7 Things Rich People Advise But Never Do | How To Be Rich and Successful In Life


When rich people give advice everyone stops whatever they are doing and listens keenly being individuals who’ve achieved the financial success it’s tempting to follow every piece of advice that a wealthy person doles out but you shouldn’t thing is rich people.
often don’t follow their own financial opinions which is why in this video I will share with you seven things rich people advise but never do and if you’re new to the channel then hit the subscribe button below for more life-changing content number one save money let’s take a stroll down memory lane.
remember the piggy bank you used to own when you were a kid remember how you throw in it all of your loose change hoping that it would amount to something big one day there’s a high chance that you carried that piggy bank mentality into adulthood just that this time some wealth experts introduced you to new savings techniques
rich people are the biggest propagators of the saving culture and saving is one
of the secret tips, i’ll give you if you want to secure a similar affluent lifestyle they’ll advise you to open high-interest savings accounts because according to themĀ  saving money is one of the steps of accumulating wealth
but this is not actually the case because for one
saving yields no returns and secondly rich people don’t save as much as they claim to truth is wealthy people will give talks and advice that encourage saving money but they don’t actually practice that instead most of them channel their extra cash into different
forms of investments like stocks bonds mutual funds and real estate this doesn’t mean that saving money is a wrong move but hefty saving eventually amounts to leaving money on the table from a financial standpoint I mean why to put your money in savings accounts only retrieve the same amount later
see the beautiful thing about investing as opposed to saving is that investments give you passive earnings thus boosting your chances of accumulating wealth over time if you want to make your money work for you pump your money into an investment that will earn profits and supplement
your current income sources this is why you’ll find rich people enjoying the comfort of their expensive homes
waiting for earnings from their investments to stream into their accounts and make them wealthier unlike you
who are working so hard to earn extra money to stash in savings jar but don’t get me wrong i am not saying that saving money is stupid I’m just trying to make you understand that saving makes your money lie idle therefore it’s more advisable to
set reachable savings goals and commit the saved amount to an investment that has a track record of yielding maximum returns actually you’ll find that most of these savings accounts have very low interest rates attached to them meaning there are almost zero chance
that your money will earn interest over time even if it does it’s usually a minimal amount keep in mind that money depreciates over time depending on the inflation levels in the economy it’s therefore quite unfortunate that your savings may become less valuable with time especially
if you save it for a prolonged period so instead of letting your money sit idle in your account make an investment number two reduce spending when it comes to spending money most of us have no idea where to draw the line
you either spend like a drunken sailor and drown in regret later or pinch your pennies to the extent of being mean to yourself according to wealthy people the latter option is the best and they deem overspending as the gravest financial wrongdoing you can ever commit
wealthy people often advise us to cut underspending and subscribe to a more frugal lifestyle but the question is
do they do that themselves the answer is no successful individuals will gladly educate you on how reducing your spending is a significant contributing
factor to your wealth accumulation journey yet they’ll cruise around in million-dollar yachts they’ll even go to the
the extent of offering personalized tips to help free up your budget and I’m pretty sure that this sounds like the most reasonable thing to do
right you probably convinced yourself to believe that cutting down your expenditures will definitely result in
you having more money to save and invest and you are not wrong yes cutting down spending will help you save more
but at what it cost you see it’s not as direct as it sounds and this raises the big question to what extremes do you have to cut you
spending many people tend to cut their spending to the extent that it affects their quality of life if you’re walking around looking hungry homeless and sulky in the name of slashing your spending you’re doing it wrong as a matter of fact you may end up scaring potential
business partners because hey no one wants to do business with someone that’s broken unhappy number three get out of debt a simple word that most people don’t want to be associated with rich people have made us believe that debt is your most significant financial
enemy and that you should only borrow money when you really have to you just don’t wake up one morning and
decide that you are going to your bank to take a loan you often do it as a matter of last resort after depleting your savings and exhausting any other options
but despite the bad reputation that credit has picked up over the years is that really as bad as it’s portrayed
to see the same rich people that discourage you from taking debts have built million-dollar businesses from loans they take loans to finance their investment set up new companies and to buy real estate property that earns some huge
profits so for them it’s more like taking calculated risks when signing up for credit they just don’t do it blindly at some point in your life you will be faced with the decision to borrow money it could be from a friend an auto loan company or even a bank when it happens don’t beat yourself up
instead, take your time to evaluate the purpose of the loan and if taking the loan is going to pave the way for an extra cash inflow then go for it maybe you are borrowing money to boost your business
invest in equities or pay off a high-interest loan that’s been digging a hole in your wallet in such circumstances you’ll find that taking a loan isn’t a bad idea after all keep in mind that financing debt can be stressful especially
when you don’t have a job or sufficient earnings to sustain yourself when things go south people avoid debt to save themselves the stresses of nagging debt collectors and endless credit-related phone alerts
