What Truly Separates The Rich From The Poor

In the world we live in today, the richest
1% of the population controls 48% of the total wealth and the top 80 richest individuals
are worth as much as half the world’s population or roughly 3.5 billion people. When considering these figures, there is no
doubting the fact that there is a separation between the rich and the poor. While many people assume these wealthy individuals
gained their wealth by being born into wealth or winning the lottery, that simply isn’t
true. In fact, only 11 out of the 80 richest individuals
were passed down their fortunes with the other 69 having made their wealth through their
own hard work and determination. And one of these 69 individuals is none other
than the investor mogul himself, Warren Buffett. Like the majority of these rich individuals,
Warren Buffett grew up in a middle class family but found a way to amass the knowledge and
skills that would eventually lead him to accumulating a wealth of over $70 billion. Undoubtedly, we have all seen people living
in excess and others living with next to nothing but have you ever taken a second to think
about what truly separates the rich from the poor? Sure, the obvious answer is that the rich
have significantly more money than the poor but I’m talking about the reasons beyond
the dollars and cents. When you think about it, a rich and a poor
person can live in the same city, have access to the same jobs and both only have 24 hours
in the day yet one can be living paycheck to paycheck while the other can have more
money than they could spend in an entire lifetime. So what truly makes the difference between
someone who will amass billions of dollars in their lifetime and someone who will struggle
financially forever? Well, using our rich friend John and our poor
friend Tim to explain, I will outline exactly what separates the two so you can adopt these
rich person habits and realize financial prosperity in your own life. Before we get going, you should know that
both John and Tim have similar IQs, come from middle class families and live in the same
city. In short, neither man has any advantage over
the other however their bank accounts are at total opposite ends of the money spectrum. It’s Monday afternoon and both John and
Tim commute home from work. When Tim gets home, he goes over to his couch,
turns on Netflix and binge watches hours of mindless TV to numb himself from the long
work day he had. While Tim’s boss recommended that he should
read more book in order to increase his chances of getting promoted this year, Tim can’t
be bothered to read, especially now that a new season of his favourite show has come
out. When John arrives home, he immediately logs
into his computer to start studying. Hours pass as John reviews his notes for his
upcoming exam. While John already has a Master’s degree
and multiple designations, he continues to put in a few hours every night to work towards
another accreditation which will help him scale the corporate ladder faster. In fact, John recently learned that one of
his idols, Dan Lok, invests over $500,000 a year into continuous learning. John figures that if millionaires are investing
that much time and money into learning new things then he should definitely do the same. Therefore, difference number 1 between the
rich and the poor is that the rich never stop learning. At work the next day, Tim’s boss begins
handing out bonuses to all of the employees. As Tim opens up his envelope, he sees that
he’s gotten a $100 bonus, much less than all of his peers. Tim goes up to his boss and complains saying
that he’s been at the company for 10 years and this is an embarrassing bonus to have
received. His boss goes on to point out that Tim never
stays late to help his team and that his productivity has dropped every year since he started. Across town, John is plowing through his current
project at work when his boss approaches him. His boss hands him an envelope and as he opens
it, he sees in front of him a $10,000 check in his name. John is stunned and very appreciative of the
generous bonus. John’s boss goes on to explain that John
has been putting in a ton of hours as of late and his last project saved the company $1
million in operating expenses so to recognize his work this was the least they could do. Therefore, difference number 2 is the rich
sell value and the poor sell time The following week, Tim is counting down the
days until Thursday which is when he gets paid. As soon as his boss gives him his bi-weekly
check, he rushes to the bank and begins sending out payments to all of his creditors. He sends money to his landlord, to his hydro
company and of course his monthly installment for income tax. As Tim gets to the end of the month, he decides
to see just how much money he saved. As he opens his balance he realizes that not
only did he not save any money but that his account was lower than it was a month prior. Tim has no idea where all the money could
have gone. When John gets paid, $500 is automatically
deducted and is funneled into a saving account that he can’t access. After making sure his savings have been funded
for the month, John then makes his mortgage payment, pays his utilities company and makes
his monthly installment of income taxes to the government. At month’s end, John smiles as he notices
that once again, his bank balance has grown making him even richer than he already is. Therefore, difference number 3 is the rich
pay themselves first while the poor pay themselves last. One night after work, Tim is watching TV and
sees an ad for a new high definition television that is being released. The TV costs $1,000 which is all that Tim
can afford to spend on entertainment devices for the year. While Tim contemplates this purchase, he has
also been dying to buy the new PlayStation that just came out but at a cost of $500 there
