15 Reasons Why The Rich Are Getting Richer

Alux.com
26 Jul 202417:06

Summary

TLDRThis video script explores the dynamics of wealth accumulation, highlighting 15 key strategies employed by the rich to grow their wealth. It emphasizes the importance of thinking big, being financially educated, creating value, leveraging other people's money, and not being emotionally attached to money. The script challenges misconceptions about wealth, stresses the value of financial education, and encourages viewers to move from theory to practice in their pursuit of financial success.

Takeaways

  • 💡 The wealthy think on a larger scale, focusing on solving bigger problems and building businesses that can serve millions, rather than just their own needs.
  • 💰 The rich always have money set aside for opportunities, which allows them to grow their wealth when opportunities arise, unlike those who do not save for such moments.
  • 🏦 Rich individuals make value-based, long-term investments that generate income or appreciate in value, such as real estate, rather than spending on depreciating assets like cars.
  • 🌳 They only spend the interest earned from their investments, not the principal, ensuring that their wealth continues to grow without depleting their assets.
  • 📚 Financial education is crucial for the rich, as it helps them understand how money works, how to invest wisely, and how to manage their finances effectively.
  • 🤝 Surrounding themselves with other wealthy individuals helps the rich stay motivated and inspired, supporting each other in achieving greater financial success.
  • 💼 The rich create value by transforming ordinary items into more valuable products, understanding that value is not fixed but can be increased through innovation and effort.
  • ⏰ They do not trade their time for money, focusing on building businesses that can operate without their constant presence, thus not being limited by the number of hours in a day.
  • 💭 The wealthy are not controlled by their emotions when it comes to financial decisions, allowing them to make rational choices that benefit their wealth in the long term.
  • 🏗️ They build the future by creating businesses and technologies that shape the world we live in, understanding that they can influence the direction of progress with their wealth and ideas.
  • 📉 The rich understand and often try to influence the rules of the financial game, leveraging their knowledge and connections to their advantage.

Q & A

  • What is one fundamental difference between the rich and the average person in terms of thinking?

    -One fundamental difference is that the rich think bigger than everyone else. They aim to solve bigger problems and build companies that can serve millions of people, understanding that it takes almost the same amount of effort to build something small as it does to build something big.

  • Why do the rich often have money ready for opportunities?

    -The rich have money ready for opportunities because they understand that opportunities may present themselves at any time. When an opportunity arises, having the capital to invest in it allows their personal wealth to grow, whereas those without the capital remain the same.

  • What is the significance of making value-based long-term investments according to the script?

    -Making value-based long-term investments is significant because it allows the rich to use their money to buy assets that generate income either directly or through appreciation. This strategy helps them accumulate wealth over time and eventually reach a point where the income generated by their wealth is greater than their living expenses.

  • Why is it important for wealth building not to spend the principal of investments?

    -It is important not to spend the principal because doing so would deplete the assets that generate income. Keeping the principal intact ensures that the wealth continues to grow and generate income, leading to financial freedom and the ability to reinvest for even more wealth accumulation.

  • How does financial education contribute to the wealth-building process for the rich?

    -Financial education contributes to wealth building by equipping the rich with the knowledge of how money works, how to buy assets instead of liabilities, how to invest for cash flow, manage debt, and control spending. This education is crucial for understanding and applying the principles of wealth creation.

  • What role does the inner circle play in a person's financial success?

    -The inner circle plays a significant role in financial success as they can motivate, inspire, support, and help refine ideas. Surrounding oneself with other rich people and helping each other can lead to faster wealth accumulation and personal success.

  • How does creating value contribute to wealth building?

    -Creating value contributes to wealth building by allowing individuals to increase the worth of their assets or products. The rich understand that value can be created and leveraged, unlike the poor who think value is limited and needs to be divided.

  • Why is it important for the rich to not trade their time for money?

    -It is important for the rich to not trade their time for money because there are only 24 hours in a day, and being paid by the hour caps their earning potential. The rich focus on creating businesses that can operate without them, allowing them to build wealth beyond their personal time constraints.

