Hey handsome and beauties! Welcome to Words of IzzY. Today we will discuss Rich VS Poor Mindset. Here are the 15 Major Differences Between Rich and Poor. So let’s get started… “RICH VS POOR MINDSET “
1. Show Off:
Rich people do not believe in showing off. Like they don’t waste their money to show off. They buy things that they really need.
On the other hand, poor people in many cases do show off. They buy things which worth more than their economic strength, and then they show those things to everyone. For example, a person earns a salary of up to 30K rupees/monthly. Then he buys an iPhone that is above his size of income and then he/she does show off of this iPhone and feels very proud after showing off. Actually that person is empty from the inside.
2. Pay on Yourself:
This is also one of the most significant difference between poor and rich. Rich people always pay on themselves means they work on themselves by learning a new skill and reading books etc. They invest in themself.
On the other hand, poor people or middle-class people, they do hesitate to try to learn a new skill. After learning a skill, they think that “it is enough for us; now we don’t need to learn a new skill.” They do not pay for themselves. They work for others. They do not intend to do creative work. They do simple work and that too for others.
3. Assets and Liabilities:
Rich people know the difference between liabilities and assets. They always try to increase their assets so that their assets earn money for them.
Example: They don’t buy a luxury car for themselves. They Buy an average car for their use but when they buy a luxury car, and they give that luxury car to a prominent travel company. Then this luxury car will earn them money. Now they don’t need to do anything; it is his only one-time investment. And in the future, they can make money from this luxury car.
On the other hand, middle-class peoples are likely to do show off. That’s why in most cases, they do not make assets. They run for liabilities. So they have to pay regularly for liability.
It is the biggest difference between Rich VS Poor Mindset.
Here I am not giving you the difference between assets and liabilities, but I give you the Wikipedia definition of assets and liabilities. So that you can make an idea of what is an asset and what is liabilities?
According to Wikipedia: Liabilities are debts and obligations of the business they represent as creditor’s claim on business assets.
To read more about liability from Wikipedia, click here.
According to Wikipedia: An asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled to produce value, and that is held by a company to produce positive economic value is an asset. Simply stated, assets represent the value of ownership that can be converted into cash.
To read more about Assets from Wikipedia, click here.
4. Saving: Rich vs Poor Mindset
Rich people mostly intend to save money. Saving is one of the most important things for us. It can be very useful in the case of a critical situation in the future.
Unlike rich people, poor people do not believe in saving they spend the money and waste that in many things like partying, etc.
We should save at least 20% of our income. For example, if our income is 30 thousand. Then we should always try to save 6 thousand from 30 thousand.
Rich people always invest money. They mostly try to invest or deposit their money in the bank or house they always invest money in useful things so that they can gain profit from this money.
Poor people mostly do not invest their money. Besides this, there are many reasons. Some most perfect ideas are written below:
Why Poor People Does Not Try to Invest? Rich vs Poor Mindset
- Fear of loss: Poor people have the fear of losing money So they don’t try to invest in marketing and related stuff.
- They don’t intend to take the risk: They don’t want to take the risk.
- They Don’t think about the future:
- Don’t have a lot of money:
- No knowledge: It is the most powerful reason why poor people do not invest in the share market because they don’t have a proper knowledge share market so they don’t invest.
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6. Fear of Risk:
Poor people always have a fear of risk. They don’t want to take the risk.
Rich People know how to take the risk. Rich people take the risk in a proper manner so that they don’t come in any loss.
The biggest risk is not taking any risk.–Mark Zuckerberg
7. Upgrade Your Skill:
Rich people always try to upgrade their skills. They always believe in learning new skills. They want to learn new things.
Poor people do not want to learn new things. After learning a skill poor people think, that they have completed a very very big task after learning a skill. That is wrong thinking. If you wanna rich then you always need to learn. You need to always upgrade your skills.
I suggest you learn new skills as much as possible. You can learn skills from Udemy, Coursera, Skillshare, etc Or there are many other platforms from where you can learn new skills. Just you need to search the best sites for you.
8. Reading Skill:
Rich people always try to read new books, blogs, and more reading materials. They have the skill of reading books.
Through reading books, you can get a lot of high knowledge.
In an autobiography book, the author writes about his views and experiences of life. And he/she gives all the experience in just a book.
This is the most powerful reason behind the success of Rich and Poor. Poor don’t try to learn something new or he/she does not try to read books.
So, I recommend you to please read books if you want to be a great person or a rich person.
9. Out Source:
Rich people always try to outsource their work.
Outsource: Rich people don’t do all their work on their own. They divide their work.
On the other hand, poor people don’t think about outsourcing. Poor people think that from this we would end up wasting our money. So they try to do all this work on their own.
For Example: Let’s suppose a person is a Graphic Designer, he has a lot of work. But he/she does not hire workers for this. Because he/she thinks, people come to him because he will work. In other words, he/she want to say public beliefs in their work, the public like his work that’s why the public comes towards him.
Poor people don’t know that just by dividing their work, how much time he or she can save. It’s very helpful in saving your time.
10. Luck and Work:
Most of the Poor people think that their luck is not good that’s why he or she is poor. Poor people mostly blame their luck when they do not achieve success.
On the other hand, Rich people believe in work. They do hard work and smart work so they get success.
The only thing that overcomes hard luck is hard work-Harry Golden
11. Never Quit: “Rich VS Poor Mindset”
Rich people don’t give up easily. They work very very hard and after this even if they do not succeed then they again do hard work and find errors, and they Never Quit.
On the other hand, poor people quit very fast. They don’t try to try again. They give up easily.
It is a very big difference between Rich And Poor People.
12. Think Win-Win:
In this strategy, rich people think that everybody can win! They don’t say to their competitors to complete them or to run in this race. They said let’s collaborate with us, from now we will work together. This is a very very great strategy that all the great people follow.
Poor people do not follow this strategy of Think Win-Win.
In this Think Win-Win strategy, it is said that “You Win, I Win, We Win”. Seen your work as a cooperative arena, not a competitive one.
13. Get Out Of Rat Race:
Rich people love to grow. They know how can they use their time more efficiently on themselves rather than wasting it doing the job under someone.
They always try to think out of the box. Even if they are in the rat race they don’t feel comfortable there. They always try to find a way so that they can get out of the rat race. And can achieve greater heights.
Rat race means: there is a person, who does the job, follows one routine daily. He/ she or poor people does not want to grow. Poor people always follow this rat race. They do not want to get out of this rat race. They do not try to get out of their comfort zone.
14. Value of Time:
It is the biggest difference between Rich and Poor. Rich people always think, that how should they utilize their time? How should they use their precious time?
On the other hand, Poor People mostly waste their time in useless things. They don’t use their time in a productive way.
We need to manage our time. And the best use of time. Most of the people said time is money. That is absolutely right. Time does not wait for anyone. We need to work with time because it never stops for us.
To read more quotes related to time click here. From reading this you will find the motive to use time in a very great manner.
15. Think Positive as well as Negative:
Everything has two sides. Every person has to see things from both perspectives negative or positive. Only after that, he can learn from the outcome of the situation whether it is positive or negative.
Rich People do this. Rich Peoples think from both perspectives. Positive as well as negative.
Most of the time Poor people Either think negatively or positively. We need to think about both perspectives. So that we can see both sides.
ENDING: “Rich VS Poor Mindset”
All the points that are written above are taken from books. Like Rich Dad Poor Dad, 7 Habits of highly effective person, and more.
These are the most significant differences between Rich VS Poor (Mindset)
I hope you like the article. Thanks for reading this article, “RICH VS POOR Mindset.”
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