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7 Things Rich People Buy That The Poor Don't - YouTube
Channel: Dan Lok
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What are the seven things
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that rich people buy that
poor and middle class don't?
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You see one of the things
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that differentiates the rich from the poor
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is not just because of money,
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it's because they have assets.
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Rich people, they buy and they
own and they acquire assets.
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Middle class, they buy liabilities
thinking they're assets
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and poor people, they only have expenses.
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Today I'm gonna share with
you seven types of assets
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that rich people buy, acquire and own.
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And I'm not gonna define assets
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as in traditional accounting terms.
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When you talked in accounting
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and they were explained to you
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what types of asset classes there are,
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I'm gonna define it the
way that rich people,
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the way that we see assets
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and are very, very different
how most people see it.
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By the way, if you have not ordered a copy
[53]
of my new book, Unlock It,
[54]
make sure and click
the link somewhere here
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and order a new book where
I go much more in depth,
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how do you unlock your
financial confidence
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and how do you acquire wealth.
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Number one, the first type of
asset that rich people have
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that the poor don't is business.
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See most rich people, almost all of them,
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either they make their money
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through their companies and business
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or they have an invested interest
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in multiple companies
or multiple businesses.
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So once you think about
it versus poor people,
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all they have is a job.
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They have a paycheck at
the end of the month.
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You'll never get rich through a paycheck.
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You'll only get rich through a business
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or multiple businesses.
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Why?
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Because it's the only way
you can apply leverage.
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You can leverage other people's time,
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money, resources and
talents to build something,
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to make your vision a reality.
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That your earning ability
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is not tied to how many
hours that you work.
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You are able to leverage
one to 10 and one to 100,
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one to 500 to build a bigger business,
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to be able to impact more people
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and deliver more value to a marketplace
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in exchange of money.
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That's what a business does.
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So, that's the first
asset class: business.
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Number two, the second type of asset
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that rich people buy that the poor don't
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is arts and antiques.
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Now this is an asset class
that I know very little about.
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I cannot tell the difference
between a $100 painting
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versus $100,000 painting.
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I have no clue.
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This is an area that I
am like a complete idiot.
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My art collection would be my Hulk toys
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and Iron Man collection.
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Although my wife Jennie would argue
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that is not an asset class.
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Well, to me it is an asset class.
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Number three, the third asset type
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that the rich buy that the
poor don't, it's automobiles.
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Now a lot of people they buy automobiles
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just for transportation.
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But the rich sometimes
they buy for collection
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because they get pleasure
driving them, owning them
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or fixing them, repairing
them, selling them.
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Done properly, this could be
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a very lucrative thing that you do,
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but most the time, my friends I notice
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that they just, because they
have a passion for automobiles
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or classic automobiles,
they do it just for fun.
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But because they collect them,
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they buy rare automobiles
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and when they sell them they
do make a nice profit from it.
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It does turn it into an asset class.
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But for me, I just do it for fun.
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Number four, real estate.
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This is the most popular asset class
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among the rich.
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Most rich people they
either make their money
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through real estate or they
park or hold their money
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in real estate.
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Now when it comes to real estate
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there are so many different
types of real estate.
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You have residential
or you have commercial.
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Residential, I'm talking about
condo or single family home.
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Commercial real estate,
I'm talking about malls,
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hotels, right, offices, multi-family.
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Two very different types of real estate.
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And within real estate you
have so many different types
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of strategies.
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Do you buy and hold?
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Do you buy and flip?
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Do you develop, right?
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Do you do Airbnb?
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Depends on what it is that you wanna do
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and how much capital you
have and where you wanna go.
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Now why do so many rich people
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have real estate or they park
their money in real estate?
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It's because the banks,
the lending institutions,
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they love real estate.
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They will loan you money
to buy real estate, right?
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They like the security of real estate.
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They feel like that's a hot asset,
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it's an intangible asset that
they like to lend money on.
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And that's why a lot of rich people,
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we either make their money in real estate
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or we hold our money in real estate.
