🔍
8 Things The Middle Class Thinks Are Assets But Are Not - YouTube
Channel: Practical Wisdom - Interesting Ideas
[0]
Although they say the middle-class is dying,
they also make up the majority of the socio-economic
[5]
spectrum and decisions.
[7]
Unfortunately, most of the middle class are
blinded by the idea of financial security
[12]
that they can't consciously weigh out assets
vs. liabilities.
[16]
Robert Kiyosaki, a famous book author, concludes
that the assets or liabilities owned by individuals
[23]
are markers that distinguish the different
classes.
[26]
This basically means that, what you own will
tell you whether you're rich or poor.
[30]
So stay tuned as we dive into things the middle-class
thinks are assets but are actually, not.
[37]
8.
[38]
Investing in jobs that you don't like as security
to financial freedom.
[42]
The race to prestige and wealth is only for
the smart.
[45]
Sometimes Knowingly, we find ourselves investing
in jobs that do not bring out the best in
[50]
us.
[51]
Just for the sake of believing that if we
stick to that lousy job eventually, we will
[56]
come face to face with our breakthrough in
life.
[59]
This is just a hoax we try to feed our minds.
[61]
Do you think that investing in your tolerable
job will turn you into a millionaire?
[65]
The high-class, on the other hand, has different
ideologies from the middle class.
[70]
The fact that they invest in what makes them
feel fulfilled is the reason they stand out.
[75]
Anthropologist Hadass Weiss believes that
the wealthy keep getting wealthier because
[79]
of their mindset.
[80]
It is possible to reap tremendous benefits
from investing in your talents, hobbies, and
[84]
what you like to do.
[86]
As long as you have a well-done strategy and
the correct financial knowledge, nothing is
[90]
unattainable.
[91]
We have to get rid of the poor man's mindset
that makes us believe that securing a safe
[95]
8:00 AM - 5:00 PM job will get us our millions.
[98]
Let's get out there and chase our dreams.
[101]
Once you are free from employment slavery,
nothing is impossible.
[105]
So don't be afraid to risk it all in pursuit
of a better status, you never know, the world
[109]
is full of surprises!
[112]
7.
[113]
Your home is your biggest liability.
[116]
Most of us picture wealth with having a huge
house and cruising the streets in luxurious
[121]
cars.
[122]
The truth is that owning a home may not be
considered an asset but a liability.
[126]
The famous rich-dad-poor-dad has been praised
for being a remarkable financial encyclopedia
[131]
that has forecasted the success of many resilient
entrepreneurs.
[135]
Unlike most people, the high class has maintained
the discipline of categorizing their assets
[139]
and liabilities.
[141]
Things like cars, houses, tv screens all fall
under the liabilities category.
[146]
Since they do not bring in any money into
your pocket but instead, take out money from
[151]
you.
[152]
Once you master the art of managing your household
finances like a business, you are in a better
[155]
position to avoid the blunders most of the
middle class fall into.
[159]
To avoid getting caught up in such scenarios,
we ought to invest more in our financial knowledge
[164]
and money in general.
[165]
When planning to buy your dream home, do not
forget to seek qualified advice from financial
[170]
advisors, who would give you a better insight
on smart and reasonable liabilities and assets.
[175]
Sometimes we make these mistakes due to negligence.
[178]
A smart man will always inquire and research
before making such a decision.
[183]
Only a foolish man has a solution to every
problem.
[186]
Alright, So, I would like you to do something
for me.
[189]
Pause this video right now.
[191]
And do me a huge favour by hitting the “like”
button, and click “subscribe” if you are
[196]
new.
[197]
If you did, you’re awesome, and thank you
so much for your support.
[201]
6.
[202]
The middle class spends first then invests
later.
[206]
Imagine cashing out 50-100 dollars a month
to service your car loan when instead, you
[211]
could have invested the same amount into stocks
and bonds, and earned divided from them.
[215]
The smarter move is to channel money into
investments as early as possible, so you start
[220]
enjoying the cash flow from your assets.