  • What does it mean for the rich to focus on 'return on time' rather than 'return on investment'?

    -Focusing on 'return on time' means that the rich prioritize how effectively they use their time to generate wealth. They understand that time is a limited resource and aim to maximize its value, rather than just focusing on the financial return on their investments.

  • How do the rich avoid being controlled by their emotions when it comes to financial decisions?

    -The rich avoid being controlled by emotions by treating money as a number on the screen and focusing on achieving a high score in the game of wealth. They make rational decisions based on long-term value and do not let emotions dictate their financial actions.

  • What is the significance of the rich being practitioners rather than theoreticians in the context of wealth building?

    -Being practitioners rather than theoreticians means that the rich take action and build their wealth through actual steps and investments, rather than just consuming information or talking about it. They apply what they learn and are actively involved in the process of wealth creation.

Outlines

00:00

💼 Wealth Gap and Strategies of the Rich

The script addresses the increasing wealth gap and the misconceptions about the wealthy. It emphasizes the importance of rewarding hard work and clarifies that the rich do not hoard money but invest it. The video promises to explore the strategies used by the rich to amass wealth, starting with their 'think big' mentality, which involves solving larger problems and building companies that serve millions. It also mentions the importance of having capital ready for opportunities, which is often misunderstood as 'cheapness' by the middle and lower classes.

05:00

🏦 Financial Strategies for Building Wealth

This paragraph delves into the financial strategies employed by the rich, such as making value-based long-term investments, spending only the interest earned, and being financially educated. It contrasts the investment choices of two individuals, one who invests in a rental property and another who purchases a depreciating car and TV. The emphasis is on the power of assets that generate income or appreciate in value, and the importance of not liquidating these assets to maintain wealth momentum.

10:01

🤝 The Importance of Network and Value Creation

The third paragraph highlights the significance of surrounding oneself with successful individuals and the concept of value creation. It suggests that one's environment and peer group can significantly impact personal wealth. The script stresses that the rich are not just accumulating wealth but are creating value, which is a key to wealth generation. It also touches on the idea of not trading time for money and the importance of emotional intelligence in financial matters.

15:03

🛠 Building the Future and Influencing the Rules

The script moves on to discuss how the rich are shaping the future through their ventures and how they understand and influence the rules of wealth creation. It points out that the rich are not just consumers but builders, and they are the ones creating the platforms and services we use daily. It also addresses the darker side of wealth, where the rich may influence rule-making to their advantage, leading to a cycle of corruption and wealth concentration.

💰 Leveraging Resources and Emotional Detachment

This paragraph focuses on the use of leverage and other people's money to build wealth, the importance of hiring experts for financial, legal, and medical security, and the emotional detachment from money that the rich exhibit. It explains that the rich are not emotionally invested in their capital, which allows them to make rational financial decisions. The script also introduces the concept of 'good debt' versus 'bad debt' and the value of a strong network.

🏆 Practicing Wealth Building Over Theoretical Knowledge

The final paragraph serves as a call to action, urging viewers to move from being theoreticians to practitioners in the pursuit of wealth. It emphasizes that knowledge alone is not enough; one must take action and build step by step. The script concludes with a bonus point, encouraging viewers to write 'trophy' in the comments if they are ready to actively pursue wealth rather than just observing others' success.

Mindmap

Keywords

💡Wealth Gap

The term 'Wealth Gap' refers to the disparity in the distribution of wealth among different social classes or economic groups. In the video, it is identified as a critical issue the world is currently facing, highlighting the debate around wealth inequality and the differences in wealth accumulation between the rich and the average person.

💡Taxation

Taxation is the compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization. The script mentions 'higher taxation' as one of the options discussed in the debate on wealth gap, suggesting it as a potential method to redistribute wealth and address the disparity.

💡Investments

Investments are assets or property that are purchased with the hope that they will generate income or appreciate in the future. The video emphasizes that rich individuals often have their wealth spread out in investments, which is a key strategy for wealth accumulation and growth, rather than hoarding money.

