What Makes The Rich Richer?

51 replies
What do you think makes the rich richer?

Here is what I believe. The rich buy assets that put money into their pocket every month, the poor buy things that take money out of their pocket every month.
The more assets they buy the more cashflow they have, and in turn the more assets they can buy. Constantly making themselves richer and richer.

I am interested to know what everyone else believes about why the rich get richer.
#makes #rich #richer
  • Profile picture of the author billionareHuman
    Good point, other reasons are:

    The Rich have more TIME than other people to search for investments or opportunities to produce even more money, a 9-5 person barely has the the energy or time to do this.

    The Rich also investment in things that product residual income without them having to do anything (or very little) eg rental income, website income, stock income, and of course bank Interest

    Bank Interest is a huge reason the rich get rich cus once you reach a certain level of interest income per month, enough to live on that is, then you don't have to work, plus you have more TIME to search for other opportunities

    Making money from something that requires you to always take action yourself will not make you rich
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    • Profile picture of the author ryanmacca
      Originally Posted by billionareHuman View Post

      Good point, other reasons are:

      The Rich have more TIME than other people to search for investments or opportunities to produce even more money, a 9-5 person barely has the the energy or time to do this.

      The Rich also investment in things that product residual income without them having to do anything (or very little) eg rental income, website income, stock income, and of course bank Interest

      Bank Interest is a huge reason the rich get rich cus once you reach a certain level of interest income per month, enough to live on that is, then you don't have to work, plus you have more TIME to search for other opportunities

      Making money from something that requires you to always take action yourself will not make you rich
      I really like what you said about time. The rich invest in things that generate them cashflow WITHOUT having to work. This gives them more free time to search for other investments.

      The person who works 9-5 is not only sapped of their time but also their creativity. When they get home from work they are so tired that they can't even be bothered to think about investing, all the can do is watch tv.

      The rich get rich in the spare time, and the richer they get the more time they have to get richer.
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    • Profile picture of the author firedragon
      If you are rich and you know how to deal with money you for sure stay rich. To get to the point of being rich is another story.

      But even rich people can become poor with poor handling of their money!!!
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  • Profile picture of the author Kenster
    One of the primary reasons is the contacts the rich have. Rich people have rich contacts who have rich ideas and investment opportunities.

    Rich people have business ideas and investment opps in coming to them all the time.
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    • Profile picture of the author ryanmacca
      Originally Posted by Kenster View Post

      One of the primary reasons is the contacts the rich have. Rich people have rich contacts who have rich ideas and investment opportunities.

      Rich people have business ideas and investment opps in coming to them all the time.
      I definately agree with this point. The rich work on a different level to the poor. They have better contacts and are thus open to better opportunities to get richer.

      Great point
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  • Profile picture of the author Kenster
    Or perhaps the rich got rich because they work their buns off...and thats how they get even richer
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    • Profile picture of the author ryanmacca
      Originally Posted by Kenster View Post

      Or perhaps the rich got rich because they work their buns off...and thats how they get even richer
      The question was not "how do the rich get rich" but why do the rich get richer.
      Rich people seems to grow their wealth exponentially (meaning the more they have the faster they grow it).

      They might work hard to get it, but working harder and harder won't make them exponentially rich because we as humans are limited to how hard we can work. In order for them to get richer and richer they would have to work harder and harder and I know that this is not true.
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  • Profile picture of the author BizzyUK
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    • Profile picture of the author Loren Woirhaye
      When you have "capital" (defined cogently as "surplus money") you
      can use it as a tool in many, many ways. Capital and perhaps
      specialized skill or knowledge are the two most powerful tools
      for getting more money.

      People without capital (surplus money) obviously lack the ability
      to use said capital as a tool. While money can be invested "safely"
      and return a few percentage points per year, real leverage with
      capital happens when risks are assumed... hopefully calculated
      risks.

      Anyway, being rich is as much about the way you think as it
      is about whether you have capital or not. Many people acquire
      substantial wealth in their 50s and 60s, at a time when family
      and health are more important to them than consumptive spending.