[222]
It requires utmost discipline to correctly
manage your funds and stick to your priorities
[227]
and plans.
[228]
When you receive your monthly income, do you
start spending first?
[231]
Or do you invest?
[232]
And how does this work for you?
[234]
Following experts' review on the steps we
take utilizing our income, those with tendencies
[239]
of investing their funds first have shown
higher rates of generational wealth.
[243]
The trick here is to be consistent because
eventually, the bit-by-bit investments turn
[247]
out to become something sensible at the end
of the day.
[250]
For those of us who opt to spend first, most
of them end up slaves of work since they have
[254]
to work to be able to sustain their constant
needs.
[257]
Your view on spending and investing plays
a big role in moving you up the social ladder.
[261]
Some narratives state that we are worth how
much we remain with after spending.
[265]
Adopting this will upscale our thinking and
place us in the trajectory of scaling up from
[270]
the middle to first-class or low to high class.
[273]
The trick is spending after you have already
invested.
[275]
It might take a while to start reaping the
benefits but eventually, you will come to
[279]
terms that the tip works wonders.
[281]
5.
[282]
Formal education
Ever wondered why A students end up working
[286]
for C students?
[288]
The obsession for education within the middle
class is alarming.
[291]
Maybe because of the belief that their investments
in formal education determine their wealth.
[295]
But if the secret to building wealth was excellent
grades, then every summa cum laude graduate
[299]
would be a multimillionaire!
[301]
The mass affluent know that financial success
has little to do with your ability to memorize
[306]
textbook information.
[308]
Instead, they believe that gaining specific
knowledge about things like how to invest
[312]
or network with powerful people have a stronger
impact on their net worth.
[316]
Street smarts actually have a higher chance
of making it compared to book smarts.
[320]
School is tuned to prepare you for a 9-5 set
up, but general knowledge gives you tools
[325]
to face the world and explore different aspects
of life.
[329]
If you don't believe it, take a look at some
of the world's top billionaires.
[332]
They have little formal education.
[334]
Most of them are college dropouts who decided
to pursue their dreams instead of wasting
[338]
years in school.
[339]
Great examples are Apple co-founder Steve
Jobs and Dell Technologies CEO Michael Dell.
[345]
Universities are becoming irrelevant by the
day so instead of getting huge student loans
[350]
that you can't service, consider taking up
an online course in your field of interest
[354]
that will strengthen your skills in that field.
[356]
If you like need some inspiration, Bill Gates
has credited much of his success to reading
[360]
50 books a year! so, don't be scared to learn
on your own.
[364]
4.
[365]
Getting rich is not a personal decision but
a matter of fate.
[368]
The average individual views getting rich
as a matter of chance, and luck.
[373]
Therefore, limiting not only their thinking
but also their overall performance.
[377]
Speaking out of experience, many people in
the middle class relate their wealth to their
[381]
professional skills, homeownership, and formal
education.
[384]
This is a mindset that will get us nowhere
in the corporate world and would leave us
[387]
stagnant in the middle class for life.
[390]
Once you are unable to break the ice and change
your perspective of thinking, you are doomed
[393]
and will only keep wondering how lucky your
higher-class counterparts are.
[397]
Once you can embrace the fact that you are
responsible for your status, you are one step
[401]
closer to enjoying financial freedom.
[405]
You just have to identify and fill a gap in
society, and in no time, you are a millionaire.
[410]
Whatever you venture into, you first have
to be able to convince your mind before executing
[414]
your plan.
[415]
You manifest what you think, that's why it
is important to always stay positive.
[419]
Instead of focusing on new ways to cut down
on your groceries and monthly expenses, try
[423]
brainstorming on new ideas that have the potential
to fill a gap in the entrepreneurial world.
[428]
3.
[429]
The more the money the worse the character.
[431]
The idea that money is the root of all evil
is something that continuously enslaves the
[435]
middle class.
[437]
Contrary to this popular belief, 'the more
money you have, the more problems you'll have.
[441]
I believe that this belief is untrue.
[443]
Money can also bring out positivity and seriously
change people and family lives for generations.
