ladies and gentlemen everything that
you've been told about being rich is a
lie that is unless you were told the
truth I don't know what you were told
but what I do know is that most people
in this world have a very distorted view
of what it means to be rich because most
people think a rich person is a person
that wears designer clothes drives a
sports car and lives in a big house but
let me tell you something ladies and
gentlemen that is the path to becoming
broke now this might be difficult for
some people out there to comprehend but
when you spend all your money you end up
having no money you end up broke you're
a broke person with nice things and in
America we have some of the best dressed
broke people on planet Earth the real
path to being rich is wearing modest
clothes driving a modest car and living
in a modest house
because then you have money left over to
build your wealth if you want to be the
everyday rich person the path that's
going to get you there is living below
your means or looking poor as this title
suggests so in this video we're going to
do a deep dive on this topic and talk
about the fact versus fictional reality
of the rich the true path to becoming
rich and how to get there so let's start
off with talking about why most people
in this world have very distorted view
of what it means to be rich with chapter
one The profitable industry of the
fictionalized rich so back in the day
when I was an extremely cute little boy
one show that was extremely popular on
TV was called MTV Cribs which went
through famous celebrity houses showing
their giant houses in their abundant
materialistic Lifestyles and everyone
had a fridge full of crystal and like
most people I grew up believing that
this is what it meant to be rich
abundance and this idea was reinforced
by movies the news in social media but
now that I'm older I can see past all
the and I now know that this
image of the rich is completely
fictionalized but the reason we're
flooded with an abundance of content of
this is because of one reason money it's
an industry you see when companies show
this beautiful lifestyle of nice cars
designer clothes and big houses it gets
people's attention and that attention
creates influence and that influence
translates into profit and there's a lot
of money to be made in that industry but
let me tell you something there is no
money to be made in showing a modest
image of what it means to be rich with a
modest car modest clothing and a modest
house because it wouldn't get anybody's
attention and the whole thing would fall
through we see this materialistic
portrayal of what it means to be rich
like MTV Cribs because it gets people's
attention and that attention translates
into profit but this is a purely
fictionalized image of what it means to
be rich and it ends up harming a lot of
people and so in order to not be harmed
by it let's talk about what it actually
means to be rich and what their life
style looks like with chapter 2 the
boring reality of the everyday
millionaire now instead of being fooled
by this fictionalized image of what it
means to be rich Let's Take a look at
what rich people's Lifestyles actually
look like and let me warn you it is
pretty boring according to a study by
Ramsay Solutions of 10,000 millionaires
eight out of 10 millionaires invested in
their company's 401k plan their top
careers were engineer accountant and
teacher and 62% went to public
universities ah and to make this even
more boring according to the book The
Millionaire Next Door common habits of
millionaires or they live below their
means they value Financial Independence
over status and they own modest cars
that is the boring reality of the
everyday millionaire rich people are not
people that flaunt their wealth on TV
but they're people you would never guess
we're rich and the truth is these people
that do flaunt their wealth often go
Bank rupt like Mike Tyson who made $400
million and declared bankruptcy or
Nicholas Cage who made $150 million but
owed $6 million to the IRS and even
Michael Jackson who died with $400
million in debt but that last one
honestly is Justified you see Michael
never had a childhood in every man and
woman on earth needs a childhood and we
love you Michael
we love you and we hope that they
finally are leaving you alone anyways
that is what a rich person looks like so
now that we spoke about the fact versus
fictional reality of the rich Let's now
talk about the true path to becoming
rich and so let's start off with the
biggest quality that's going to get you
there with chapter three getting money
versus keeping money all right so when
it comes to becoming rich there are two
skills that will get you there
the first skill is getting money
obviously you have to have money and
this requires taking risks being
optimistic and putting yourself out
there the second skill is keeping money
and this almost requires the opposite of
humility and frugality they're very
different skills and if we look at
someone like Nicholas Cage he's very
good at getting money but because he
lives this extravagant life life he's
terrible at keeping money which is why
he ended up owing the IRS $6 million
versus the everyday millionaire is good
at getting money although slower and
because he lives a modest lifestyle he's
also good at keeping money it doesn't
matter how much money you make if you
don't have this skill of keeping money
you will lose it all and so looking poor
or living below your means is extremely
important to becoming rich because the
materialistic path makes you broke but
the modest path makes you rich in order
to be rich you can't just be good at
making money but you also have to be
very good at keeping money and you keep
money by living a very frugal lifestyle
and living below your means or looking
poor and so now that we spoke about the
true path to becoming rich Let's talk
about how to get there and it's actually
very simple so let's talk about it in
chapter for the power of small
decisions now most people think that in
order to become rich you have to make
tons of money but as we've seen the
everyday millionaire is a pretty normal
dude the everyday millionaire gets there
by making small decisions to save money
over a long period of time decisions to
look poor like wearing modest clothing
preparing lunch for work driving a
modest car and living in a modest house
from the outside looking in this person
doesn't seem like he has a lot of money
he's not this materialistic image of
what it means to be rich that the media
shows us but because he's making all
these small decisions to live a modest
lifestyle he's able to save tons of
money and although people might not
perceive him as Rich when you look at
his bank account he's doing pretty good
there's a quote that goes wealth is what
you don't spend you don't get rich by
spending money you get rich by not
spending money you get rich by not
giving a about what other people
think of you in these small decisions
you make to live a modest lifestyle add
up to something much bigger but it's not
these small decisions that are going to
get you there it's not enough you have
to get that extra money to work for you
which brings me to chapter 5 the
compounding effect of wealth if you look
at our society
the rich keep getting richer and the
poor keep getting poorer and why is that
well there are many reasons but a huge
reason is because poor people make their
money but rich people's money makes them
money you don't become rich by working
hard and picking up extra shifts no you
become rich by getting your money to
work for you and as we've seen if you
follow this path of living a more modest
lifestyle you end up having more money
in your life and if you use that extra
money wisely it can grow a lot faster
than you will make it for example if you
choose to live this very modest
lifestyle you could end up saving
$11,000 a month and invest that extra
money into the market with an annual
return of 10% in 35 years later that
lifestyle decision would add up to$ 3.2
million
because you chose to live that modest
lifestyle your money begins to compound
and begins to grow quicker than you
could possibly make it wealth doesn't
grow linear it grows exponentially and
although people can't see that wealth
through nice material possessions you
have the freedom to do more of what you
want in life and that is how looking
poor makes you rich and I just want to
finish this video with one final thing
with chapter six creating your own
definition of rich now some people
watching will see the title of this
video and interpret as me saying that
you should dress like a homeless person
drive a beat up car and eat ramen
noodles in just to be honest those
people didn't make it this far in the
video they just read the title made a
smartass comment and left and I will
never take the bait but I want to make
it clear that that is not what I'm
saying there is nothing wrong with
having nice things and if you have the
money you should use it on things you
enjoy if you like fashion get yourself
some nice clothes if you admire cars and
have the money then get yourself a
sports car but don't just do something
because Society is telling you that you
should do it don't just follow this
fictionalized portrayal of What
happiness is and how to get approval in
life because that's just dumb and it's
harming you a lot more than you think it
is instead create your own definition of
what it means to be rich decide what you
want in your own life and I guarantee
you you will naturally spend less and
your life will be much richer and with
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