      Read "The Millionaire Next Door" by J. Thomas Stanley - who the
      rich are and what their values are may surprise you. The portrayal
      of the wealthy on TV is not reflective of how they really think,
      what they value.

      That being said, marketing to the affluent is one of the great
      opportunities of today and tomorrow - in spite of the current
      financial craziness the number of wealthy people is growing
      and they have a lot of money to spend and a willingness to
      spend it with vendors who are in-step with their needs.
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      • Profile picture of the author ryanmacca
        Originally Posted by Loren Woirhaye View Post

        When you have "capital" (defined cogently as "surplus money") you
        can use it as a tool in many, many ways. Capital and perhaps
        specialized skill or knowledge are the two most powerful tools
        for getting more money.

        People without capital (surplus money) obviously lack the ability
        to use said capital as a tool. While money can be invested "safely"
        and return a few percentage points per year, real leverage with
        capital happens when risks are assumed... hopefully calculated
        risks.

        Anyway, being rich is as much about the way you think as it
        is about whether you have capital or not. Many people acquire
        substantial wealth in their 50s and 60s, at a time when family
        and health are more important to them than consumptive spending.

        Read "The Millionaire Next Door" by J. Thomas Stanley - who the
        rich are and what their values are may surprise you. The portrayal
        of the wealthy on TV is not reflective of how they really think,
        what they value.

        That being said, marketing to the affluent is one of the great
        opportunities of today and tomorrow - in spite of the current
        financial craziness the number of wealthy people is growing
        and they have a lot of money to spend and a willingness to
        spend it with vendors who are in-step with their needs.
        I like what you said, though I also didn't like some of the things you said.

        The book "The Millionaire Next Door", is a good book. No doubt about it. But it teaches frugality and building wealth over time. I am more interested in how to be ultra rich instead of frugally rich.

        But I do like what you said about how people aquire wealth late in life and how it doesn't matter how much capital you have.

        My parents have half a million in capital each but they aren't rich, and they aren't even financially free. This to me is crazy. It is not capital that makes you rich but what you do with it.
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    • Profile picture of the author Jack Chua
      The rich people are not afraid to take the risk of investing or from taking every income opportunity. In fact whenever they think of some business undertaking they consider all the risks or circumstances attached to it and I'm sure they have their fair share of failures but one thing that helps them is they always have a plan B, a fall back that protects them from further losses.
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    • Profile picture of the author ryanmacca
      Originally Posted by BizzyUK View Post

      Hi

      Re: What Makes the Rich Richer?

      Money and the economic growth cycle make the rich richer. If you have plenty of it to invest, and you can afford to lose some of it, you will invariably grow richer provided that the global economy continues to grow.

      Simple mundane investments make the rich substantially richer - it isn't rocket science and these billionaire types aren't geniuses. For example, if you bought a medium sized house for cash in a desirable part of Central London in 1970, say, and sold it now, you could see a 1000% return on your investment (and that's excluding rental income). Time made the money, not the fat-ass investor.

      You can of course start from scratch but the start up process will be much harder and the journey itself more perilous. It can be done, but you will have to fight for it, unlike the already rich .

      Who said life was fair? Where are my boxing gloves?

      Kind regards,
      Michael Devans (Re-imagine Solutions UK).
      I understand your point, but I will have to disagree with your way of thinking. The rich tend to get richer in any economic climate, and they tend to make more money in an economic downturn instead of the upturn.

      This is because more deals are to be had in a downturn and more cashflow can be produced.

      Time does produce money, but time also brings inflation. Every year money is becoming less and less valuable. So if you are relying on time then you have to take inflation into account.