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Number five, the fifth asset class
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that rich people buy that the
poor don't is paper assets.
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I'm talking about bonds,
mutual funds and stocks.
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Now when it comes to assets,
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sometimes we buy assets
because it produces cash flow
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or dividends.
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In some cases we buy
assets and we hopefully,
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it will increase in value over time.
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That's called appreciation.
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So when it comes to stocks,
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except it's like dividend stocks,
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but stocks, mutual funds and bonds,
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we are buying it at a certain price
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and hopefully it'll go
up later in the future.
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We are betting, we are
buying on the appreciation.
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You see with paper assets
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you can turn that into
money very, very easily.
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Let's say compare that to
a piece of real estate.
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In order convert a piece
of real estate into money,
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well maybe you need to list the property,
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you need to sell, it takes time
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or even if you wanna get
a loan, get a mortgage,
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a second mortgage from
the bank, it takes time.
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But with stocks, with mutual funds,
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you can sell that and turn that into money
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very, very easily.
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Number six, the sixth asset class
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that rich people buy that the poor don't
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is intellectual properties.
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I'm talking about patents,
trademarks, brands, copyright.
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Any other intellectual
properties that you might have.
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See, this is an asset class that I love.
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I own a lot of intellectual properties.
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The reason I like intellectual properties
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it's because the ability, you can scale,
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you can license your
intellectual properties
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to somebody else, but
also the maintenance fee,
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it's very, very little compared
to other asset classes.
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I can also duplicate
and replicate what I do
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to be able to serve way more people.
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So intellectual properties,
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Disney has a lot of
intellectual properties,
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Coca-Cola as a brand,
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the brand itself, that's
an intellectual property.
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The brand itself is actually worth more
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than the actual hard
assets that Coca-Cola owns.
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The brand Coca-Cola
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is worth billions and billions of dollars.
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Number seven, the last
thing that rich people buy
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that the poor don't is precious metals.
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I'm talking about gold, silver, platinum.
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This is a gift from my
mentees from Australia.
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24k gold, gold.
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Now, gold is very, very important.
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You notice when the
currency of our dollars,
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it depends on what countries
you're coming from,
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rich people, they like to
have their money in gold
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because throughout history you notice
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that gold, it's the currency,
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it is the asset class
that is recession proof.
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So it's a very, very important asset class
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that in your portfolio
you have to think about.
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So precious metals.
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Those are the seven things
that rich people buy
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that the poor don't.
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I want to give you a bonus.
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And this is a new asset class.
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What am I talking about?
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Asset number eight and that is audience.
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That's right, audience.
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You see attention is the new currency.
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To be able to have an audience,
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you see this through social media,
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influencers who have audience,
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that they're able to captivate
other people's attention,
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their audience's attention,
it is worth money.
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That's how they're able to
generate income and profit
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and money from what they do.
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Attention is the new currency
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because without attention
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you would not be able to get customers.
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And without customers,
you won't have any sales.
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No sales, no money, no profit.
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It's that simple.
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A lotta people, they
neglect this asset class.
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And I believe this is an asset class
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that a lot of people, even rich people,
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ignore and overlook.
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This is an asset class that
you can scale and expand
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very, very quickly to have 10,000 people,
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20,000 people, 50,000
people, 10,000 people
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paying attention to your
message, your cause,
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what you are focusing on,
what you wanna promote.
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Even if you wanna promote charity,
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your foundation, you need attention.
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You need audience.
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Money alone doesn't
just get your attention.
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Attention is attention.
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Money alone is not enough.
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But to be able to get attention
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you can convert that into money.
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You convert that into profit.
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And it's this asset class
that could grow and grow
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and grow and there's no limit.
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There's absolutely no limit.
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By the way, if you wanna learn more
[561]
about how I do that, get a
copy of my book, Unlock It,
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published by Forbes Books.
[567]
Where I go much more in depth.
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I talk about this
currency, this new currency
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that even successful CEOs
don't know much about.
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So go ahead, click link here
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and get a copy of my book.
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