How Rich People Think About Money (Psychology of Money)
Summary
TLDRIn this video, Myron Golden explores the impact of psychological attitudes towards money on one's financial status. He argues that being rich, poor, or middle-class is less about the amount of money one has and more about one's mindset. Golden suggests that the belief that 'time is money' is a fallacy, emphasizing that time is more valuable than money. He outlines different money psychologies: the poor see money as for paying bills and buying things, the middle class use it to maintain credit and buy unaffordable items, while the rich view it as a tool to create more wealth. He encourages viewers to adopt a rich mindset, seeking opportunities to invest and grow their money.
Takeaways
- 💡 The difference between rich, poor, and middle-class people is more about their psychology towards money than the amount they have.
- 🔍 Money psychology is more influential on one's financial status than their job, upbringing, or ethnicity.
- 🚦 Perspective plays a crucial role in shaping one's psychology towards money, similar to how different people see a traffic accident differently.
- 📈 The 'HAVE' mentality (Holding A Job) is flawed as it equates time with money, which is a costly lie since time is more valuable than money.
- 🏢 The 'Own A Job' (OJE) approach to entrepreneurship is misguided; true business ownership involves creating systems that generate income without constant personal effort.
- 🌱 The 'Own A System' (OS) strategy is about establishing mechanisms that continuously generate income, such as writing books or running membership sites.
- 💰 The 'Sow Money Seeds' (SMS) approach is about investing money to grow wealth, which is a hallmark of the rich psychology.
- 🛒 Poor people view money primarily as a means to pay bills and buy things, which keeps them in a cycle of poverty.
- 💳 Middle-class individuals see money as a tool for maintaining good credit to afford purchases beyond their immediate means.
- 📊 Rich people believe the main purpose of money is to multiply it, always seeking ways to turn one dollar into many more.
- 🚀 The psychology of seeking opportunities over guarantees and focusing on wealth multiplication is key to developing a rich mindset.
Q & A
What is the main point of the video by Myron Golden?
-The main point is that the psychology of money, rather than the amount of money one has, determines whether a person is rich, poor, or middle class.
Why does Myron Golden argue that the difference in wealth is not about the amount of money people have?
-He argues that it's the psychology around money that dictates one's financial status, not the money itself.
What does Myron Golden suggest is the first step in understanding the psychology of money?
-The first step is recognizing that perspective plays a significant role in shaping one's psychology towards money.
How does Myron Golden use the analogy of an intersection to explain different perspectives on money?
-He uses the intersection analogy to illustrate that different people standing at the same intersection (or facing the same financial situation) will have different views and reactions due to their unique perspectives.
What is the term 'HAJ' as used by Myron Golden, and what does it represent?
-'HAJ' stands for 'Have A Job', representing the mindset that equates having a job with making money, which Golden suggests is a limited perspective on wealth creation.
What does Myron Golden claim is the most expensive lie that people believe about time and money?
-He claims that the lie 'time is money' is the most expensive, as it leads people to undervalue the true worth of their time compared to money.
What is the difference between owning a job and owning a business according to Myron Golden?
-Owning a job means being the only person working in a business, whereas owning a business involves creating a system that works for you, not just by you.
What does 'OS' stand for in the context of Myron Golden's video, and what does it imply about wealth creation?
-'OS' stands for 'Own a System', implying that successful wealth creation involves owning systems that generate income passively.
What is the primary purpose of money according to the psychology of poor people, as explained by Myron Golden?
-According to Golden, the psychology of poor people views the primary purpose of money as paying bills and buying stuff.
How do middle-class people differ from poor people in terms of their psychology towards money?
-Middle-class people view money as a means to create and maintain good credit, allowing them to buy things they can't afford and pay off debts with future earnings.
What is the key difference between the psychology of rich people and that of middle-class or poor people, as per Myron Golden?
-The key difference is that rich people view the primary purpose of money as a means to generate more money, seeking opportunities to invest and grow their wealth.
How does Myron Golden describe the ultimate goal of a person with the psychology of a rich person?
-The ultimate goal is to develop a system that generates enough income to not only cover all expenses but also allows for the enjoyment of wealth without having to work for it.
