I’d like to thank Masterworks for sponsoring this
video. I’ll talk more about them later in the video.
So, I know you want to be rich one day. Correct me if I’m wrong. Unfortunately,
the only way to do that is if you begin thinking and acting like a rich person. So basically,
that’s all I’m going to talk about today. By the end of this video,
I hope you’ll have a vivid idea of how the rich think and act. So Stay tuned.
#9. Invest in yourself.
Commitment to your goals is an absolute necessity if you want to be rich. In fact,
you won't be truly motivated to make the kinds of changes necessary to lead the kind of life
you want if all you have are aspirations and goals. You’ll need to work on your dreams.
I’m talking about investing in yourself so that you start seeing the changes you badly
desire. I know for a fact that the first thing that comes to mind when you hear of
investing is probably real estate, stocks, or savings. Investing in yourself is kind
of different. It may include developing new habits as you leave out the negative ones,
expanding your knowledge, or putting all your financial affairs in order. Additionally,
if you want to make millions of dollars, you must possess the necessary skills.
You must invest in your own personal growth and spend actual money if you
want to be taken seriously. Basically, you should
make it a habit of giving back to yourself first before dealing with someone else.
#8. Invest most of your time in learning.
Most of us live lives in which we go to work, come back home, eating,
and watching TV shows. And some of us go for drinking with our co-workers. As much
as it’s good to spend time with friends or watch TV for refreshment, that's not going
to make you rich. That’s not how the rich spend their time. You’ll rarely find them relaxing,
and if they do, they'll probably have a book at hand or something to read. Millionaires are
constantly acquiring new skills, whether it's how to grow or manage their fortune.
Life ought to be its own form of education, and if you stop growing, you cease living.
Even though you don't have to spend all of your time reading the latest investing guide,
you should be learning about money on a regular basis if you want to handle your
money wisely. Invest your time trying to learn about the stock market or something
that will potentially bring you some money. It doesn’t matter if it’ll be right now or in the
future. This is definitely the best way to ensure your mental growth and keep up with the trends.
The importance of leisure, entertainment, and relaxation cannot be overstated.
But they should be used sparingly and with intention,
just like anything else. We spend time doing the things that bring us joy. However,
we should devote a larger portion of our spare time to improving our physical, mental,
and social capabilities. This enables us to live with meaning and directs us toward our
multimillion-dollar objectives. Paying for leisure time won't allow you to live the millionaire
lifestyle. You ought to spend your free time wisely so that you can enjoy it afterward.
#7 Invest in Assets
Having a wealth mindset and not a lack mindset is a crucial key in becoming rich. And having a
wealth mindset mean, spending and investing money in assets. This can be anything from stocks,
land, real estate, art and so on. Pretty much anything that will grow in value.
Art is one great option and it possesses the ability to motivate us, enhance our environment
and life, and enable us to perceive things from others perspectives. It's been typical for those
with money and prestige to spend millions on it, since as far back as the Revolution and
even before that. This is by no accident, for centuries, the ultra-wealthy have used art to
protect their wealth from inflation. So, it’s not surprising that 10 to 30% of billionaires buy art.
The Wall Street Journal called the art market “one of the hottest markets on
Earth,” and that contemporary art prices have outperformed the S&P by 174% from 1995 to 2020.
Also, it has very limited correlation to any major asset class, meaning
it is a strong diversification instrument in one’s portfolio.
On top of that, the total wealth held in art is estimated to be worth $1.7 trillion,
and Deloitte projects it to grow: $900 billion by 2026.
The only problem with the art market is its huge barrier to entry. I don’t know about you,
but I don’t have millions of dollars to buy a painting.
Well, thanks to today’s sponsor, investors like me
and you can now invest in the top of the line art market.
Masterworks has solidified itself as the premier art investment platform,
leveraging technology and finance to allow anyone the opportunity to invest
in multi-million-dollar iconic artwork from artist like Banksy, Picasso, and Basquiat.
With masterworks, you can invest in shares that represent an
investment in artwork. Since 2020, Masterworks has sold three paintings, with each returning
over 30 percent net IRR to investors, and their new offerings usually sell out in hours.
As with all investments, your capital is at risk. The value of your portfolio
can go down as well as up, and you may get back less than what you invested.
All you need to do to add these assets to your portfolio is just go to the
website using my link below to create an account. After that,
you can browse their selections of artworks, and invest in any of their current offering.
Just like you would trade stocks on your phone, you can do that at masterworks.
From there you can either hold your shares until
masterworks sells the painting or sell your shares on their secondary market.
So, join the platform now and skip the waitlist by clicking the link in
the description below. And as always, in everything related to investment,
tread carefully. Nothing is risk free. #6. Don’t work for money, work to learn.
Many people find it difficult to understand the idea of working for something other than money,
since if one isn't working for money, what is one working for? Well, here is the logic behind it:
If you put forth the effort to pursue your love or learn something, you will inevitably succeed,
and money will follow. However, when you only work for money, you might or might not be
happy with your work. Long-term working in an unsatisfactory environment is not recommended
because it will become stressful and prolonged stress can be very harmful for your health.
