The best way to be rich is to start thinking and acting like you are already rich. This might sound a tad ridiculous but it works. Rich people always make every deal tip in their favour. They do not borrow but lend money. They make sure every asset of theirs is returning a profit. They collect fees and commissions instead of paying them. Whenever you are making a transaction think “if I was rich, and thus money savvy, what would the outcome be?” Well it would of course always be in your favour . Be like “Thurston”. You sell when everyone is buying and buy when everyone is selling. Never use your own money if you don’t have to and think of how much you can lose before you think of how much you could make. If you truly want to be a millionaire you need to model their actions and decisions making so you too can be a millionaire. Never envy but emulate.
The middle class is middle class because of their actions. If you want to stop being middle or lower class and jump to the higher class you need to change your actions to mirror the upper classes. Look at the middle classes behaviours compared to the upper classes that we just mentioned. They spend every dollar they make. Borrow heavily and pay interest instead of collect it. Banks and brokerages get rich of the fees and commissions on the middle class. The economy and its services are made on the backs of the middle classes. If you want to break the cycle you need to change your behaviours. Start living like you’re already rich!
Dave
Not bad advice to consider the amount you could lose and not how much you could make. But sine if your advice is conflicting. You say about the rich, “They collect fees and commissions instead of paying them” and “They do not borrow but lend money.” But then you say in the same paragraph to “Never use your own money if you don’t have to.”
The PROBLEM:
To not use your own money, you would need to borrow money which is conflicting. Are you suggesting to use your own money so no fees are paid, or are you saying to borrow so you don’t have to use your own money when you don’t have to?
Hi J,
I’m talking about doing what makes you richer. Borrow to get wealthy but never borrow to consume. Bank your money and use investors’ money to build opportunities when possible. Always save more than you spend.
Dave