Outlines
💰 The Psychology of Wealth: Perception Determines Financial Status
Myron Golden introduces the concept that one's financial status is not solely determined by the amount of money they possess but rather by their psychological approach to money. He argues that whether a person is rich, poor, or middle class is more about their mindset than their job, upbringing, or ethnicity. Golden emphasizes the importance of perspective, using the analogy of an intersection (marked with a dollar sign to symbolize the cost of accidents and the accidental nature of wealth accumulation for many) to illustrate how different viewpoints can lead to different financial outcomes. He suggests that understanding the 'psychology of money' is key to changing one's financial situation.
🔄 Transitioning from Time-Selling to System-Owning Entrepreneurs
Golden discusses the evolution from being a 'HAJ' (Have A Job) individual, who sells their time for money, to an 'OGE' (Own A Job), which he humorously points out is not truly owning a business but rather owning a job. He advocates for becoming an 'OS' (Own System) entrepreneur, where one creates a system that generates income passively, such as writing Kindle books or running a membership site. Golden stresses the importance of building systems that produce recurring income, rather than relying solely on one's time and effort. He contrasts this with the 'SAMS' (Sow Money Seeds) approach, where money is invested to grow and generate returns, leading to both financial abundance and the time to enjoy it.
🌱 Cultivating the Mindset of Wealth Through Investment and Opportunity
In the final paragraph, Golden distinguishes between the financial psychologies of the poor, middle class, and rich. Poor people view money primarily as a means to pay bills and buy things, which, according to Golden, perpetuates their poverty. Middle-class individuals aim to maintain good credit to afford lifestyle choices beyond their means. In contrast, rich people see money as a tool to generate more money. Golden encourages viewers to adopt the rich mindset, which involves seeking opportunities over guarantees and focusing on how to multiply their earnings. He concludes by advising that holding onto money to let it 'get pregnant and have babies' is the way rich people think about their finances, and spending only the 'baby money' that results from such investments.
Mindmap
Keywords
💡Psychology of Money
💡Rich, Poor, Middle Class
💡Perspective
💡Time is Money
💡HAJJ (Have A Job)
💡Owning a Business vs. Having a Job
💡Systems
💡SAMS (Sows Money Seeds)
💡Opportunities vs. Guarantees
💡Wealth Accumulation
💡Financial Psychology
Highlights
The psychology around money determines whether one is rich, poor, or middle class.
The difference in wealth is more about one's mindset rather than the amount of money one has.
Wealth is not determined by one's job, upbringing, gender, or ethnicity, but by their money psychology.
An illustration of perspective using an intersection and an accident to represent life's financial challenges.
Perspective on life contributes to one's psychology, including the view on money.
The 'HAJ' mentality of having a job to make money is critiqued as a limited approach.
Time is considered more valuable than money, contrary to the common belief that 'time is money'.
Owning a job ('OJE') is not the same as owning a business; the latter involves creating systems.
Systems, not jobs, are key to wealth creation according to W. Edwards Deming.
The 'OS' approach of owning a system is the pathway to consistent wealth generation.
Investing money to grow it ('SMS' - Sowing Money Seeds) leads to financial freedom.
The poor psychology focuses on money for paying bills and buying things, leading to a cycle of poverty.
Middle-class psychology views money as a means to maintain good credit and buy unaffordable items.
Rich psychology seeks to turn money into more money, focusing on investment and growth.
The importance of seeking opportunities over guarantees in the pursuit of wealth.
Developing the rich psychology involves never spending the 'mama money' but only the 'baby money'.
The final message encourages viewers to adopt the mindset of turning every dollar into more.
