We’ve all heard of this one. The rich get richer and the poor get poorer. How much of it is mindset and how much of it is circumstance? I think when you fall under a certain threshold of income, it’s really tough to get out of the spiral, and all one can think of is how to put food on the table for the next meal. But for the rest, not languishing in poverty, but somehow living paycheck to paycheck, I think those can be helped with a good dose of mindset shift. How do the rich stay rich, and more importantly, how do the rich get richer? What are some of their secrets?
It’s easy to brush this statement as categorically true, and pin it squarely on the luck of the draw, or that if you start off rich, you will naturally stay rich. Well, just google lottery winners losing all their money, or Johnny Depp, and you’ll know wealth does not automagically beget wealth.
The 4 secrets are:
Living beneath your means
Make wise purchases
Make leverage your friend
Openness to Opportunity
I expand on my blog each of the four points on how the rich get richer.