is no way he can get both. Tim sulks wishing that his boss didn’t suck
and had given him a bigger bonus so that he could afford to buy both. After passing his exam, John wants to treat
himself for his hard work and decides that he wants to buy himself a new gaming system
and TV. John too only has a budget of $1,000 for his
purchase but really wants both the new state of the art TV and PlayStation console. Instead of deciding between the two, John
asks himself how he can get both. John figures that he can take on a side consulting
project to earn the extra $500 he needs to cover the cost of the PlayStation and build
himself the perfect gaming set up to celebrate his big accomplishment. Therefore, difference number 4 is that the
rich have a growth mindset while the poor have a fixed mindset. Because Tim dreads going into work every day,
he has made grabbing a Frappuccino from Starbucks a staple in his morning routine. Without his sugar-filled latte, Tim knows
he couldn’t even make it through just a few hours at work which makes him more than
happy to trade $5 a day for his morning jolt of caffeine. John on the other hand, walks right by Starbucks
every day and instead of getting an expensive latte, he drinks the free coffee that’s
served at work. Sure, the coffee isn’t as good as a Starbucks
drink but being able to save $5 a day on coffee is well worth it in his eyes. You see, John has been saving up that $5 a
day for a year and now has $1,500 which he is going to use to go on an all-inclusive
trip to Mexico with his friends. John also knows that this delaying of gratification
helps him embody the traits of his fellow rich peers as he learned while reading a Temple
University study. The study ranked the most important factors
in determining affluence. Occupation, education, location and gender
topped the list, but delaying instant gratification beat out many of the more traditional signals,
including age, race, ethnicity and height. Researchers believe that a person’s ability
to envision larger future rewards makes them much less likely to succumb to short-term
pleasures which is why turning down a daily latte was easy when envisioning all the fun
he would have on the beach in Mexico with his friends. Therefore, difference number 5 is that the
rich understand the power of delaying gratification whereas the poor seek short-term pleasure. As the economy starts to fall on hard times
many companies begin to lay people off as a cost cutting tactic. As Tim is sitting at his desk one afternoon
scrolling through Facebook and doing the bare minimum to keep his job, he gets a note from
his boss. The message says, “please hand in your laptop
and badge at the front desk – we are letting you go”. Tim begins to freak out wondering how he will
pay his rent and bills now that his sole source of income is gone! Tim always believed that being an employee
meant having job security and after getting fired he began to wonder if this impression
was wrong to have held for so many years. Unfortunately for John, he too is let go by
his boss. In an exit interview, John’s boss talks
for an hour about how great of a worker he is and how he had let go of all other employees
before finally letting John go. John graciously accepted his fate and thanked
his boss for the opportunity and reassured him that he would be fine financially. You see, John knew that no job is secure which
is why as soon as he entered the workforce he began building an online business and contributed
to a dividend-stock portfolio which are now established enough to keep him afloat until
he finds another job. Therefore, difference number 6 is that the
rich build several streams of income while the poor rely on only one. About a week after getting let go, Tim is
at home moping with his other loser friends about how much the economy sucks and how it
will be nearly impossible to find another job. They go on about how unfair life has been
to them and how they would be rich if they had gotten the same lucky breaks as others. The evening after getting let go, John invites
his close friends over to his house for dinner. As the group are eating, John explains that
due to the hard economic times, he has been let go by his company but reassures his friends
that his other sources of income will more than support his current lifestyle. One friend excitedly says that this is the
perfect time for John to join his construction company and offers him an executive position. Another friend chimes in and asks John if
he wants to start a consulting company with her as the two have worked so well together
in the past and could become one of the leading firms in the city in no time! Therefore, difference number 7 is that the
rich surround themselves with other rich people whereas the poor surround themselves with
other broke individuals. To summarize, the differences that separate
the rich from the poor is that the rich never stop learning, they sell value not time, they
pay themselves first, they have a growth mindset not a fixed mindset, they harness the power
of delaying gratification, they build multiple streams of income and finally they surround
themselves with other rich individuals! Thank you guys so much for watching! Please like, subscribe, share and I will see
you in the next one. Jeff Bezos, Bill Gates, Warren Buffet, Amancio
Ortega, Mark Zuckerberg, Bernard Arnault, Carlos Slim, Larry Ellison, and Larry Page
are the nine richest men in the world. Their combined wealth, according to Forbes
in January 2018 was 687.6 billion. This figure is equivalent to the total wealth
of; get this, 4 billion of the poorest people in the world. This is to mean, in terms of wealth, if you
put these 9 gentlemen on one side of the scale (or see-saw if you prefer), you would need
a good 4 billion of the world’s poorest on the other side in order to balance it out.