you can even have your property auctioned in some extremes or also lose your mind in the chaos for this reason make sure you assert your present financial situation and evaluate the terms of credit before diving in all in all it’s high time you let go of your debt phobia
and start using debt to make more money it’s what the rich do every day don’t let explosive business opportunities pass you by just because you lack capital and most importantly know the difference between good debt
and bad debt the secret sauce is to never use debt to obtain liabilities and depreciating assets like personal cars or vacations number four go to school go to school work hard get a good paying job and live happily ever after
this is how society views life and this is the narrative that’s always been used to defend formal education personally I’ve been told countless times that I can’t get anywhere without a college degree especially in today’s world and I’m sure a lot of you can attest to the same
the advice it’s more of a cliche actually when wealthy billionaires grace college graduations you’ll hear them distill
gems on how schooling is an essential step to achieving lifelong success but is it really it’s quite ironic how
these same advocates of formal education only achieve the bare minimum when it comes to going to school I can name a tad too many billionaires that dropped out of college or those that never set
foot there in the first place actually some don’t even hold a high school diploma bill gates mark Zuckerberg and Amancio Ortega are just a few out of the 30 billionaires without college degrees
it is not that school is a complete waste of time but it’s just not for everyone as long as you are street smart you can still take advantage of the alternate ways of attaining financial success and making headway towards living the life you want
number five have a nine to five income usually after attaining a college education the urge for financial independence is often too overwhelming at that time an ordinary person will be thinking about paying off their student
loans and moving out of their parent’s homes and the easiest way to do this is to secure a well-paying traditional job we hold traditional careers with high esteem and anyway who doesn’t love the thought of having a bountiful monthly paycheck now listen forget the advice that rich
people gave you I’m sure you’ve heard from a couple of successful people that quitting your 9-5 job is a terrible decision they’ll tell you all the benefits of holding a 9-5 job while leaving out the numerous perks of being your own boss if you want to become rich you have to
be bold enough to take risks for sure nothing comes easy and whether you choose to start your own business or become a profiting investor you won’t do this with one source of income
in fact, having a job can be rewarding on multiple levels from having a reliable salary to access to health insurance and even a pension the only problem is that your employer will only pay you enough to have you
back at work the next day often the downsides of working in nine
to five outweigh the benefits and this is why wealthy people prefer running their own businesses instead if you really want to break out of your present financial status and scale higher get out of your comfort zone and put your ideas out there
the rich know that working for someone else will hold them back from exploring new ideas and achieving huge successes on top of that rich people realize that time is a fleeting and valuable resource because the more time you spend working
on someone else’s dream the less time you have to bring your own to life therefore I strongly advise that once you start saving enough from your nine to five take the leap of faith and let your money work for you start your own company or at least build yourself a
a side hustle that you can call your own number six diversifying all your investments we’ve been told countless times that putting all your eggs in one basket is a laughable investment approach the most popular investment advice that any successful
the investor will give you is that a well-diversified portfolio is a winning portfolio diversification is seen as a safer
option and for a couple of reasons first investing in a variety of assets provides an edge to counter risks more proactively
and secondly, it enables you to maximize investment returns but let’s face it diversification is only possible if you have a large pool of funds to invest we tend to imagine that rich people got
where they are by making very many types of investments but they don’t despite their advice rich people are
known to go all-in with their investments especially with the stock market according to them over diversifying your
finances will likely result in having scattered focus and attention which may cause your investments to underperform if you look at it from a different angle you realize that there is power in a centralized investment position this means that instead of spreading
their funds across various securities rich people choose to put their eggs in one big basket and guard it with baited breath in some cases diversification will work but in others, it’s more practical to pick one investment vehicle and hold in for an extended period
you’ll love the results number seven enjoy your free time what do you do in your free time well I can easily guess it is probably nothing related to work and as wealthy people have made us believe free time should be used to rest their minds and
recharge our energy yes this claim is very accurate but the question is do rich people follow their own advice you’d be surprised to learn that several rich executives are actually workaholics who
barely have time for themselves usually
they are the first to arrive at their workplaces or companies and maybe even the last to leave if they need to take a breather they’ll grab a book on investment or listen to a podcast that will teach them something new they work so hard that
when they get time to take a vacation it always ends up being tied to their businesses either a contract to be signed or a business negotiation to be made thing is wealthy individuals know the value of time
and therefore see it as an investment
this is why you’ll find them making the most of their free time by engaging in activities that look like leisure but in the real sense they are not if you want to be rich I highly advise that you take up a similar line of thinking quit wasting your time on mindless
activities that don’t add value to your net worth or health