      I understand what you were saying, but I don't think the economy is the main reason for the rich getting richer. I think no matter what the economy they would get richer and richer.
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  • Profile picture of the author billionareHuman
    Simple mundane investments make the rich substantially richer - it isn't rocket science and these billionaire types aren't geniuses
    totally agree with that!
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  • Profile picture of the author edwinjoseph
    What makes the rich richer is when they do extraordinary things. Once do exceed doing our natural efforts, it makes us achieve more.. :-)
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  • Profile picture of the author bubbly
    Hi everyone - interesting question - they have a millioniar mindset.. they dont know any other way of living - expect being a millioniar, thats why they say when a millioniar should lose eveything he has it doesnt take him very long to get back to where he was in the first place ... so I would say its a mind set
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    • Profile picture of the author ryanmacca
      Originally Posted by bubbly View Post

      Hi everyone - interesting question - they have a millioniar mindset.. they dont know any other way of living - expect being a millioniar, thats why they say when a millioniar should lose eveything he has it doesnt take him very long to get back to where he was in the first place ... so I would say its a mind set
      I like your idea about the mindset. And I don't mean to be pedantic but when you said "they don't know any other way of living" I think you missed it.

      I think poor people don't know any other way of living and that is why they stay poor. But rich people have the ability to hold two different ideas (or mindsets) in their mind at the same time.

      They know how to be poor, and they know how to be rich. Their mindset understands both. Then they choose to be rich. Poor people only understand how to be poor and thus are unable to choose to be rich.
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      • Profile picture of the author bubbly
        I'd say I agree with you there, because when you look at some of the lives of millionaires, some of them have terrible backgrounds, and sad lives, so yes they know how to be poor and how to be rich... I wonder how I could change the mind set of the people I work with at the leprosy home in India.
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  • Profile picture of the author deathraser
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    • Profile picture of the author Matt D.
      Richer get richer because they earn more than spend. It's simple, if you keep 10% of what you earn today. In a few years you will have pretty big amount of money, enough to invest. And if you still keep saving and investing, at some point investing will make you so much money that you will be able to live without working.

      My opinion.
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      Hard work always pays off.
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      • Profile picture of the author ryanmacca
        Originally Posted by Matt D. View Post

        Richer get richer because they earn more than spend. It's simple, if you keep 10% of what you earn today. In a few years you will have pretty big amount of money, enough to invest. And if you still keep saving and investing, at some point investing will make you so much money that you will be able to live without working.

        My opinion.
        Your idea is good, but I think this is more middle classed thinking than rich thinking. Saving money doesn't make you money unless you invest it.

        In fact saving money loses you money because money goes down in value over time. Inflation causes money to be worth less. Today you can't buy the same thing for $1 that you could buy 50 years ago. And you might be able to buy a coffee for $5 today, but in 30 years time it will likely be $20 for a cup of coffee.

        Saving only makes you richer if you think the cost of living is going to go down over time, which I highly doubt it ever will.

        Investing above the rate of inflation will make you richer and richer if you spend less than you earn and invest it.

        The actualy act of spending less than you earn will not make you richer and richer unless you invest it above the rate of inflation.
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  • Profile picture of the author manadospace
    rich people can still rich and richer i see they are smart and good knowledge and all bank can trusted them
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    • Profile picture of the author heatwave13
      There are probably many reasons that lead to the rich becoming even richer. I would hazard a guess and say that taking calculated risks, smart spending, and exposure to other "rich" folk are among the reasons. Once a certain level of "richness" is attained, the rich person will more than likely be exposed to other opportunities to leverage their $$$$ on a larger scale.
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  • Profile picture of the author stefanjames
    See my new thread I started here "The Rich" vs "The Broke"
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  • Profile picture of the author HiTom
    They decide fast. They fail fast and move on fast. So they know what works quickly, then take repeated action on things that work for them and scale up things (reinvesting).
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  • Profile picture of the author BizzyUK
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    • Profile picture of the author ryanmacca
      Originally Posted by BizzyUK View Post

      So, to sum up this thread, good solid investments make the rich even richer. "Good" investments are the proven investments i.e. property, stocks and shares, gold, etc.

      Dow+LR+Trend.jpg (image)

      http://goldnews.bullionvault.com/files/GoldRecession.png

      http://www.whocrashedtheeconomy.com/housepricesaust_us_uk_sep08.gif

      All this talk of airy-fairy special mindsets and cognitive ingenuity seems to miss the point: investments grow over time because economies continue to grow over time, and this is objective fact, not subjective opinion.

