In this second video of the 3 Part series, I'll teach you about the different mentality between the poor and wealthy. We will delve into their behaviours and money management habits.
Let's look at the difference between how the poor and the wealthy prioritise their money.
The poor: They pay their business expenses in order of priority: First its taxes, lifestyle and the last is a desire to build to build wealth but never seem to do that. Their mentality is to pay everyone else first and I'll get what's left over. Some business owners I speak to are earning less than their employees!
The poor are paying everyone else first before they can pay themselves.
The wealthy: They first save and invest, then comes paying taxes, super, their lifestyle and pay business expenses in order of priority.
THE MAJOR difference in the poor and wealthy is that their money habits are the opposite.
Unlike the poor, the wealthy think about themselves first, and while it sounds selfish, it makes sense: if they can't feed themselves, they won't be able to feed their employees and other stakeholders. If you as a business owner aren't building wealth, you're not building stability for your employees to do their jobs well.
When you learn how to think like a wealthy person and prioritise your money, you'll be amazed how you can turn around your financial future much quicker than you've ever done before.
Rob Kropp
Founder - Pravar Group
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