Rich vs poor.
We live in a society where many people are inspired to be successful and rich to live life on their terms.
Don’t get me wrong.
I’m all for people wanting to achieve wealth and success.
And quite honestly, that aspiration is what got me from where I was to where I’m now.
But does it mean all those aspired achieve success? Far from it.
The thing is the type of life most people live is not designed to achieve wealth and success.
It’s often quite the opposite.
Most people live a life that drives them away from becoming rich and successful.
Some are even driving themselves poorer.
Luckily, you can change the direction of your life anytime.
And how you do that is quite simple.
Mimic what successful people have done as success always leaves clues. And I believe all secrets are in the process and habits.
To put things in better perspective, successful entrepreneur Dan Lok came up with a list.
It’s a list of 7 things rich people do and poor people don’t.
It’s about following the footstep of the ones that went before you.
Like anything in life, it’s the quickest way of learning and mastering anything.
And success is no different.
Speaking from my own experience, this was what helped me build a successful site.
Whatever your definition of rich and success, learn from the ones who have what you want. And follow what they do and develop their habits.
As a starter, begin with these 7 things successful people do and poor people don’t.
I’m confident you’ll find yourself far ahead of the game once you start taking actions on these 7 things.
1. Rich People Read Books
Poor people watch tv while rich people read books.
According to Dan Lok, one of the ultra habits of successful people is reading. They constantly invest in learning and looking for ways to improve themselves.
This is because success has much more to do with the person you become rather than something you pursue.
It’s also why those who go on to become successful is always growth minded.
They make every commitment to grow, educate, and increase themselves. And that’s a prominent difference between rich and poor.
And you should too if you want to become successful.
Let me tell you about Warren Buffet. He’s one of the most successful investors in our era.
It’s no surprise his devotion to reading is beyond the average.
He even credits his success to his reading. He reads close to 500 pages every day to educate himself.
Looking at this from an investing perspective, it makes sense.
Knowledge works like compound interest. It builds up on top of what’s already there.
But like Warren said, “All of you can do it, but I guarantee not many of you will do it.”
Too few read while most look to get entertained.
If you are just starting, Buffet suggests you commit to reading more.
In the start of this investing career, he read between 600 and 1,000 pages a day, devoting about 80% of his day to reading.
And he’s not alone.
Many successful entrepreneurs make reading a major part of their daily lifestyle.
The more you know about something, the better decision you can make.
2. Rich People Get Paid Based on Results
Rich people get paid based on results, while poor people get paid based on time.
This straightforwardly tackles the mindset of the rich and poor.
Sure, you can earn a good living earning a high salary. You can also make a meager living from result-oriented work. But that’s not my point.
It’s not about the actual dollars.
Rather, it’s about limits, potential, and earning more.
To become truly successful in your own right and build sizable wealth, you need to break many income caps.
And one is your time cap.
Trading your hours for money obviously is limiting in nature. We all have 24 hours a day and sleep and eating can occupy good 8-10 hours of your day.
You can work long hours to increase your pay, but that can come with sleep deprivation and stress.
Your hourly wage or salary is also in the mercy of your employer.
Increasing your wealth gets more beyond your control when working for others.
What they get instead is “security” of steady paychecks. The same paychecks month after month feels safe and comfortable.
What they don’t know however is that this security comes with a price, and that cost is wealth.
On the contrary, when you earn based on results, you get to build wealth.
Your earning becomes more about the value you provide, not the time. Many wealthy individuals also turn their knowledge into profits.
Whether it’s the business they own or stocks they own, the key here is no limit. Surely there is risk involved, but so is handsome rewards.
It’s how most successful and rich people build their wealth, not from their hourly wages.
If your goal is to become rich, aim to never have a ceiling on your income. This may mean you have to let go of “security” and “guarantees” and go for unlimited potential.