100 thoughts on “What Truly Separates The Rich From The Poor

  1. I swear there is a whole sub-culture trying to promote wealth by "don't buy Starbucks and get rich", but yeah that's pretty much nonsense. Take this video with a grain of salt because as a 50 year-old I can guarantee you this doesn't reflect real world life.

  2. I think a great opportunity these days and an exponentially growing industry ,fastest in the world at the moment ,is to grow medicine .You can work for yourself ,or bigger companies and dispensaries.Get your FREE Grow Bible here – @t​ and start a new career in the fastest growing industry .

  3. I bought an expensive headphone with noise canceling so that my productivity improves. In the beginning I felt bad about spending that much money, but now I realize that I indirectly put some money in to my future. I will get pay back for it later. Great video though!

  4. Nice video. Don’t delay gratification, life is only so long. I agree with things like Starbucks, but limiting your visits there will allow you to stop in from time to time instead of 100% avoidance. Invest in a solid wardrobe and speak multiple languages above all else.

  5. its not about the rich people . its about stupid people ho accept their destiny as a employ . its should be titled as good slave vs bad slave

  6. This is correct about how the poor guy stays poor (numbing out on mindless entertainment, compuslive spending, etc.). However, the path for the rich guy is basically trading time for money (working more hours to get what he wants) and being a good cubicle warrior. He'll end up better off financially, but it's what MJ Demarco calls the "slow lane" to wealth (working for others, denying yourself little pleasures like good coffee all the time, pursuing traditional education degrees and acceditation, etc.). The Dan Lok reference was a bit bizarre because most people who like Lok are entrepreneurs or salespeople who looking to leverage their wealth by high-ticket sales…not corporate warriors who want to please their boss for 40 years. For the record, I've never bought any of Lok's courses and am not pushing him, but he represents a different path than the slow lane.

  7. White privilege is a major factor. Greed and brutality slave wealty fiat and inflation. And thievery

  8. Steve Jobs was very rich, he wore $400 black turtleneck long sleeve shirts that designed by Issey Miyake. Jobs got plenty. Not cheap.

  9. lucky because will now be able to earn $5860 using this website here: search in Google with-out spaces GetPaidHome .com

  10. And here I was thinking that the reason 80 people have the same wealth as 3.5 billion people was structural inequality, but it turns out it's because they're all too busy watching netflix!

  11. I identify a lot with John. I work hard, I have above a masters degree, I pay myself first with every paycheck, and I have a growth mindset (for the most part…nobody's perfect) but this video still rubs me the wrong way. I feel like this is a difference between successful middle class and struggling middle class. When I think poor, I think poverty. Not having enough to eat, no roof over my head, etc. In that case, just "skipping" starbucks isn't really applicable. I am a firm believer that anyone can pull themselves up by their bootstraps, have the right mindset, work hard and make something of themselves, but for some, overcoming is much harder and looks much different than the over simplistic ideas seen here. Just my opinion….

  12. They are both wrong…"employees"
    Might have got a big bonus, but if he put that effort in to his own business, he's be better off.

  13. One day John comes home after staying late at work again to find a note from his wife: "I'm leaving you. I can't live like this anymore. In 20 years of our marriage you never have time for me."

  14. I’ve been buying used iPhone 6s for last few years bc it’s cheap & I save money. My coworker has been asking me if she can have my overnight shifts bc she can’t pay her bills….she has a Red IPhone X phone she paid $1k for 🤦‍♀️

  15. You're not talking about rich people, just diferent levels of the midle class. There is no justifiable reason for the 80 richest people to be about as wealthy as the bottom 3.5 BILLION COMBINED. This is straight up neolib propaganda.

