"If You Want to Get Rich, Stop Thinking Like a Poor Person"

00:08:02
https://www.youtube.com/watch?v=NR5IFPoRqmo

Summary

TLDRThe video emphasizes the importance of changing one's mindset towards money to achieve wealth. It explains that thinking like a poor person hinders financial growth and highlights the impact of inflation and money printing on wealth distribution. The speaker contrasts the preferences of rich individuals, who invest in valuable assets, versus poor individuals, who often prioritize cheaper, less valuable options. Key principles such as Gran's Law, which states that good money hides when bad money enters the system, are discussed to illustrate the importance of investing in real assets. The broader message encourages viewers to be mindful of their financial decisions and adopt a rich mindset to improve their financial situations.

Takeaways

  • πŸ’° Understand the difference between valuing cheap items vs. real assets.
  • 🏠 Investing in real estate is a smart way to build wealth.
  • πŸ“ˆ The rich benefit from government money printing due to rising asset values.
  • πŸ“‰ Inflation disproportionately affects the poor and middle class.
  • πŸ’Ž Gold and valuable items should be seen as investments, not just luxury.
  • 🧠 Mindfulness in financial thinking can change your financial status.
  • πŸ“Š Avoid the mentality of buying cheap; focus on long-term value.
  • 🚫 Poor thinking leads to financial struggles and scarcity.
  • πŸ‘› Real wealth is about owning valuable assets, not just saving money.
  • πŸŽ“ Schools do not adequately teach money management skills.

Timeline

  • 00:00:00 - 00:08:02

    The speaker discusses the importance of thinking like a rich person to achieve wealth, contrasting this mindset with that of poor people who often see high-value items, like gold or luxury watches, as wasteful. They explain the adverse effects of money printing on the economy, where inflation benefits the rich, as they invest in real assets, while the middle class and poor suffer as their purchasing power diminishes. Using examples such as a Kennedy half dollar and real estate, the speaker emphasizes the worth of tangible assets over currency, highlighting that poor people often prioritize cheap items over valuable investments. The talk culminates in urging listeners to adopt a rich mindset, focusing on long-term value rather than short-term savings.

Mind Map

Video Q&A

  • Why do rich people get richer when the government prints money?

    When money is printed, assets increase in value, benefiting those who own them.

  • What is Gran's Law?

    Gran's Law states that when bad money enters a system, good money goes into hiding.

  • Why does the speaker buy gold watches?

    Gold watches are seen as tangible assets that appreciate in value, unlike cash.

  • How should one think to get rich?

    One should focus on investing in real assets and long-term value instead of seeking cheap, non-valuable items.

  • What does the speaker mean by mindfulness regarding money?

    Mindfulness in this context refers to being aware of how you think about money and investing.

  • What should you prioritize when making purchases?

    Prioritize long-term value and quality investments over immediate savings.

  • How does inflation affect the poor and middle class?

    Inflation erodes purchasing power, making basic goods more expensive, adversely affecting the poor and middle class.

  • What is the speaker's opinion about cheap consumer goods?

    Buying cheap items is seen as a poor mindset; investing in valuable goods is advised.

  • What can you learn from the speaker's experiences?

    Understanding the long-term value of assets and making investment-oriented decisions is crucial.

  • Why do many people misunderstand money management?

    Schools often fail to teach significant money management principles.