💡Financial Education

Financial education refers to the knowledge and understanding of financial matters, including how money works and how to manage it effectively. The script points out that the rich are getting richer because they invest in financial education, which equips them with the skills to make informed decisions about assets, liabilities, and cash flow.

💡Value Creation

Value creation is the process of generating economic value through the production of goods and services. The video script explains that rich people understand the concept of creating value, which is essential for wealth building. It contrasts the idea of value as something that can be expanded and leveraged, rather than being a fixed amount to be divided.

💡Opportunities

Opportunities refer to instances of potential benefit or a chance for advancement. The script mentions that the rich always have money ready for opportunities, which allows them to capitalize on them and grow their wealth when they arise, unlike those who may not have the financial means to do so.

💡Long-term Investments

Long-term investments are assets that are expected to yield returns over an extended period, often years or decades. The video explains that the rich make value-based long-term investments that generate income or appreciate in value, which is a strategy for wealth accumulation as opposed to short-term, consumption-based spending.

💡Financial Freedom

Financial freedom is the state of having enough wealth to live without having to work actively for basic necessities. The script describes financial freedom as a point where the income from assets is double the monthly expenses, allowing the individual to reinvest excess capital and continue growing their wealth.

💡Leverage

Leverage in finance refers to the use of borrowed money to increase the potential return of an investment. The video script illustrates leverage with the example of buying a house with a down payment, where the property pays for itself and appreciates in value, using other people's money to build wealth.

💡Emotional Attachment

Emotional attachment to money refers to the personal feelings and emotions tied to financial matters. The video explains that the rich are not emotionally attached to money, which allows them to make rational decisions about investments and wealth management without being swayed by short-term emotional outcomes.

💡Practitioners vs. Theoreticians

Practitioners are individuals who actively engage in the practical application of knowledge or skills, whereas theoreticians focus on the theoretical aspects. The video concludes with the message that the rich are practitioners, actively building their wealth through action, as opposed to theoreticians who may only study or discuss wealth-building without taking practical steps.

Highlights

The wealth gap has become one of the hottest issues in the world, with debates on higher taxation or wealth redistribution.

There is a misconception that rich people hoard money, whereas they actually invest in companies and other assets.

The rich think bigger, aiming to solve larger problems and build companies that serve millions.

Wealthy individuals always have money ready for opportunities, unlike the middle and lower classes.

Rich people make value-based long-term investments that generate income or appreciate in value.

Financial freedom is achieved when income from assets exceeds monthly expenses, allowing for reinvestment.

The rich are financially educated, understanding the importance of buying assets over liabilities.

Surrounding oneself with other rich people and helping each other is key to wealth building.

Creating value is a concept that rich people leverage to build wealth, unlike the poor who think value is limited.

The rich are not trading their time for money; they create businesses that can operate without them.

Emotional intelligence allows the rich to not be controlled by emotions in financial matters.

The rich build the future by creating things that everyone else uses and enjoys.

Understanding and influencing the rules of the money game is a strategy used by the wealthy.

The rich use leverage, such as borrowing money to invest, which is a key to wealth building.

Hiring professionals for security, legal, and financial advice helps the rich protect their wealth.

The rich are not emotionally attached to money, treating it as a tool for achieving higher results.

Practicing, not just theorizing, is what truly leads to wealth and success.

Transcripts

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in the past few years the wealth Gap

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debate has risen to be one of the

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hottest issues the world is facing with

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many throwing out options relating to

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higher taxation or mass redistribution

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of wealth in this piece we'll take a

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look at how the rich are getting richer

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and what differences in approach they

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use versus the average person but before

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we get started on this list there are

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two things worth mentioning one there

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needs to be a reward for working harder

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than everyone else and two rich people

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are not hoarding money they actually

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have it spread out in other people's

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companies or Investments and this is

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really important because unless we can

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reward those who perform well there

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wouldn't be an incentive to do great

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things and this is a very popular

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misconception people think that rich

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folks have a room in their house filled

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with gold coins because that's what they

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saw in Scrooge McDuck cartoons when in