Transcripts
hello youtube my name is myron golden
and i want to share the psychology of
money rich poor middle class because the
psychology you have around money is
going to determine whether you're rich
poor middle class
here we go
[Music]
most people make the mistake of thinking
that the difference between rich people
poor people middle class people is how
much money they have i submit to you
that how much money you have has more to
do with whether you have the psychology
of a rich person or middle class person
or a poor person so and the difference
between how much money you make whether
you're rich poor middle class has way
more to do with your psychology than it
does with your job it has way more to do
with your psychology than it does um
with the side of the tracks you grew up
on has way more to do with your
psychology than it does whether you're a
man or a woman or whether you're black
white asian or hispanic
or whatever your ethnicity is how much
money you make is determined by whether
you have the psychology of a rich person
a poor person or a middle class person
and when i discovered that it was like
game changer for me so i'm going to give
you a little bit of perspective i'm
going to give you first first lesson on
perspective is this so
if you are standing at an intersection
this is my best
this is my best
illustration of an intersection you're
standing at an intersection and you see
an accident
right there in that intersection now
you're probably wondering
why did i mark an intersection with a
dollar sign because if you have an
accident i guarantee you it's going to
cost you some money right okay and other
and also for most people if they make
any real money in their life they did it
by accident so those are the two reasons
i marked
the accident with a money sign so um
when you if
what you see you're all if four people
are four different people are standing
on this intersection
right
what they see
is going to be completely different
because of one thing
what's that that's
their perspective
and if you think about it perspective
your perspective on life is what
contributes to your psychology so your
perspective on money you're for like if
four people are looking at the same
accident did they see the same accident
well yeah they saw the same accident but
did they see the same thing they didn't
they all saw something different why
because they were looking at it from a
different perspective so if we take this
intersection and we convert that
intersection from an intersection into a
window so now we've got a window with
four
different
window panes right so how we look at
money
is going to be determined our money
psychology our money
psychology
wow it worked well
our money psychology
is going to be determined
by
by the perspective we have where are you
looking at money from are you looking at
money from the perspective of a rich
person a poor person or a middle-class
person and so that's going to be the
thing that determines your money and so
um the first piece of the psychology of
money is
how what's your psychology around making
money well um if you're if you're this
person your psychology around money your
your name is probably
hajj we're gonna call you hajj right you
say haj what's that what's that mean it
means have a job the way to make money
is to have a job what does that mean
that means you sell a whole bunch of
your time for a little bit of somebody
else's money right um and the reason you
do that is because your whole life
you've been lied to they told you your
entire life um that time is money you've
heard this your whole life time is money
time is money time is money time is
money is one of the most expensive lies
you can ever buy so don't buy the lie it
costs too much so so time is money time
is not money time is infinitely more
valuable than money if you run out of
money you can get more money but if
you're out of time you don't get more
time right
i don't think there's anybody here if i
said i would write you a check for a
million dollars a day today that will
clear the bank by the way i'll write you
a check for a million dollars today how
many you want that money all you say i
want the money i want the money but if i
said there's one stipulation you have to
end your life today and now nobody wants
it why because all of us know
the potential of tomorrow is greater
than any amount of money today that's
going to cause us to lose all of our
tomorrows are y'all so hopefully what
i'm saying is making sense to you but if
i said if the doctor told you today and
you had a million dollars in all million
dollars was your total life savings and
the doctor told you you were gonna die
but there's an antidote and it can save
you and um it's gonna cost a million
dollars and it's worked 100 of the time
would you use that
million dollars to buy that antidote of
course you would why because intuitively
in your soul
your soul knows that time is more
valuable than money but your mind has
been tricked by the cultural hypnotic
societal mechanism into believing that
time is money but time is money is a lie
don't buy the lie it costs too much okay
so then what you do is you're like this
have a job thing ain't working so you go
over here you go over here to this guy
and your name becomes oge you say oh
who's oh she's own a job and most people
what they do they think they want to
become entrepreneurs and so what they do
is they go out and they buy a business
or they start a business where they are
the only person working in that business
well that is not that that's not owning
a business most people think they own a
business what they really own is a job
and i said to people well you can get a
job for free why would you want to go
buy one right and so they're a person
who goes out and buys some lawn mowers
and they start a landscaping service or
they go out and buy some buckets and
some mops and they start a cleaning
service what you should do instead is
you should figure out how to create a
system i love what w edward edwards said
he said systems under which people work
account for 90 of the failure therefore
the key to success in any endeavor is to
perfect the system oh okay cool got it
so what do i want to do you don't want
to be this guy you want to be this guy
you want to be os
oh so what's that own a system what's a
system a system is some mechanism that
you use that makes you money every month
like
did you know that you could write a
kindle book a month if you wrote one