View more video summaries

Get instant access to free YouTube video summaries powered by AI!
Subtitles
en
Auto Scroll:
  • 00:00:00
    I want to talk to you about how to think
  • 00:00:01
    richer it's really tough to get rich if
  • 00:00:05
    you think like a poor person and we all
  • 00:00:07
    know poor people they're all over the
  • 00:00:10
    place so I'm going just show you
  • 00:00:11
    something here this here is a gold Rolex
  • 00:00:14
    Daytona the younger people have no idea
  • 00:00:16
    what Daytona means but this was Paul
  • 00:00:17
    Newman's watch and all this stuff and I
  • 00:00:20
    own four daytonas they go oh what a
  • 00:00:24
    waste of money that's how a poor person
  • 00:00:26
    thinks why do I buy a $50,000 watch
  • 00:00:29
    let's say it is and gold rings and all
  • 00:00:31
    this well the reason is because the
  • 00:00:33
    national debt of America is through the
  • 00:00:36
    freaking roof we're going bankrupt the
  • 00:00:38
    way America with our politicians the way
  • 00:00:41
    they solve their problems is they print
  • 00:00:43
    money one thing wrong with printing
  • 00:00:45
    money the rich get richer and the poor
  • 00:00:48
    middle class get poorer ression Lawes
  • 00:00:51
    when bad money enters a system good
  • 00:00:53
    money goes into hiding now here's a 50
  • 00:00:56
    cent piece Kennedy half dollar 1964 this
  • 00:01:00
    is from my friend Jim Clark Republic
  • 00:01:02
    Monetary Exchange here in Phoenix
  • 00:01:03
    Arizona I buy a lot of golden real
  • 00:01:06
    golden silver from him so in bad money
  • 00:01:08
    enters a system which is the bad money
  • 00:01:11
    this or this the agressions law says
  • 00:01:14
    when bad money enters a system good
  • 00:01:17
    money goes into hiding this is bad money
  • 00:01:20
    this is real money so what happens is
  • 00:01:22
    when I show this to most people most
  • 00:01:24
    people say which one I said which one do
  • 00:01:26
    you want the $10 or the 50 cent piece
  • 00:01:30
    the average person young or old jumps
  • 00:01:32
    for this but this is bad money the smart
  • 00:01:35
    want real money and the reason this
  • 00:01:38
    happens is every time the government
  • 00:01:39
    prints money which started in 1971 when
  • 00:01:42
    Nixon took the dollar off the gold
  • 00:01:44
    standard every time you print money the
  • 00:01:47
    rich get richer let me say it again when
  • 00:01:50
    you print money government's print money
  • 00:01:52
    which are printing all over the world
  • 00:01:53
    today the rich are getting richer
  • 00:01:56
    because assets go up in value what else
  • 00:01:59
    goes up in price are food eggs and stuff
  • 00:02:01
    like this so the rich get richer because
  • 00:02:04
    they have real money but the poor in
  • 00:02:06
    middle class get hammered because
  • 00:02:08
    inflation's killing them see look at
  • 00:02:09
    America today there have an election
  • 00:02:12
    coming up for the president and what's
  • 00:02:14
    happening is inflation is killing people
  • 00:02:16
    right now this is getting takes more and
  • 00:02:18
    more of these to buy one of these here
  • 00:02:20
    so you understand Gram's law when bad
  • 00:02:25
    money enters a system this is bad money
  • 00:02:27
    this goes into hiding so Republic
  • 00:02:29
    monetary exchange here in Phoenix this
  • 00:02:31
    isn't hiding this 50 cent piece is worth
  • 00:02:34
    a lot more than this so we're talking
  • 00:02:37
    about why do I buy assets why do I buy
  • 00:02:39
    real estate because when I use debt debt
  • 00:02:42
    is this fake money here to buy a real a
  • 00:02:45
    house this goes down in value but the
  • 00:02:48
    house goes up in value so that's why the
  • 00:02:51
    smart people know how to use debt to get
  • 00:02:53
    richer cuz they use debt to buy real
  • 00:02:56
    assets and this gets worth less and less
  • 00:02:59
    and less and less us it's Gran's law
  • 00:03:02
    when bad money enters the system good
  • 00:03:04
    money goes into hiy when bad money
  • 00:03:07
    enters the system the rich buy more
  • 00:03:09
    assets like real estate land things like
  • 00:03:12
    this so they get richer and the poor in
  • 00:03:14
    middle class get poor cuz inflation
  • 00:03:16
    kills as Gran's law has been around for
  • 00:03:18
    thousands of years so I hold this up
  • 00:03:20
    here 1964 real silver and this I say
  • 00:03:24
    which would you rather have this 50 cent
  • 00:03:26
    piece or the $10 the rich will take this
  • 00:03:30
    poor midle class will take this let me
  • 00:03:32
    explain this when you print money the
  • 00:03:34
    price of assets go up like my apartment
  • 00:03:36
    houses go up the price of oil goes up
  • 00:03:39
    and things like this so what happens is
  • 00:03:41
    you print money the price of oil goes up
  • 00:03:44
    but so do the cost of a chicken because
  • 00:03:45
    a chicken takes gas to get it to the
  • 00:03:48
    supermarket so you go to the supermarket
  • 00:03:50
    why is this chicken $10 today whatever
  • 00:03:52
    it is I don't pay attention to that
  • 00:03:53
    stuff but we're printing so much money
  • 00:03:56