I’m not saying that you should blindly follow your passion in the hopes of making
a good living in the future. But, finding your passion is always possible. Even if you are not
enthusiastic about the work you are doing, you should strive to show some interest in
it if you want to succeed. I would advise you to pursue employment more for the opportunity
to learn than for the money. Before deciding on a specific job or entering the rat race,
consider the abilities you want to obtain in the future. By doing this,
you’ll be gaining more skills and steadily becoming smarter, better, and stronger.
#5. Don’t Learn For Entertainment, Learn To Create More Value
It's been observed that knowledge is useless if it’s not put to use. You may
learn thousands of things today, and there are hundreds of things that will pique your
interest. But what matters is how you use that knowledge to develop values, not what you learn
and store in your brain or mind. Do it for you, if not for the betterment of the world.
The only thing that distinguishes humans from other living things as civilized is
learning. Learning is the most valuable use of your time and life. Humans only invest
in order to receive something back. Therefore, before learning anything,
consider why you should learn it and when you should learn it. If you can
respond to these two basic questions, then I’m certain you’ll make the right decisions.
If you desire the millionaire mindset, make everything offer value. You don't
have time to develop interests and pastimes that don't have any practical use. However,
if you approach your hobbies with a million-dollar mindset,
you can transform them from time wasters into genuine paths to success.
#4. Believe in Your Success
Being rich starts with your mindset and how you behave. One thing about the rich is that they
always believe that they’ll be successful in this life no matter what. This is one mentality that
you’ll need - to think and act like a rich person. It’s possible for anyone to be better financially,
so have a smart spending habit while also working on how you save your money;
money needed for emergency funds; paying off all debts; and also looking for investment
opportunities to help you grow in your successes, as this is what will help you
grow financially. Because half the battle of being rich is through thinking you are rich.
Believe in your successes no matter how small they tend to be according to you, while always
having a positive mindset that you’ll be a rich person and also working your way to becoming one.
#3. Have a Goal in Mind
You've probably heard the terrifying tales of music artists who sign million-dollar
contracts only to find themselves penniless years later. It's because they didn't develop
good money management skills while they were at the top of their game and didn't have a
clear end goal in sight. Consider where you would like to be in 20 or 30 years. Do you want to be
debt-free? Can I contribute to a retirement account? Do you pay for your kids' college
tuition? You must have goals in order for every action you take today to further those goals.
#2. Think Before You Spend
This is a very critical skill for the rich. There are definitely countless other rich
people who’ll display their riches every chance they get. They may own big mansions,
and private jets or host expensive weddings. As much as they have the money to do all that,
that’s not a typical rich guy move. A true rich guy will always try to save up on every expense
that has to be incurred. So, before you make any purchase, ask yourself if you really need it or
if you're just getting it because it's on sale. Can you get it for less? Is there anyone you can
borrow from instead of buying a brand-new one? Can you afford it? Basically, thinking before you
buy typically leads to more thoughtful purchases and better things, similar to the garbage point.
When you buy quality, you spend less. At the end of the day, spending less
is great for all of us. #1. Don’t Be Wasteful
Most of the time, you won’t realize how wasteful you are until you pile up all the waste together.
This is the only time you’ll notice how huge the damage is. Being rich comes with so many
flaws. You’ll keep thinking that you have tones of money to spare, but at the end of the day,
it’s you who ends up paying for the bills. If you want to be like the rich, then you should try to
cut down on all avoidable waste so that you can begin saving that money. Always consider creative
new uses for used objects. We throw away more perfectly good food, more perfectly good paper,
and more perfectly good things than we need to. While I don't support clutter in any way, you
should think twice before throwing something away. Because the rich are aware that saving money on
these ostensibly little items will enable them to spend their hard-earned money on more significant
things, wise millionaires are inventive and "make do" with what they already have.
Learning to think strategically is the ideal place to start if you want to achieve and
maintain success in thinking like a rich person. You can accomplish anything you
set your mind to if your life is in order and you have gained self-control. People who fail
after telling you that you can do anything you desire didn’t take into account their habits,
traits, and actions. You’ll not succeed if you don't first and firmly take control of these.
You’re on the path to wealth if you have put in the effort to complete this activity and
are genuinely thinking strategically, like a billionaire. You’re aware that it will need
some upkeep, care, and monitoring, as with all important things. Making wise decisions
and organizing your time according to your needs is necessary for management. You might
want to keep the visual on your phone rather than have it put up on the wall. As long as
you consciously choose how you will use your time each week, it doesn't matter.
Take it week by week. And at the end of the week, if you feel the need,
give yourself permission to celebrate in a "controlled" way. However, don't undo all the
progress you've made. Avoid overspending, quitting smoking, and abstain from alcohol consumption.
Anything you do will work against you if it is not directly in line with what you desire from life.
Thanks for watching, make sure to like this video and subscribe for more content like this.
Until next time, have a good one!