7 Major Differences Between Rich and Poor People
There are several subtle mindset shifts that anyone can slowly start implementing that, over time, will help you on the road to being wealthy. Today, we'll be going through the 7 differences between the rich and the poor.
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WHO AM I?
Hello π Iβm Humphrey, I used to be a financial advisor, worked in gaming/tech, and started my own eCommerce business. I make practical, rational content on investing, personal finance, the news, and much more with a data-backed approach. My goal is to help you with financial literacy and creating wealth.
PS: I am no longer a current Financial Advisor, any investment commentary are my opinions only. Some of the links in this description are affiliate links that I do receive a commission for & they help support the channel!
β±οΈ Timestamps:
0:00 – Start Here
0:21 – Rich Are Subtle About Wealth
2:39 – Takes $ To Make $
4:20 – Delayed Gratification
6:40 – Invest in Assets
8:20 – Money Management
10:16 – Excellent Credit
11:47 – Continually Pursue Education
Today marks 5 years since I uploaded my first video! Thanks to all that have been here and watched. If you’re new – subscribe! Love you all, thank you for the support.
Congratulations!!
Congratulations on your channel anniversary!
Congrats and keep the awesome content coming!!!!! You’re helping more people than you’ll ever know.
Congratulations! π your videos are the best! Thank you to you and your team and all the amazing content – itβs changing lives and generations! letβs dance to your video outro music. ππ₯³
congratz and plz pick me for you next portfolio roasting and advice. ty
Humphrey, I would like to congratulate you on your anniversary of content creation for 5 years! Keep up the hard work because your content is top knotch!
Thank you!! Thank you for being here and watching.
Humphrey, I have been following you for quite some time, and I must say you have changed my outlook on personal finance. I cannot thank you enough! God bless and cheers to another 5 years! π
Bless you too! Thank you so much for the comment Dan!!
My goal is to put myself in rich people group and be low key about it. Yes, some rich people don’t brag about their wealth. They are more focused on being success privately and not showing off. If I was rich, I would keep a low profile.
Love to hear that Courtney!
Grateful for you Humphrey. Thanks to you, I am way ahead financially than other people my age at 26
lets go Hunter!
Itβs really easy to save the vast majority of your income when such a small percentage of it is needed to cover bills and necessities. My household has a fairly high income and when we bought our house, we didnβt even need to cut back our discretionary spending to afford the mortgage payments, because our discretionary spending was pretty much negligible compared to our overall income or mortgage payments. Cutting back would have made almost no difference. Granted, we are not THAT rich to be able to buy a $2million home on just cash but even so, we already find it really easy to put $6-8k into stocks every single month. And yes, our focus is very heavily biased towards buying assets, but we have not really had to give up much either. We still travel and buy what we want.
Thatβs been my mistake! Iβve been watching the scratch golfer videos, trying to get six pack abs.. now Iβm 30 pounds overweight but my putting game is on point
I live in Australia and itβs interesting seeing the Chinese community here. They wear head to toe designer brands and drive sports cars even if they are students. The sad thing is they all wear the same clothes so they look the same and often itβs assumed their designer stuff is counterfeit. The truely rich donβt try so hard to impress others. I donβt know if their culture understands that the need to impress is seen as a really try-hard thing to do.
Thatβs so true especially those who are living in the western countries. The trend now in Asia is to be frugal and smart about spending, probably because a majority of them donβt have the spending power as they did precovid. We call those flashy Chinese style εθ±ͺ
Only thing I found wrong, is the stealth wealth. The clothes that they wear are still extremely expensive. 300-400 dollars sometimes. They just look and are meant to look really simply and casual. But to them and compared to the clothes they could afford. Definately super cheap
Great content, keep up the good work! Delayed gratification is so tough but so valuable. The idea of building knowledge goes all the way in history as building wealth, and it certainly shows. Excited for the next video already!
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I’ve been a frugal money hoarder for most of my life, but at the same time, I’ve always fantasized about having an extravagant, flashy lifestyle as well. So, I understand both sides of the spectrum. Perhaps one day, I’ll have the courage to splurge on my dream supercar. As much as I love seeing my portfolio grow, I also don’t want to be that guy that never spends a cent of it and dies prematurely out of nowhere or loses it all to an unexpected lawsuit.
Same
Thank You! as always!
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Congrats!!!ππΏππΏEnjoy every upload
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I have a 7 figure net worth and my newest vehicle is a 7 year old Toyota Prius that I bought used and I don’t count my house as an asset. Why ? Because a house COSTS you money, it doesn’t make you money. I use the Robert Kiyosaki definition that there are only assets and liabilities. Even if you own a house, it still costs you money every year in maintenance, taxes, insurance, etc. If I stop paying anything on my stocks, they still are making me money and no one can take them from me. If I stop paying anything on my house, the Government is going to come and take it from me. Now how is a house an asset again ? IT ISN’T !!
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@@humphrey13 SCREW YOU Scammer !!
How about the appreciation of your houses value? That can make it an asset right
@@brock5946 no it is not and here is why.
You buy your home 30 years ago for $125,000.
You pay $130,000 in interest over the 30 year mortgage at 5.5%
You pay $40,000 in homeowners insurance
You pay $112,000 over 30 years in maintenance (2% a year average)
————————————————————-
Total cost $407,0000 over 30 years
Your house is worth $250,000
= Net loss of $157,000
Let us say your house tripled in those 30 years and is worth $375,000 in 30 years,
$407,000 – $375,000 = a loss of $32,000
Your house would have to increase by 326% for you to show profit and you only get that profit AFTER you sell the house. Does this explain to you why I don’t consider a home an asset now ? I realize we have to have a place to live but also why I don’t consider a home an asset. And even after you own your home, it still is costing you money in taxes, insurance, maintenance, etc. I don’t call something an asset unless it is making money, ie stocks, bonds, gold, etc. If I buy a 1 oz. gold coin it doesn’t continue to cost me money, it doesn’t cost me anything. If I buy a share of Wal-mart stock, the stock pays me dividends and the stock appreciates and I don’t keep paying for it. (Yes I realize there is a small cost for keeping that stock but over all it is a very tiny cost and the overall return is positive.)
Congratulations on 5 years! Steady paid off!
Thank you for another great video with awesome visuals. You stand out from the rest.
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Congrats on 5 years Humphrey! πΎ You have a great channel with excellent content & and a great vibe! π
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Thank you for your videos @humphrey your amazing
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I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Katherine Stewart.
Wow. I’m a bit perplexed seeing her been mentioned here also Didnβt know she has been good to so many people too this is wonderful, I’m in my fifth trade with her and it has been super.
She is my family’s personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.
You trade with Katherine Stewart too? Wow that woman has been a blessing to me and my family.
I’m new at this, please how can I reach her?
I was skeptical at first till I decided to try. Its huge returns is awesome. I can’t say much.
I really enjoy your videos even if a decent portion of your advice is not applicable to me since I don’t live in the US. I hope you keep educating and helping people.
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*When someone becomes rich, a lot of things change. Lifestyle upgrades, new social circles, and different financial responsibilities are just the beginning.*
You mean like getting a private jet instead of flying commercial?
more opportunities for investment and philanthropy increase as well
Managing wealth becomes crucial. Professional advice from expert financial analyst and advisors are important.
Know any experts?
I’m really looking for a good one right now
Experts like Brian Humphery Services can be invaluable, as he is very effective and experienced.