavior trumps that and that's what he is addressing. Your mother probably has a better retirement than the person with a PHD that earned $250,000/year but reaches retirement age with no savings and a $700,000 mortgage.
Income is only about 20%of what helps ppl be wealthy. Spending habits and drive to do better, Are the other 80% .
I watch all the poor ppl around me get temu and Amazon packages daily, the cheap stupid stuff seems to make them happy and keep them poor but every month I hear them bitch about being broke .
@@jaynelson8304 again, what you’re saying sounds beautiful on paper but be realistic…a family making the average American income cannot afford to save 25% of their income towards retirement in most, if not all, major American cities; I don’t care how strong their habits are or how strict they may be. Go outside and experience life.
This is coming from a person whom invest >60% of my income.
@@argenisperez7810continue to give them excuses 👍
The truth is not everyone can be rich and there has to be poor people so there are rich people, if everyone is rich m, who are the rich going to enrich from ?
Not true at all
Blasphemer! Doesn't Chris know that the greedy Corporations are to blame for the situation of the poor (dripping sarcasm).