[448]
It's unfortunate that most individuals relate
vast wealth to greed, corruption, and oppression,
[453]
among other vices.
[454]
But that is not the case once you familiarize
yourself with wealthy individuals.
[458]
The truth behind this belief is that money
is in any case, the issue but the individual.
[463]
Vast wealth only brings out the true character
of an individual.
[466]
If you were greedy before, once you get financial
freedom, you will become greedier and vice
[471]
versa.
[472]
So the goal is to cleanse our minds and transform
our thinking.
[475]
If you were a just and kind individual, money
will more likely highlight your virtues.
[480]
So you better invest wisely and learn to distinguish
between humility and poverty.
[485]
2.
[486]
Saving money instead of investing.
[488]
The middle class tends to believe in various
rules of savings.
[491]
The low and middle class are more comfortable
risking less compared to the high-class individuals.
[496]
The mistake that many folks make is that,
by saving money, they think they have achieved
[499]
the ultimate goal towards wealth.
[501]
However, the secret of wealth is multiplying
the money and not saving.
[505]
Money is beloved to many as it is used as
a dynamic medium of exchange of commodities
[509]
and services and has a circulating tendency.
[512]
Therefore, it should not be hoarded but multiplied.
[515]
A common subconscious trait amongst the middle
class is that money is scarce.
[519]
Hence there could never be enough thus, leading
many to hold back on spending and maximize
[523]
on saving.
[525]
This economic class has conformed to putting
money in a piggy bank or a bank hoping to
[529]
create generational wealth.
[531]
The middle class tend to trust banks so much
that they'd rather leave their money sitting
[534]
around their accounts than spend it on some
risky investment opportunities promising high
[538]
returns.
[540]
This tendency is a far-fetched strategy towards
generating any real wealth.
[544]
This is because most times, money is subject
to a withholding tax.
[547]
Leaving you with just a little less an amount
than you had initially saved.
[550]
The norm in the banking industry is that after
you save money, it is utilized by banks.
[555]
Where do you think banks get money to finance
loans?
[558]
They most definitely use your stored cash
to finance investors with ideas and little
[561]
capital.
[562]
This, unfortunately, keeps the rich very rich
while the poor are as poor as they were yesterday.
[568]
1.
[569]
Are white-collar jobs an ideal venture?
[571]
A very confusing topic I'm sure, but yes it's
a fact your ambition to stick to that corporate
[577]
job because it's a very comfortable paycheck
isn't leading you to wealth.
[581]
The rich never strain themselves to climb
the corporate ladder, they work to own the
[585]
ladder.
[586]
The middle class believes that there is no
way forward financially unless you are employed
[589]
somewhere and have a paycheck at the end of
the month.
[592]
They seek to build a career because they were
told to get good grades and join a college
[595]
to find work.
[596]
The rich instead seek to create businesses
and eventually create employment for the middle
[600]
class.
[601]
This rigid thinking of the middle class leaves
them stagnant and unable to climb up the economic
[605]
ladder.
[606]
They also end up making good errand boys for
their employers and make billionaires in the
[609]
process.
[611]
No matter how thick the paycheck is at the
end of the month, chances are your employer
[614]
only lost about 10% of his billions to pay
you that much.
[618]
The wildest part is that the probability is
that you are good at your craft better than
[621]
your employer, that's why they hired you.
[623]
So think about if you could only dare to start
something small of your own, what amount of
[627]
greatness would you build.
[628]
The message is simple: everyone needs to get
out of their comfort zone.
[631]
Be a little willing to take risks no matter
how small you think it is.
[636]
That is the very first step towards financial
freedom and wealth beyond imagination.
[640]
Now doesn't that sound nice.
[642]
Well, thank you guys so much for watching
today’s video.
[645]
I hope you’ve enjoyed and found value while
watching it.
[648]
If you did, go ahead and give it a thumbs-up,
and if you are new here, welcome and subscribe
[652]
for more content like this.
[653]
With that said, have a good day, and I'll
see you all in the next one.
Most Recent Videos:
You can go back to the homepage right here: Homepage