      Generally speaking, the poor aren't lazy, thick slobs who are bereft of hope, pride, ambition and dignity. They start from a point of socio-economic disadvantage. Similarly, the rich are not particularly creative, resourceful and noble. They get richer because they are in a better position to benefit from the inexorable momentum of industrial growth that has characterised the world for the last 150 years. They are luckier (note the comparative form in use). Would George W. Bush have become President of the United States if he had been born into a blue-collar, working class family in Detroit? Do you think he would have been admitted to Harvard Business School on the basis of his sparkling intellect? No and No.

      I am not saying the poorer (again, note the use of the comparative form) individuals of this world cannot succeed monetarily, for they can, but they will have to fight harder and perhaps differently for it. If you are going to win at the game, you have to be alert to the inherent unfairness of the rules at the outset and control for the stacked deck as best you can i.e. create your own network of peers, etc. It is about playing calculatedly and intelligently, not optimistically, I would suggest.

      Finally, there is nothing shameful about being poor and there is nothing fastidiously awesome about the rich, Mr Stefanjames

      Kind regards,
      Michael Devans (Re-imagine Solutions UK)
      No no no no no. You are missing the point I think.

      The rich make money in an economic upturn or downturn. They are making money always. Even if the economy never went up the rich would still be getting richer.

      It is not because of where they start either. Some of the richest people in the world started no better off than anyone else, so it is not their starting point that determines them getting richer or poorer.

      Look at someone who wins lotto for example. This gives them a starting point with hundreds of thousands or even millions in capital. Yet they are likely to get poorer and poorer rather than richer and richer. So it is not where you start from that counts.

      By thinking it is where you start from, or thinking that the growing economy will make you rich will keep you poor. The rich live outside the ups and downs of the market, and because of that, no matter what happens to the economy the rich get richer and richer
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  • Profile picture of the author peter carri
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    • Profile picture of the author betesh
      Originally Posted by peter carri View Post

      Personally, those people that are rich never stopped at achieving more. The more money they have, the harder they work. This should be the attitude of all people to improve financially.
      Yes, I agree with you Peter. Competitiveness is also one of the factor that make them richer, they never stop achieving their goals and they always want to be on top.
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  • Profile picture of the author nemock
    "What Makes The Rich Richer?"

    Seeing opportunity where others see adversity.

    Dave
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  • Profile picture of the author nemock
    A number of the responses in this thread presuppose conditions as a necessary means of getting rich. In my personal experience that's not the case. I have several friends who have made millions from nothing--not even a Rolodex of other rich people. They saw an opportunity and CREATED the conditions that brought it about.

    The non-rich seem to be waiting for those conditions to come along...

    Dave
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  • Profile picture of the author foxrentacar
    It is the positive views of a person that makes him rich! although he may encounter problems or the hard drives in life still he will be able to pursue his dreams!
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  • Profile picture of the author RyanParenti
    Originally Posted by ryanmacca View Post

    What do you think makes the rich richer?

    Here is what I believe. The rich buy assets that put money into their pocket every month, the poor buy things that take money out of their pocket every month.
    The more assets they buy the more cashflow they have, and in turn the more assets they can buy. Constantly making themselves richer and richer.

    I am interested to know what everyone else believes about why the rich get richer.
    A mindset of abundance is important to success. Acquiring assets is something a rich person is willing to do because it is investing in their self.
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  • Profile picture of the author Drew_MX
    How to quit your job:-
    I found the most important thing is your time. So quit the full time job, and work part time at first. Build your passive cashflow then quit altogether- simple. I'd prefer less income short term if it affects the rest of my life. Delayed gratification. just do it
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  • Profile picture of the author Steadyon
    With all due respect to the non-rich people on this forum, you should ask rich people what makes them richer. Don't ask poor people.