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reality the amount of money you hear is

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a valuation based on how much money you

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could possibly get if you were to sell

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everything of value today okay so with

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these two things out of the way here are

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the 15 reasons why the rich are getting

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richer welcome to alux the place where

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future billionaires come to get inspired

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starting off at number one they think

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bigger than everyone else this is one of

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the fundamental differences between the

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rich and the average in order to be rich

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you need to solve bigger problems while

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the average person concerns themselves

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with issues related to to themselves the

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rich are figuring out ways to build

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companies that can serve millions of

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people this think big mentality is the

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foundation of wealth building truth be

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told it takes almost the same amount of

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effort to build something small as it

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does to build something big so if you're

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going to think about something anyway

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you might as well think big number two

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they have money ready for

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opportunities one of the reasons the

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rich keep getting richer is because they

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always have money lined up for

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opportunities that's why the middle

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class and poorer class think of rich

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people as cheap they're saving money but

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here's the simple truth let's say we've

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got two people one has money saved ready

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to invest in Opportunities while the

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other doesn't the same opportunity

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presents itself to both individuals

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because person a has the money to access

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it their personal wealth will grow while

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person B will remain the same

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this is a fundamental reason why some

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people move ahead While others never

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move at all number three they have

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value-based long-term Investments they

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don't touch this is where things get

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interesting let's keep the comparison

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going shall we so say we've got the same

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two people each of them have

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$20,000 one person uses that 20 grand to

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put down a down payment on a house

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that's worth

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$100,000 which is to be be rented out

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while person B uses it to buy a new car

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and a new TV so because of the rental

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income the property is going to pay for

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itself in 10 to 20 years down the line

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that property is now worth

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$200,000 and has been paid for in full

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by the tenant while the car has needed

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constant repairs eating up more money

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and is now unusable this is how the rich

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are getting richer they use their money

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to buy assets that generate money either

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directly or through appreciation if you

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can buy enough of these assets you could

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reach a point where your wealth has

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gathered enough momentum that it's

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constantly going up basically the income

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your wealth generates is greater than

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what it would cost you to live the life

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you want let's expand on this because

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it's really valuable number four they

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only spend the interest not the

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principal so there's a point in wealth

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building when a person becomes

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financially free Financial Freedom is

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when the money coming in from assets is

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double that of your monthly expenses as

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long as you don't dramatically increase

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your lifestyle your wealth is constantly

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going up you've got excess Capital which

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you could reinvest leading to more money

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coming in and so on now the catch is to

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never spend the principal or liquidate

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the asset in order to cover temporary

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expenses we've seen this happen many

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many times with families when parents

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die the children immediately liquidate

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the Assets in order to spread out the

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money evenly but this is where the poor

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are getting poorer once they see the

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cash they spend it it only takes three

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generations to build a legacy wealth if

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three generations work at an average

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pace and only acquire without ever

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selling any of the previous assets by

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the time the fourth generation comes in

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they'll all be rich but people are

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selfish and they would rather spend it

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all now than secure the

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future number five they're financially

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educated the truth is the rich are

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getting richer because they invest in

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financial education they learn about how

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money Works how to buy assets instead of

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liabilities how to invest for cash flow

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manage debt or how to control their

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spending think of it like this let's say

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you want to bake an apple pie that is

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your desire you must first learn the

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recipe for an apple pie and then go out

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and get the proper ingredients but

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without the decision to bake that apple

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pie there's no need to look for the

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recipe or get the things you need there

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are plenty of recipes for Building

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Wealth we've shared a number of them on

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this channel that's why over 4.5 million

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people have chosen to subscribe already

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number six they surround themselves with

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other rich people and help each other if

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your friends are poor guess what you're

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probably poor as well that's why you and

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your friends live in the same

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environment you've got the same problems

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and issues and your lives are pretty

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similar but here's a wakeup call if you

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stay where you grow up you will end up

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exactly like your parents for some

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people that might be enough While others

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are looking to make the jump the people

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you surround yourself with are one of

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the biggest factors when it comes to

