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What Really Separates The Rich From The Poor And Middle Class - YouTube
Channel: Dan Lok
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I live in one of the most prestigious
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and one of the most expensive buildings
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in Vancouver and just about ten minutes
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away from my building it's one of the
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poorest neighborhoods in Vancouver as
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well then cuba has some of the richest
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people living here and also has some of
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the poorest people living here and you
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can see the entire street on that side
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of hastings a lot of homeless people it
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always fascinates me what separates the
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rich from the poor and the middle class
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so what's the difference between someone
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who is living on a street I'm sure
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everyone's got a story and but what is
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the difference with someone like that
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versus someone who's making millions or
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tens of millions of dollars we all have
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24 hours a day we all have the same
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opportunity for god sakes we in the same
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[聽__聽] city this is it education is it
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the background is it because of luck is
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it because of hard work no it's none of
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those things it's none of those things
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I believe what truly surpress the rich
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and the poor and the middle class it's
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one word leverage leverage rich people
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use leverage and poor people don't now
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there are many many forms of leverage
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let's first define what leverage
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actually is all it means is leverage is
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getting something done with less effort
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just like a lever right how you can you
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can use pay less at least amount of
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effort to live something very very happy
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that's all that means
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using leverage so there are many many
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forms of leverage today I'm gonna give
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you just a few of those the first form
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of leverage is opt other people's time
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rich people know how to use opt other
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people's time example a CEO hiring
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employees he's leveraging other people's
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time to perform certain tasks for the
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organization example for me I have
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people coming to coming to my home and
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mow my lawn I'm using other people's
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time to help me do tasks there may not
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be something I enjoy to do it may not be
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something that
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worth of while for me to do just because
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my my hourly rate is much much higher
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also I have someone who comes to my
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house weekly to do cleaning that are the
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people's time so there's a first form of
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leverage other people's time
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the second form of leverage is other
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people's knowledge other people's
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knowledge because as a person you could
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only do so much you can only learn so
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much you can only know so much to grow
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with thing if you want to grow your
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income rich people you notice they have
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a lot of advisers around them in all
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areas of the life example
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I just had a meeting a few days ago with
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all my might to accountants my tech
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strategist my financial planner my
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insurance person they have this board
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meeting talking about how we're gonna
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flow the money how we can minimize taxes
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and what are some of the things that we
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need to do to to take cash out on the
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company maybe moving to another company
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we're looking to do all of that it's not
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just on me to figure all this [聽__聽] out
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it's we surround ourselves with people
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that are smarter they have specific
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knowledge no did no different than I'm
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running my business if I need certain
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help let's say with YouTube or with
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Facebook or with Instagram or whatever
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it is it doesn't matter that I bring in
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the best of the best I hire them maybe
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sometimes as a as a project manager
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sometimes as a consultant independent
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consultant but I am paying them for the
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knowledge so I'm leveraging other
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people's knowledge people have been
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there and done that versus poor people
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you know this they they don't read books
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they don't hire people they they are
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rugged individualists they take on
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everything on their own you know what
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you want something Don you direct
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yourself
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right that's a poor person's mentality
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so that's the second form of leverage
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the third form of leverage is other
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people's money
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rich people are very very good of
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utilizing and leveraging OPM other
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people's money they buy piece of
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property you put a down payment
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a ball from the bank to buy an
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investment a developer right here they
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see that developing right now there's a
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financial institution sometimes multiple
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financial institutions loaning money for
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their particular project an entrepreneur
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maybe they're going through a first rung
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of funding they are raising capital from
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investors that's other people's money
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rich people we don't use our own money
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only poor people people use their own
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money rich people we don't use our own
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money only poor people use their own
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money there's an infinite amount of
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money out there that's floating around
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but people don't know how to multiply
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how to use it money goes to people who
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knows how to multiply it and that's why
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it's easy it's easy for rich people not
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only they have a track record but he's
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ones day not a multiplied it's easy for
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them to attract more money to make more
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money and that's why you do see the rich
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do get richer
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you could [聽__聽] about it you could say
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how come it's not me falling to me or
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you could say you know what this is how
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the game is played what is what what are
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the rules of the game what do I need to
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learn so that's number 334 more leverage
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other people's money and the fourth form
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of leverage is other people's
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relationships wealth comes from
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relationships and rich people we are
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very good at leveraging relationships
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example there's an important person I
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need to meet maybe I don't know that
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person I would ask my friend hey can you
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make your introduction can we do some
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business together I'll give you another
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example let's say you have an offer you
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have a product or service that you're
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promoting and you want to leverage other
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people's relationships opr you would
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maybe do a potential joint venture with
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someone else who already has an existing
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customer base that their customer base
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trust and believes in that particular
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person you can have that person that
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influencer endorse your product your
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program your service and there you're
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leveraging the relationships he has he
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has built for years with his customer
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base I'm there if he promoted you you're
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more than happy to give him a commission
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and in our worlds called affiliate
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Commission that's leveraging other
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people's relationships
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so all these are different forms of
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leverage I'll give you one more also
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technology rich people also leverage
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technology automation software right all
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these tools that's out there that could
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a I nowadays that could help you to be
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more efficient more effective that we
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also utilize so technology I believe
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it's a huge part of leverage even your
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cell phone right the smart phone that
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you have the different apps that you
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have is all those a mini forms of
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leverage so think about it
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it doesn't matter what business it
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doesn't matter what industry it doesn't
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matter what investment they do if you
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what it boils down to you study and you
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look at every single rich person they
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are masters of leverage in some way
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shape or form and the more you know how
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to utilize that the more successful
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you'll be and the more you know how to
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utilize leverage the more successful
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you'll be and the wealthier you'll be
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I'm gonna leave you with one quote by
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john d rockefeller i rather have one
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percent effort of a hundred people
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versus a hundred percent of my own
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effort think about that
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