    You have all heard the phrases, money makes money, or it's who you know etc, but you will probably find that the number one reason why the rich get richer is their MINDSET, and their ability to put things into ACTION and to overcome their "failures" and the barriers that get in their way.
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    • Profile picture of the author nemock
      Originally Posted by Steadyon View Post

      With all due respect to the non-rich people on this forum, you should ask rich people what makes them richer. Don't ask poor people.

      You have all heard the phrases, money makes money, or it's who you know etc, but you will probably find that the number one reason why the rich get richer is their MINDSET, and their ability to put things into ACTION and to overcome their "failures" and the barriers that get in their way.
      So true. Far too many people ask for money advice from those who have none. LOL

      Dave
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  • Profile picture of the author BizzyUK
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    • Profile picture of the author markfoo76
      Originally Posted by BizzyUK View Post

      Cold, hard intelligent decision making, informed by expert historical-structural analysis, nearly always wins out over naive positive thinking. Tony Robbinesque thinking is childlike thinking, although I understand the comforting pull of it.

      Kind Regards,
      Michael Devans (Re-imagine Solutions UK).
      Hi Michael,

      It seems like you don't believe in positive thinking. Personally, I've never met or read about a successful people who's not positive in their thinking. Yes, they do worry about things, but they always look on the bright side of things. I think you have to re-think your thinking on positive thinking.

      Cheers~

      Mark
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      • Profile picture of the author tanya7zhou
        Poor people like to watch too much TV and are always interested in other people's lifes. They have time to judge, criticize, look for problems, blaming something and talking about TV

        Rich people set clear goals, are disciplined and appears to know which rabbit they are chasing.

        We all share the exact time of the day, but one ends with plenty and the other one ends with plenty minus. All this because of where we place our attention to.

        It's not about wishing alone and hoping that somehow by a miracle and prayer you'll get rich, not at all. You have to set clear goals, become disciplined and work fervently to succeed!

        There is room for everyone, I don't care what happened to you in the past!
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        It's not over until it is Over!

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      • Profile picture of the author BizzyUK
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        • Profile picture of the author markfoo76
          Originally Posted by BizzyUK View Post

          I am an advocate of *intelligent thinking, Mark.

          Kind regards as ever,
          Michael Devans.
          *PS I will be launching a WSO tomorrow, so take a look; you might be pleasantly surprised at just how empowering, liberating and creative the intelligent decision-making process can be.
          That's great, Michael. I advocate intelligent thinking too. But intelligent people also understand the power of positive thinking.

          Cheers~

          Mark
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      • Profile picture of the author Matt D.
        Rich are rich because of the mindset. They are willing to invest for future profit. They are always on the lookout for an opportunity. And when they find it, they do it. They make it happen. That's all the magic there is.

        The poor are just waiting to happen and even if they get an idea they don't do it. They usually don't even get any ideas like that because they think it is impossible for them to do something big ...etc

        Take care
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        Hard work always pays off.
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      • Profile picture of the author Waldo Claassen
        I think rich people learn form their mistakes much better than poorer people and make sure they don't make the same mistakes.
        Many of the richest people in the world today also made mistakes but they just learned from it and it didn't discourage them on their path to riches.

        Rich people also have the mentality on never giving up on whatever they do.
        Rich people also tend to look at solutions to problems instead of just seeing the problem.
        They know that problems are part of life and just see it as another challenge.

        Waldo
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  • Profile picture of the author devilishsaint
    I think its some how connected with risk factor as well. A rich buddy can take extra ordinary risk so can go for something creative on the other hand a poor guy can't take risky steps.
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    • Profile picture of the author usmanshakir
      Yes i am totally agree that rich have rich ideas and rich contacts.
      They have more time to search for more and more valuable resources to invest. On the other hand, a man of 9-5 have no time to do any thing more rather than to go to his/her office.
      Rich have rich mind to earn and they never waste their money in useless purchasing. They always grow with richness of heart and mind.
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  • Profile picture of the author 4qualityhomes
    I read many of the post above and one things keeps jumping out at me. A lot of people have the misconception the working hard is the key to wealt. Believe it when I say it's not. I would bet money that many of you work very hard, but very few are independently wealthy. All our lives we have been told go to school, get a good job and we would be set finincally.

