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Investment Tip of the Day
The Difference Between the Rich and the Poor
Have you ever wondered why some seem destined to be rich while others stay poor? This has been a question posed by many for ages but most people tend to shrug it off as some preordained thing or because of pure chance. But, although luck can play a little, for the most part anyone can be rich. It isn’t how smart you are or if you were born with a silver spoon in your mouth. It is about how you manage and grow your money.
Did you know that in Canada 1 in 50 people are millionaires? Chances are you have seen a millionaire during your daily outings and didn’t realize it. Most people who are millionaires actually made it on their own, they did not inherit it.
So how do they do it? Rich people have a different take on how they view money. For them they focus on building wealth not spending it. Most people who aren’t wealthy is because they don’t want to be. These type of people love to spend. The moment they get their paychecks they go about looking for ways to spend it. If you ask them what they would do with a million dollars they would go through a laundry list of luxury items they would get, including expensive cars, big houses, and the list is endless.
Wealthy people are the opposite. They tend to downplay what they have. You are more likely to find a rich person living in a modest home and driving a budget vehicle than one of extravagance. They aren’t about flaunting it. They are about making it grow. One of the key ways they do that is through the stock market. Most people who are not rich try to avoid the stock market out of fear that they will lose their shirt in the process. For wealthy people they see it as an avenue to make their investments grow. You can’t become wealthy by nickel and diming it through life by investing in safe bets like bonds. Through proper stock investing one can grow their investment on average by 10%/year. Although stock markets are volatile over the long term they always go up. There will be hiccups on the way but it is the long run that is important. So if you are scared to invest big in the stock market then you will likely never be wealthy.
The poor and middle-class tend to have most of their money in consumer tangibles such as a car and a home. The wealthy tend to have most of their liquidity in their business or the stock market. That is the big difference. They are about trying to grow their money not keep it stagnant.
In summation to be wealthy one should be frugal and a good saver, not a big spender. One must be focused on increasing their net worth through long-term investments not living day-to-day trying to pay off debt and satisfying present day gratifications. Approach life in this way and you will be yet another Canadian to figure out the simple truth to real wealth.