  16. You took a sample size of the top 80 richest people to make a generalized argument of generational wealth? That’s a flowed argument man. Good point generally with the video though.

  17. This is complete bs. Don’t even know where to begin. It’s as far from reality as possible. An annoying peace from one of those fake motivational trainers.

  18. I amazed at how febile minded you are thinking we have opportunities before us but it's a life of slavery with them forcing of others to live as Financing whores to acquire the things they need to either live or enjoy life. We get nothing out of life no real existence no real meaning but a life of deliberate starvation, homelessness to indoctrinate you into a life style of making STUPID people rich for doing ABSOLUTELY NOTHING. Example if we had solar homes, electric cars, personal drones and organic home grown foods we could exist for ourselves not for a greed monger who idea of success is watching all others suffer at his or her hands. A FOOL IS IMPRESSED BY YOUR IDEOLOGY NOT ONE OF TRUE INTELLIGENCE!!!

  19. " when envisioning… "
    a drawing of himself all alone on a beach wearing suit and tie
    " …all the fun he would have on the beach in Mexico with his friends " (7:08)

  20. The rich don’t work for money. There money works for them. That’s the difference between the rich and the poor.

  21. Anyone ever consider that most people don't want to be million/billionaires? I know I don't. I just want a simple, quiet life with my basic needs met with a little left over for wants.

  22. Love how there’s a bunch of people complaining about the rich. Hating people who are more successful than you and making excuses holds you back.

  23. While this video certainly does provide some valid points, there are also some that are for contention.
    These wealthiest people all come from Middle Class backgrounds, meaning despite not being very wealthy to start with, they had access to things that would eventually help them succeed.
    The same cannot be said for those who wants to make a success but is poor and lives in abject poverty.

    Most Bosses will never reward good work, maybe a well done, but that's it, however one mistake and they'll be all over you.
    Mindset is one thing, but one thing no one mentions is that you will have to do a lot of shady things to get to the top.

  24. Difference 1 between rich and poor people: Rich people are workaholics with no social or personal life. For rich people, personal time doesn't exist, and it shouldn't for anyone else either. Difference 2: Rich people have investments, because they have money left after paying their bills or they borrow in order to invest. Difference 3: Rich people get odd jobs in addition to their regular job. See also workaholics. Difference 4: Rich people are better at delayed gratification and never need short-term pleasure. Difference 5: Rich people start their own businesses. Never mind that half of new businesses usually fail. Difference 6: Rich people surround themselves with people that validate themselves.

  25. I using android while my cousin using iPhone. Do you know why? I don't want to spend money on my mom. She's wanted buy iPhone for me but I denied it. I said you have to use these money for your job. Now I use Huawei Nova 2 I. It's 2017 version

  26. My old boss called me poor. Apparently she must be around alot of "poor" intellects because she is a expert in them. Lol !!!

  27. I always tell people we are born equal. Life choices make us less then equal. Some people waste the opportunity. If you say, what about so and so. You blame other people and do not take responsibility for Your life.

  28. John gets diagnosed with stage 4 cancer and will die within months if he doesn't start chemo. While in treatment he realises that all his years sucking up to the company, the long hours and endless grind of work was meaningless and he has wasted his life chasing money that, when facing his own mortality, is worth nothing at all.
    After a year in treatment, John sells everything he owns, moves to a small town in Vietnam, marries a local woman and for the first time in his life is truly happy.

  29. Time for me to learn more about money =) I've always been interested in this topic but in my circle literally there i noone who could teach me. Thouth about asking my previous boss, becouse he is smart, but I wonder if he would answer to my financial questions. I really want to be better, and have savings.

  30. Very poor content… talking to 5 years old person.. content of 2 minute.
    He had to make it over 10 minutes to get more money from YouTube

  31. Um…so according to this poor ppl are just lazy and don't want to learn further then their college degree? Who wrote this…it's offensive to assume poor people don't have good habits and rich people do!!! Many many poor ppl wish they have the opportunity to even go to college and work super hard to achieve that goal! To the writer: please pick a minority and start stereotyping them…being one myself I would love to hear your thoughts!

  32. Ugh, this video enjoys blaming poor people for being poor while pretending lower middle class is poor.

    Better thing to do with your time is read or listen to Dave Ramsey’s advice. True, he’s abrasive, but his advice actually works. I’m following his program and am slowly but surely giving myself financial peace.

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