    Well, I think many would agree tht formula has not served many folks very well. The thing that rich people understand is the key to building finincal freedom is "not" working hard, but work smart.

    And, the way they accomplish this is through networking, focus, having a plan and working that plan, and having that success mindset. Of course there are other things they do, but I don't have the time to go into all of this right now.

    So what do you think?
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  • Profile picture of the author John Atkins
    Originally Posted by ryanmacca View Post

    What do you think makes the rich richer?
    Money.

    Once you reach a particular amount of money, getting more money
    will become easier in most cases.

    Rich people will look around for good deals & invest their money
    in them.

    That's what makes them richer.
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  • Profile picture of the author 4qualityhomes
    A lot of people have the misconception the working hard is the key to wealth. Believe it when I say it's not. I would bet money that many of you work very hard, but very few are independently wealthy. All our lives we have been told to go to school, get a good job and we would be set financally.

    Well, I think many would agree that this formula has not served many folks very well. The thing that rich people understand is that the key to building financal freedom is "not" working hard, but working smart.

    And, the way they accomplish this is by not making excusess, through networking, focus, having a plan and working that plan, and having that success mindset. Of course there are other things they do, but I don't have the time to go into all of them right now.

    What's your thoughts on this?
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  • Profile picture of the author edward_james
    The rich get richer through richer thought processes... anyone can be rich... whether its material richness or just plain and simple being happy... 98% of the world live in fear of poverty and focus on bills... they bring into their lives the same thing... the rich focus on prosperity... I have coached many clients and it is always the same ... change focus, change the feeling and change the thoughts and amazing things will happen... the problem is this is no overnight process and that is why so many people fail and when they fail they can always go back to the excuse of ...

    The Rich Get Rich And The Poor Get Poorer!

    Just another way of saying i cannot be bothered and blame the situation on everyone else... rich people who started out with nothing beleived in themselves and focused 100% on how to get to where they wanted to go... not focusing on debt... i know this is easier said than done... but that is the mentality of a rich person... NEVER EVER QUIT!
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  • Profile picture of the author Nikhil V Nair
    Others are working hard to make the rich richer.Think of a clickbank vendor with good affiliates.The rich have something that can be duplicated to any limit.
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  • Profile picture of the author apple87jane
    Most important is the mindset is rich, if the mindset is not rich, Rich will going poor. Mindset include of experience, courteousy, and others element....Just be good for yourself, for relatives and for God...:-)
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  • Profile picture of the author JamesX
    They control their money, money doesn't control them.
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  • Profile picture of the author haxor
    Napoleon Hill once said to become rich is easy.

    Here's the formula:

    Save 10 cent out of every dollar you make, by the time you retire your rich!

    The earlier you start the better, if you add this up and do the math you will be amazed. I learned something that day.
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  • Profile picture of the author dandimit
    I really think there's a reason why only 5% of the US population is NOT worried at all about money right now.

    The reason is because that 5% fully committed to making sure that money was not an issue, normally by getting into a business and putting everything they had into it!! Learning from their mistakes and applying what they learned, making connections with other successful people, and getting rid of bad habits. I'm sorry, but most millionaires out there made it without knowing what is on TV at night.
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    Dan Dimit
    Premier Internet Marketing, LLC
    www.thefreetrafficformula.com/blog
    Google my name and see what happens

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  • Profile picture of the author shawn_sg
    i guess, most of them have these things:

    1. assets
    2. networks
    3. time
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  • Profile picture of the author Raymond White
    I think what makes the rich people more richer is the way they understand the value of investing rather than saving, as someone said that rich invest money in assets that give them money at the end of the month, normal people invest in such things that take money out of their pocket. They understand the concept of compounding. Money makes money. so richer get richer. Thanks
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  • Profile picture of the author AyaImmortal
    The rich take action, The poor make excuses
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