kindle book a month you could eventually
get that kindle book making you a
thousand dollars right so you're selling
a thousand dollars worth of that kindle
book every month you get by the end of
12 months you got 12 books
congratulations you got a business you
got a system that's paying you twelve
thousand dollars twelve thousand dollars
a month if you have a membership site
and the membership site costs you ninety
seven dollars you cost your members
ninety seven dollars a month you go out
and you get
two hundred members you're making twenty
thousand dollars a month so think from a
perspective of what kind of systems can
i create
that will pay me for the rest of my life
this is what this is what a real
business owner owns a real business
owner own systems so we have systems in
place where we have hundreds and
hundreds of dollars of book sales that
come in every day hundreds and hundreds
sometimes thousands and thousands of
dollars of ticket sales for our events
every day and then we've got
transactions of products and offers that
we've created that because we own a
system and then then the last guy you
want to become is you want to you want
to become the sms sms
okay we'll call him sams okay so sam's
what do what does sam's do sam's
sows money seeds what do you do there
you're investing your money you're
planting your money in the ground and
making that money grow out of the ground
so now over here your systems are making
money down here this is why these two
people are sad because you're you're
using your time to make money using your
time to make money you're making more
money but you have less time over here
you're using time to make money you have
neither money nor time over here you
have more money but you have no time to
enjoy it when you come up here now
you're finally making more money and you
have the time to enjoy it and then
ultimately when this takes over this
space now you've got your you've got so
much money coming in you've got all the
money you need and all the time to enjoy
it so what is the difference between the
psychology of rich people poor people
middle class people and i'm going to end
with this so
the pro poor people
have the psychology that makes them
think the primary purpose of money is to
pay
bills
and buy
stuff
right that's the primary purpose of
money pay bills and buy stuff so they'll
go out and they'll find a job that gives
them enough money to pay their bills and
to buy stuff
y'all track it so what happens if this
is what you think the purpose of money
is you will always be poor you're not
poor because of the job you have you got
the job you had because your psychology
was the psychology of poverty
okay so
middle class people
middle class people think the purpose of
money is to create
and maintain
maintain
i hope i spelled that right
good credit why so they can pay their
bills on time and buy stuff that they
can't really afford so that's wha so a
middle class person will get a job that
makes more money
so they can buy things on time and then
pay off
today's junk with tomorrow's money right
that's the
that's the
psychology of middle class people
rich people believe that the primary
we're talking about primary when we talk
about psychology i'm talking about the
psychology between what you believe is
the primary
purpose
of
money so i want you to think about just
for a minute now while you're watching
this video think about how you think
about money when you think about money
do you think about all the stuff you got
to pay for and there's never enough
money
that's because you only decided to
figure out how to make enough money to
pay for the stuff you buy right
so
rich people believe the psychology of
rich people when it comes to the purpose
of money rich people believe the primary
purpose of money is to turn
it
into
watch this now more
money
so the first thing you do when you get a
dollar is you pay your electric bill
your water bill your mortgage payment
your car insurance your college loans
you buy food you pay your utilities you
take yourself to the movies or you take
you and your family to the movies or out
to dinner and you spent this money
because you gave yourself a temporary
temporary relief of the pain of being
broke
right
or you go out your car it has 36
thousand miles on it oh my goodness it's
so high mileage i got to go get a new
car and you really want a new car
because you're bored with your old car
right but the reality is all you have to
do is think about it from a different
perspective so you make enough money you
go buy the stuff you pay the bills
you maintain good credit you got you got
your your 750 credit score your 850
credit score and you're excited because
now i can go buy anything i want even
though i can't afford it
but when you really get it when it
really begins to make sense to you what
you're going to do is every time you get
a dollar you're gonna say how can i take
this dollar and turn it into two how can
i take this dollar and turn it into ten
how can i take this dollar and turn it
into twenty how can i take this dollar
and turn it into thirty or a hundred or
five hundred dollars because when i can
take this dollar and turn it into more
dollars in my book from the trashman to
the cash man i call that
holding on to your money long enough for
it to get pregnant and have babies you
never spend the mama money you only
spend the baby money that's what rich
people think about how can i turn this
money into more money
now here's the
the final thing i'm gonna say is this
the other thing is
middle-class people and poor people are
afraid to take their money and invest in
something that's gonna make more money
because rich people i mean middle-class
people and poor people these people want
to guarantee
they want a guarantee
right
but rich people want an opportunity
so if you become the kind of person who
seeks opportunities over guarantees
and your primary purpose for money is to
turn it into more money then every time
you get money you're going to be looking
for a way to turn it into more money and
congratulations you've developed the
psychology of rich
of rich folks
hope that helps like the comment like
this video if it made sense to you
comment on it subscribe like comment
subscribe share like all that fun stuff
help the people you know if you think
this information will be helpful for
them hope it helped dr myron golden
signing out bye for now
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