I explain how to think like the rich during a recession in 2020. We look at the rich vs poor during a recession & financial crisis.These are the 7 things poor people do and the rich don’t. Make money even during stock market crash with these successful & rich habits.
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Remember if you are broke but have a rich mindset then you are never truly poor, the great thing is your own mind is the only thing that you have complete control over in your life . It’s really up to you how you decide to think about these things, but with the right mindset you really can achieve a better financial life.
1. POOR PEOPLE SPEND MONEY ON LIABILITIES, RICH PEOPLE PEOPLE INVEST IN ASSETS
During a recession this is more important than ever as there are lots of potential deals to be had.
In life we are constantly living on a seesaw, on one side we have fancy cars, expensive clothes and unnecessary gadgets. On the other side we have rental properties, paper assets such as stocks and shares and businesses.
The key is working smarter not harder. We rich minded people understand that investing more into our assets and spending less on liabilities will provide us with a constant stream of income for years to come.
2. POOR PEOPLE FOCUS ON OBSTACLES, RICH PEOPLE FOCUS ON OPPORTUNITIES
Why do you think rich minded people buy up so many patents and ideas from other people, it’s simple, it’s because they will act on them !
Now is one of the best times to start a new business as there are so many different industries booming online. This is the time to take your fair share of the millions of dollars being shifted to new exciting start ups.
3. POOR PEOPLE THINK THEY KNOW EVERYTHING, RICH PEOPLE ARE CONTINUALLY LEARNING
Reading books is about expanding your mindset. It’s about learning things you never knew before and then turning those newly learned ideas into actions in your own life.
By upgrading your skills and investing in your education you are increasing your chances of success dramatically
People will say how lucky you are that the recession did not hurt you, but the truth is Luck is when opportunity meets preparation so never stop equipping yourself with knowledge and prepare yourself to be one of the luckiest people alive
4. POOR PEOPLE COMPARE THEMSELVES TO OTHERS, RICH PEOPLE RUN THEIR OWN RACE
You see poor people are constantly comparing their weaknesses with other people’s strengths. It completely ruins their confidence and the worst thing is, it isn’t at all necessary.
In the current situation everyone is looking to other people for direction, most people are scared and as much as some people will try and convince you otherwise, no-one truly knows what the economy is going to do.
Being you and making your own decisions ! This is the only game you can really win.
5. POOR PEOPLE SPEND TIME WITH LOSERS, RICH PEOPLE SPEND TIME WITH SUCCESSFUL PEOPLE
Poor people’s mindsets are often created by no fault of their own, they are surrounded by negative people who discourage success and drag everyone down to the same level.
Rich people understand that attitude is everything. This is more important than ever, if they were to continually hang out with people that complain about the recession and speak negatively about the state of the economy, then they will likely start doing the same thing.
If, however, these same people start hanging around individuals that continuously talk about success, opportunity, and the positive things in life, chances are that they will see the world from an entirely different perspective and take advantage of the opportunities that are at their fingertips.
6. POOR PEOPLE LACK CONFIDENCE, RICH PEOPLE HAVE IT IN TRUCK LOADS.
Poor minded people might be talented at many things, but they always seem to downplay them. Have you ever complimented someone for doing something well and they look down and mumble something like it was nothing , i should have done better, I made a few mistakes.
Rich minded people aren’t afraid to tell you all about what they’re great at.
They understand that in order to be wealthy you must learn to be able to sell yourself, be that in a job interview, to investors, to clients or to your own team so you can effectively lead them.
7. POOR PEOPLE SETTLE, RICH PEOPLE PUSH THE BOUNDARIES
Where as a person with a rich mindset has a bit of patience and understands opportunity cost.
This is important during a recession as the stock market has crashed and interest rates are at an all time low so investing in real estate for example would make a dramatic return. The opportunity of investing now is greater than ever and so is the cost of your dream car.