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Author: Subject: The Top 10 Distinctions Between Millionaires and the Middle Class
JrHagler
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[*] posted on 6.26.2015 at 12:25 PM
The Top 10 Distinctions Between Millionaires and the Middle Class


distinction number 10:

Millionaires think long term. Middle Class thinks short term.

Society can be broken down into 5 groups of people: the very poor, poor, middle class, rich, very rich.
Each group of people thinks differently about money. Very poor people think day to day. Poor people think week to week. Middle class think month to month. Rich people think year to year. And the very rich think decade to decade.

There are three primary goals that can be found in the mind-sets of these five social groups.
_The primary goal for the very poor and poor people is survival.
_The primary goal of the middle class is comfort.
_The primary goal for the rich and very rich is freedom.

The reason that the very poor and poor people seek to survive and the middle class seek to be comfortable is because they have a scarcity mentality. They believe there is not enough money for everyone to have more than enough. The rich and the very rich know the truth: there is enough money for everyone to have more than enough.

What you believe about money has everything to do with how much money you will make. If you have a scarcity mentality, then you will seek to survive or just have enough to be comfortable. If you have an abundance mentality, you will seek freedom. The old saying, "Seek and you will find" is true when it comes to your finances. You really do get what you look for in life.
_If you seek to survive, you will.
_If you seek to be comfortable, you will be.
_If you seek freedom, you will find it.

There is power in long term thinking. It can and will make you rich IF you make it a habit.

Let's look further at each of these groups of people.

Thinking day-to-day, as very poor people do, is where you will find day laborers and street beggars. They typically earn less than than $10,000 a year.

Thinking week-to-week, as poor people do, is living paycheck-to-paycheck and barely making ends meet. Poor people typically earn $10,000 to $25,000 a year.

Thinking month-to-month, as middle class people do, is being concerned with monthly bills, such as mortgage payments, car payments, credit card payments, and other revolving accounts. The middle class typically earns $25,000 to $100,000 a year.

Thinking year-to-year, as rich people do, is where people start learning about fiscal responsibility, financial literacy, and investing. Rich people typically make $100,000 to $500,000 a year.

Thinking decade-to-decade, as the very rich do, is where you find business plans that reach far into the future. It is where people learn how to legally avoid taxes so they can keep their money working for them. It is where people learn how to pass their assets on to future generations without the government taking part of what they spent their lives building. Very rich people typically make well over $500,000 a year. Most very rich people consistently make a minimum of $1,000,000 a year.

Stretch Your Thinking Further Into the Future......the longer you can stretch your thinking into the future, the richer you will become.



JrHagler's personal thought after reading this....

this partially explains why most pro-athlete's are broke (bankrupt) within a few short years after retiring from professional sports....they have all this cash, but their mind-set is still on short term, day to day, week to week, month to month style of thinking.
When they sign that high figure contract, greater than $500,000 a year for example. They don't think about 10 years or 25 years from now. To take HALF of their earnings and put it in a Vanguard S & P 500 FUND....and let it sit for 20, 25, or 30 years. (side note: this fund averages 10 percent a year in interest without doing anything on your part)

BY THE WAY.....this is only one of ten parts from the book.

The Top 10 distinctions between Millionaires and the Middle Class

by Keith Cameron Smith (110 pages hard-back book)
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[*] posted on 6.26.2015 at 10:18 PM


Quote:

Stretch Your Thinking Further Into the Future......the longer you can stretch your thinking into the future, the richer you will become.



Good advice.... on one level. But in the main, I'm a firm believer in -- "what's for you, you'll get." You can plan, scheme, think your way a hundred years into the future, but if it's not for you.... you won't get it. :no:

Never forget: "Man makes plans and God laughs."




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JrHagler
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[*] posted on 6.27.2015 at 12:39 PM


from TeaHoney
Never forget: "Man makes plans and God laughs."

The key here is to make it a habit.
continue to read and learn....then apply such knowledge.
which is the definition of Wisdom.

an example:
If you want to play an musical instrument
simply make it a habit of practicing it one hour a day
and continue to read about the instrument, listen to other players, etc.
and in a year, you to will be an expert.

If you want abundance, learn how others did it, read and study, and then APPLY such knowledge.
you too will succeed!
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[*] posted on 6.27.2015 at 03:58 PM


Quote:
Originally posted by JrHagler
from TeaHoney
Never forget: "Man makes plans and God laughs."

The key here is to make it a habit.
continue to read and learn....then apply such knowledge.
which is the definition of Wisdom.

an example:
If you want to play an musical instrument
simply make it a habit of practicing it one hour a day
and continue to read about the instrument, listen to other players, etc.
and in a year, you to will be an expert.

If you want abundance, learn how others did it, read and study, and then APPLY such knowledge.
you too will succeed!


@JrH, don't make me parse this finances-for-dummies article. And please, don't presume to advise me financially. I'm doing all right for myself.




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JrHagler
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[*] posted on 6.28.2015 at 09:37 AM


@ TeaHoney... It's all about you, right!:ummm:
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[*] posted on 6.28.2015 at 01:07 PM


Quote:
Originally posted by JrHagler
@ TeaHoney... It's all about you, right!:ummm:


It wasn't about me at all. No, my comments were focused SOLELY on the ideas presented in the article. Your ENTIRE post was personal, "all about me," and how I should:

Quote:

continue to read and learn....then apply such knowledge.
which is the definition of Wisdom.

If you want abundance, learn how others did it, read and study, and then APPLY such knowledge.


What is "wisdom?"

--"What's for you, you'll get."

--"Man makes plans and God laughs."

Why is this wisdom? Because it has stood the test of time. What you posted was finances-for-DUMMIES (or perhaps, psychology for dummies?). But I didn't point that out until YOU decided to make it all about me.... not being as financially savvy as you.

Cease with the patronization, the FALSE patronization. You're a truck driver, NOT a captain of finance and industry. There are good points in the OP (which I noted), but it's no 'one size fits all' formula for getting rich.

Plus rich people don't work. Especially at no "$100,000/year" job.




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