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personal success and Building Wealth

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they motivate you they inspire you to go

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after bigger things they call you out on

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your and support your ideas you

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cannot do epic stuff with poorm minded

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people the higher the quality of Your

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Inner Circle the faster you'll all get

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to the top that's why many people

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believe that your network is more

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valuable than your net worth the right

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friends can make you rich the wrong ones

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will keep you

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poor number seven they create value the

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concept of value is not under OD by many

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that's why those who do get to leverage

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it build wealth rich people understand

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that value can be created while poor

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people think that value is limited and

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needs to be divided between people if

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you take anything away from this piece

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of content let it be this one a bar of

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iron costs $5 made into horseshoes

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that's now worth $12 make it into

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needles and it's now worth

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$3,500 make it into balance springs for

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watches and it's now worth

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$300,000 your own value is determined by

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what you're able to make of yourself of

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the things you have at your disposal the

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more you learn how to create value the

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Richer you will become so ask yourself

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what do you see when you look in the

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mirror what can this person be made into

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and then go ahead and start shaping

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yourself number eight they are not

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trading their time for money as long as

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you're getting paid by the hour you'll

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always have a money cap over you because

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there are only 24 hours in a day and you

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can't go beyond it even if you were

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really well paid life is unpredictable

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and things could go wrong and you would

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end up unable to physically work the

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rich don't have this problem their focus

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is on creating businesses that can work

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without them running on the hamster

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wheel this is another fundamental

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distinction that helps keep the rich

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getting richer because they're not time

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bound to one job for eternity they can

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build a business find great people to

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run it and grow it while they jump on to

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creating something new you might be

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familiar with the term Roi or return on

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investment but rich people don't measure

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Roi as a priority instead they focus on

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Ro which is return on time at some point

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you understand money so well you start

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to focus on what's really important and

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valuable your time here here if people

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understand just how valuable time is

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very few people would be willing to sell

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it for as cheaply as they do

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today they are not controlled by their

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emotions this is one of the reasons why

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average people think of the rich as

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stuck up or so serious they don't care

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about your meaningless drama because

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they got that Ro on their mind emotional

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intelligence is one of the strongest

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weapons someone can have in their

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Arsenal the ability to control your

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emotions gives you a massive Competitive

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Edge over everyone else feelings are

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important when it comes to emotional

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issues not Financial issues money

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doesn't care about your feelings okay as

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long as you're emotionally invested in

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your money you are not owning wealth

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your wealth is owning

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you number 10 they're building the

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future you're going to live in we are

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already living in the world of Jeff

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Bezos Mark Zuckerberg Bill Gates and

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many others just like them they're the

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ones building the world that we're

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living in today now of course the rich

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are getting richer when they're making

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the things that we get to use and enjoy

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you've got the power to Signal what

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direction they should build in and they

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will you get to vote with your money

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there's this really great quote by the

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late Steve Jobs that really stuck with

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us everything around you that you call

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life was made up by people that are no

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smarter than you and you can change it

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you can can influence it you can build

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your own things that other people can

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use once you learn that you'll never be

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the same again the world is made of

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Builders and consumers alexir builders

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get paid consumers pay others you need

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to decide who you want to

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be number 11 they understand the rules

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of the game money and Building Wealth

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are simple games with a clear set of

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rules the more you learn the rules the

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better you are at playing the game so

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start off with the basics learn about

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supply and demand about assets and

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liabilities about creating value and

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starting a business once you do you can

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progress into more complex rules and

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even push them to the Limit the better

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you are at understanding the rules the

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more you can do within the rules of the

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game if you don't know them seek help

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okay find people who understand these

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rules and have them Mentor you

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give them something in return and now

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you're both

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growing number 12 they try to influence

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the rules of the game there's a dark

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side to having so much power and wealth

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there's always the temptation of skewing

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the rules in your favor and you know

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unfortunately this does happen one of

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the reasons why the rich keep getting

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richer is because they've got direct

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influence over those people making the

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rules this is one of the biggest issues

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the world is dealing with right now

