The #1 Thing Wealthy People Know That Poor People Don't

Is there a secret that rich people know that you don’t? Is it possible to create true WEALTH for you and your family? Learn the number one key to wealth here.

In this video you are going to learn the number one thing that wealthy people know that poor people don’t.

My goal of this video is to help you understand exactly what it will take for you to break free from the rat race.

Here’s the audio book I recommend: https://wwwmilesbeckler.com/prosperity Buy it with an Audible ‘Credit’ and it is just $15 (the cost of the credit)

If you want some deeper dive about my story… The ‘long version’ that includes all the gritty details about the hardships and challenges I’ve had to overcome on this path, go here: https://www.milesbeckler.com/about/

For insights about my best investment ever, go here: https://www.milesbeckler.com/my-best-investment-ever/

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When I was younger, I grew up in a family that was working class poor. We had love, we always had food on the table, but we didn’t ever really have enough money.

At the end of the month, it was very common for my family to go pawn their valuables in order to get the money needed to pay basic bills and to essentially pay for rent.

Shopping for us was going down to the thrift store and at one point my mom had two pairs of socks, the ones she was wearing that day, and the other ones that she was hand-washing that day because she literally could afford two pairs of socks.

So that’s where I grew up and when I left the house I was on a mission to figure out what is it that wealthy families did that my family didn’t.

So this sent me on about a 15 to 20 year deep dive into society, economics, entrepreneurship, business, etc, and I’m going to break down everything I learned in this one video for you.

First I want to get really clear here on the word wealth because wealth is the absolute key here, not riches, wealth. And to me wealth is measured in time.

When you are wealthy, you should be able to count that in how long you can go with ever without ever having to work for your money again.

My family was behind the ball. They had negative wealth because at the end of the month they still didn’t have enough money to pay for that month, so they had to go to the pawn shop with valuables.

Now at this point in my life, I could measure my wealth in years. I could literally walk away from life, travel the world for three to four years right now.

So I consider myself to be three to four years wealthy.

And that’s what I want for you.

Because that feeling of having freedom, of not feeling the pressure of the bills, my student loanstotalling $50,000 grand, all paid off, everything’s covered and taken care of for years.

I want you to get there. So how does it work?

There’s the income that we’re bringing in from whatever it is that we’re doing. And where this income goes is really what holds or unlocks the secret.

So we have two things.

We have assets and liabilities and every dollar that you spend is going into one or one of these two categories.

Now what’s the difference between an asset and a liability?

Personal opinion.

This is the number one most important thing.

This is the secret right here: The real key here is that assets bring you money. Liabilities cost you money.

Repeating for emphasis:

Things that bring you money are assets, things that cost you money, our liabilities.

So your car that requires oil changes, insurance, maintenance, et cetera, that’s a liability because it costs money. The house you live in, whether you’re renting it or buying, it costs you money. Even if you’re buying your house, that means you have a mortgage payment, you’re paying interest to the bank, you’re paying taxes on that place.

You’re paying for all of the maintenance and upkeep and utilities, et cetera. That means the home that you own is actually a liability because it costs you money

Out of the money that is earned every single month, some portion for sure it goes the liabilities because we all have liabilities that you know, we got food, we got rent, we got things we got to pay for it, right?

The real question is: How much money is going into assets?

When we funnel money into our assets, what the assets do is actually create a surplus of money.

And then when we funnel that money back up in through the same process, our assets start to grow and they actually create more money.

And this is how wealthy people get wealthy, is they focus their attention, their intention, and really they focus their cashflow into assets that generate positive cashflow.

And when that cashflow from the asset comes back out, what do they do?

They funnel it back in to more assets.

Said another way. Wealthy people collect assets. Poor people collect things that costs them money.