    today this here this solid gold watch
  • 00:03:59
    I've been buying gold since it was $50
  • 00:04:02
    an ounce that's why I own gold mines I
  • 00:04:05
    don't like to fool around with too much
  • 00:04:07
    I have real goal I can take it I can
  • 00:04:10
    feel it it's in a private fault hidden
  • 00:04:12
    in some Mountain not too far from here
  • 00:04:15
    but the reason why I buy this gold watch
  • 00:04:17
    let's say it cost
  • 00:04:18
    $50,000 5 years from now what will this
  • 00:04:21
    gold watch be
  • 00:04:22
    worth see if gold today is let's say
  • 00:04:26
    $3,000 and the prediction is gold is
  • 00:04:28
    going to go to 50 $15,000 so that's a
  • 00:04:31
    ftim so the reason I buy a gold watch I
  • 00:04:34
    can buy a cheap ass Swatch watch or a
  • 00:04:36
    timx or whatever it is for 50 bucks I
  • 00:04:39
    some of those too by buying a gold Rolex
  • 00:04:41
    I'm not saying do it I'm just telling
  • 00:04:43
    you how I think and how poor people
  • 00:04:46
    think oh I'm going to get myself a cheap
  • 00:04:48
    ass Apple watch no right Lefty Apple
  • 00:04:53
    person would buy a solid gold Apple
  • 00:04:55
    watch you know cuz it doesn't fit their
  • 00:04:57
    genre but when I buy this thing here I
  • 00:05:00
    get to wear my asset on my wrist cuz it
  • 00:05:03
    gets more valuable the more government
  • 00:05:06
    is up the more they print money
  • 00:05:09
    the more valuable is not the watch it's
  • 00:05:12
    the gold in the watch so I'm just saying
  • 00:05:14
    to you that is how I think and I was
  • 00:05:17
    trained to think that way but a poor
  • 00:05:19
    person they want to buy something that's
  • 00:05:21
    Nic looking but inexpensive that's why
  • 00:05:24
    they're poor you know some people buy
  • 00:05:26
    like I see women with these very
  • 00:05:28
    expensive handbags
  • 00:05:30
    I hate to tell you this the only place
  • 00:05:32
    that's going to be good for is a
  • 00:05:34
    Salvation Army thrift store but they
  • 00:05:36
    have a some Gucci bag or something or
  • 00:05:39
    they got Gucci shoes or whatever they
  • 00:05:41
    have but there's nothing wrong with
  • 00:05:43
    wearing your assets on your wrist or
  • 00:05:47
    gold earrings because it's not the
  • 00:05:49
    earring it's the gold so if you can
  • 00:05:52
    understand that the reason poor people
  • 00:05:54
    are poor is they think if they get
  • 00:05:56
    something for cheap they're smart but
  • 00:05:59
    they're really poor so ladies and
  • 00:06:01
    Gentlemen people talk about mindfulness
  • 00:06:03
    now Buddhism is mindfulness what are you
  • 00:06:05
    saying to yourself oh I can get by
  • 00:06:08
    living this or I can eat cheap food or I
  • 00:06:11
    can do this remember this this is the
  • 00:06:13
    rule when the government prints money
  • 00:06:16
    assess go price up in price the rich get
  • 00:06:19
    richer but the poor get poorer so when
  • 00:06:21
    you print money the price of gasoline
  • 00:06:24
    goes up I get richer cuz I own oil wells
  • 00:06:27
    the poor in middle class get poorer cuz
  • 00:06:29
    they're putting gas in the car it's also
  • 00:06:31
    taking gas to get that chicken and
  • 00:06:33
    toilet paper to the supermarket so
  • 00:06:35
    that's what's going on in America today
  • 00:06:37
    and the biggest problem as you know is
  • 00:06:39
    that most of our leaders a lot of them
  • 00:06:43
    are School teachers like tampon Tim
  • 00:06:46
    Walls who ran with CA he's a college
  • 00:06:49
    professor or something like that the
  • 00:06:50
    governor don't hang out with poor people
  • 00:06:52
    it's a waste of your time My Poor Dad
  • 00:06:54
    smart guy and all that pours a church
  • 00:06:57
    mouse he wanted everything that was
  • 00:06:59
    inexpensive rather than something that
  • 00:07:02
    was valuable not the price but what is
  • 00:07:04
    the long-term value of what you're
  • 00:07:07
    buying today I'm taking delivery on a
  • 00:07:09
    new car not that I need a new car but
  • 00:07:12
    it's a very rare car so I get to drive
  • 00:07:15
    around a very rare car that only rich
  • 00:07:17
    people can afford oh such a waste of
  • 00:07:20
    money I'd rather drive around my Toyota
  • 00:07:22
    Prius okay that's fine you get from
  • 00:07:25
    point A to point B but you get richer no
  • 00:07:29
    that's the the problem so the problem
  • 00:07:30
    isn't the Toyota Prius or my new
  • 00:07:33
    collector C coming in problem is how you
  • 00:07:35
    think so ladies and gentlemen it's
  • 00:07:37
    called mindfulness be mindful the
  • 00:07:39
    question is are you thinking like a rich
  • 00:07:41
    person a poor person or a school teacher
  • 00:07:44
    so if you want to find out the top three
  • 00:07:47
    things that schools should have taught
  • 00:07:49
    you about money and three is light men
  • 00:07:52
    they don't teach you anything but the
  • 00:07:53
    top three things of school does not
  • 00:07:55
    teach you about money please watch the
  • 00:07:57
    next videos
Tags
  • mindset
  • wealth
  • investment
  • inflation
  • money
  • Gran's Law
  • assets
  • mindfulness
  • financial education
  • rich vs poor