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money and power corrupts people into

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wanting even more and this is a

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dangerous cycle we can't rely on anybody

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to self-govern when their personal

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interests are at stake something to

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remember though the more efficient the

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government is the Richer Society is when

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the system is corrupt few people get

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their hands on unearned wealth at the

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expense of the masses this is why the

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general population has such a poor

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perception of the rich they assume

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everybody who got to where they are

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twisted the rules in their favor at the

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expense of everybody else and sometimes

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that is the

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truth number 13 they make money using

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other people's money now here's a magic

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word you almost never hear average

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people use leverage at the beginning of

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this piece we mentioned a person buying

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a $100,000 house with a $20,000 payment

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the main difference is the buyer will

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not be living in that house instead

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it'll pay for itself as long as it's

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managed properly this is the most

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simplified version of how the rich use

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other people's money to build wealth for

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themselves you know what's more

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important than throwing money away at

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the club credit okay credit allows you

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to borrow money and make yourself rich

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we call this Good debt poor people

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become poorer because they borrow money

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to buy the car or the TV and the example

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we gave earlier that's called called bad

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debt now rich people also rely on their

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Network the friends we spoke about come

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together and leverage each other's

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resources to build more success for

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themselves having this infrastructure of

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funds and knowledge available for you

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will dramatically accelerate your growth

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everybody else is busy living paycheck

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to paycheck envious of their friends

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while the rich are helping each other to

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become even

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richer number 14 they hire the smartest

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people to protect them money can buy

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security and we don't mean bodyguards or

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laser sharks okay money buys you

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Financial Security your accountants take

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care of the financial issues on your

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behalf it buys you legal security your

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lawyers deal with legal issues for you

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it buys you medical Security Premium

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doctors can solve issues before they

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become life-threatening you can also buy

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psychological security therapy and

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marriage counseling can help you to

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solve problem s before they ruin

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everything you've built together and

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many more these all keep the rich from

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losing their wealth and power and number

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15 they're not emotionally attached to

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money now this doesn't mean that rich

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people don't care about their money no

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because that is not the case it means

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they're not emotionally invested in that

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capital for some the next paycheck means

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stocking up the fridge or getting the

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car fixed or paying the bills maybe

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getting yourself something nice or a new

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Gadget you can correlate money to an

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emotional outcome but the rich don't

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have that for the rich money is just a

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number on the screen and they're playing

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for a high score when you remove this

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emotional connection you allow for a

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reason to make the calls in order to get

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better results the rich keep getting

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richer because they position themselves

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correctly they educate themselves on how

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wealth is being built and what the rules

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of the game are they're not emotional

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about their Investments and they always

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buy for the long-term value usually with

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other people's money and at the expense

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of other people's time they're building

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what everyone else is using and at the

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end of the day wealth is the reward for

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being really good at the game of money

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and of course as a thank you for

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watching this video until the very end

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you get a bonus piece of info number 16

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the rich are getting richer because

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they're practitioners not theoreticians

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almost everybody wants to be rich right

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they desire wealth and fame and success

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but they're not making the moves to get

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there you can watch as many money-making

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videos on YouTube as you want okay read

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all the books go to all the conferences

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and you'll still be behind the ones who

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actually are putting brick over brick

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building their future our videos they

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work incredibly well for those who are

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already moving they find them 10 times

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more valuable than anybody else because

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it's Sparks in them a better

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understanding of what the next steps

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they need to take are in order to pick

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up speed stop saying I could have done

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that when talking about another person's

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success because maybe you could have but

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you didn't did you the Trophy goes to

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those who are performing not to those

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who are spectating if you really want to

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win you have to start making moves okay

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start building if you've got your eyes

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on the prize and are finally able to go

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after it please write the word trophy in

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the comments let's see who's ready to be

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a practitioner and not a theoretician

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Related Tags
Wealth GapTaxationInvestmentOpportunityAsset BuildingFinancial EducationNetworkingValue CreationTime ManagementEmotional ControlFuture BuildingInfluenceLeverageSecurityPractitioners