WHAT RICH PEOPLE DO WITH THEIR MONEY 💸 | Summary and Q&A

55.4K views
September 20, 2017
by
Ryan Scribner
YouTube video player
WHAT RICH PEOPLE DO WITH THEIR MONEY 💸

TL;DR

Rich people have different habits when it comes to money, including delayed gratification, strategic use of credit, investing in themselves, patience in investing, tax planning, and holding both tangible and intangible assets.

Install to Summarize YouTube Videos and Get Transcripts

Key Insights

  • 🤳 80-86% of millionaires are self-made, challenging the belief that wealth is inherited.
  • 👯 Rich people prioritize delayed gratification and have a long-term vision, while poor people focus on instant gratification and have a short-term perspective.
  • 😒 The strategic use of credit sets rich people apart, as they use it to buy income-generating assets while poor people use it for material possessions.
  • 👯 Rich people invest in themselves by seeking education and personal growth, while poor people tend to invest primarily in external assets.
  • 🧑‍🤝‍🧑 Patience is key for rich people's investment strategies, as they buy and hold for the long term, while poor people buy and sell frequently.
  • 👯 Rich people plan their taxes and invest in accounting services to optimize their savings, while poor people often neglect tax planning.
  • 🧑‍🤝‍🧑 Rich people diversify their investments by holding both tangible and intangible assets, such as real estate and stocks, while poor people mainly focus on intangible assets.

Questions & Answers

Q: What percentage of millionaires are self-made?

According to research, 80-86% of millionaires are self-made, proving that inheritance is not the main source of their wealth.

Q: How do rich people view credit differently from poor people?

Rich people use credit to buy income-generating assets, such as real estate, while poor people use credit to purchase things they feel they deserve.

Q: What is the key difference in the investment strategies of rich and poor people?

Rich people emphasize buying and holding investments for the long term, while poor people tend to buy and sell frequently due to impatience.

Q: How do rich people approach taxes differently?

Rich people invest in accountants to work the tax system to their advantage and lower their taxable income, while poor people often neglect tax planning until it's time to pay.

Summary & Key Takeaways

  • 80-86% of millionaires are self-made, dispelling the myth that they inherit their wealth.

  • Rich people have a long-term vision and prioritize delayed gratification, while poor people focus on instant gratification.

  • Rich people use credit to buy income-generating assets, while poor people use credit to buy material possessions.

  • Rich people invest in themselves and constantly seek education and personal growth.

Share This Summary 📚

Summarize YouTube Videos and Get Video Transcripts with 1-Click

Download browser extensions on:

Explore More Summaries from Ryan Scribner 📚

Summarize YouTube Videos and Get Video Transcripts with 1-Click

Download browser extensions on: