How Rich People Think About Money (Psychology of Money)

hello youtube my name is myron golden and i want to share the psychology of money rich poor middle class because the psychology you have around money is going to determine whether you're rich poor middle class here we go [Music] most people make the mistake of thinking that the difference between rich people poor people middle class people is how much money they have i submit to you that how much money you have has more to do with whether you have the psychology of a rich person or middle class person or a poor person so and the difference between how much money you make whether you're rich poor middle class has way more to do with your psychology than it does with your job it has way more to do with your psychology than it does um with the side of the tracks you grew up on has way more to do with your psychology than it does whether you're a man or a woman or whether you're black white asian or hispanic or whatever your ethnicity is how much money you make is determined by whether you have the psychology of a rich person a poor person or a middle class person and when i discovered that it was like game changer for me so i'm going to give you a little bit of perspective i'm going to give you first first lesson on perspective is this so if you are standing at an intersection this is my best this is my best illustration of an intersection you're standing at an intersection and you see an accident right there in that intersection now you're probably wondering why did i mark an intersection with a dollar sign because if you have an accident i guarantee you it's going to cost you some money right okay and other and also for most people if they make any real money in their life they did it by accident so those are the two reasons i marked the accident with a money sign so um when you if what you see you're all if four people are four different people are standing on this intersection right what they see is going to be completely different because of one thing what's that that's their perspective and if you think about it perspective your perspective on life is what contributes to your psychology so your perspective on money you're for like if four people are looking at the same accident did they see the same accident well yeah they saw the same accident but did they see the same thing they didn't they all saw something different why because they were looking at it from a different perspective so if we take this intersection and we convert that intersection from an intersection into a window so now we've got a window with four different window panes right so how we look at money is going to be determined our money psychology our money psychology wow it worked well our money psychology is going to be determined by by the perspective we have where are you looking at money from are you looking at money from the perspective of a rich person a poor person or a middle-class person and so that's going to be the thing that determines your money and so um the first piece of the psychology of money is how what's your psychology around making money well um if you're if you're this person your psychology around money your your name is probably hajj we're gonna call you hajj right you say haj what's that what's that mean it means have a job the way to make money is to have a job what does that mean that means you sell a whole bunch of your time for a little bit of somebody else's money right um and the reason you do that is because your whole life you've been lied to they told you your entire life um that time is money you've heard this your whole life time is money time is money time is money time is money is one of the most expensive lies you can ever buy so don't buy the lie it costs too much so so time is money time is not money time is infinitely more valuable than money if you run out of money you can get more money but if you're out of time you don't get more time right i don't think there's anybody here if i said i would write you a check for a million dollars a day today that will clear the bank by the way i'll write you a check for a million dollars today how many you want that money all you say i want the money i want the money but if i said there's one stipulation you have to end your life today and now nobody wants it why because all of us know the potential of tomorrow is greater than any amount of money today that's going to cause us to lose all of our tomorrows are y'all so hopefully what i'm saying is making sense to you but if i said if the doctor told you today and you had a million dollars in all million dollars was your total life savings and the doctor told you you were gonna die but there's an antidote and it can save you and um it's gonna cost a million dollars and it's worked 100 of the time would you use that million dollars to buy that antidote of course you would why because intuitively in your soul your soul knows that time is more valuable than money but your mind has been tricked by the cultural hypnotic societal mechanism into believing that time is money but time is money is a lie don't buy the lie it costs too much okay so then what you do is you're like this have a job thing ain't working so you go over here you go over here to this guy and your name becomes oge you say oh who's oh she's own a job and most people what they do they think they want to become entrepreneurs and so what they do is they go out and they buy a business or they start a business where they are the only person working in that business well that is not that that's not owning a business most people think they own a business what they really own is a job and i said to people well you can get a job for free why would you want to go buy one right and so they're a person who goes out and buys some lawn mowers and they start a landscaping service or they go out and buy some buckets and some mops and they start a cleaning service what you should do instead is you should figure out how to create a system i love what w edward edwards said he said systems under which people work account for 90 of the failure therefore the key to success in any endeavor is to perfect the system oh okay cool got it so what do i want to do you don't want to be this guy you want to be this guy you want to be os oh so what's that own a system what's a system a system is some mechanism that you use that makes you money every month like did you know that you could write a kindle book a month if you wrote one kindle book a month you could eventually get that kindle book making you a thousand dollars right so you're selling a thousand dollars worth of that kindle book every month you get by the end of 12 months you got 12 books congratulations you got a business you got a system that's paying you twelve thousand dollars twelve thousand dollars a month if you have a membership site and the membership site costs you ninety seven dollars you cost your members ninety seven dollars a month you go out and you get two hundred members you're making twenty thousand dollars a month so think from a perspective of what kind of systems can i create that will pay me for the rest of my life this is what this is what a real business owner owns a real business owner own systems so we have systems in place where we have hundreds and hundreds of dollars of book sales that come in every day hundreds and hundreds sometimes thousands and thousands of dollars of ticket sales for our events every day and then we've got transactions of products and offers that we've created that because we own a system and then then the last guy you want to become is you want to you want to become the sms sms okay we'll call him sams okay so sam's what do what does sam's do sam's sows money seeds what do you do there you're investing your money you're planting your money in the ground and making that money grow out of the ground so now over here your systems are making money down here this is why these two people are sad because you're you're using your time to make money using your time to make money you're making more money but you have less time over here you're using time to make money you have neither money nor time over here you have more money but you have no time to enjoy it when you come up here now you're finally making more money and you have the time to enjoy it and then ultimately when this takes over this space now you've got your you've got so much money coming in you've got all the money you need and all the time to enjoy it so what is the difference between the psychology of rich people poor people middle class people and i'm going to end with this so the pro poor people have the psychology that makes them think the primary purpose of money is to pay bills and buy stuff right that's the primary purpose of money pay bills and buy stuff so they'll go out and they'll find a job that gives them enough money to pay their bills and to buy stuff y'all track it so what happens if this is what you think the purpose of money is you will always be poor you're not poor because of the job you have you got the job you had because your psychology was the psychology of poverty okay so middle class people middle class people think the purpose of money is to create and maintain maintain i hope i spelled that right good credit why so they can pay their bills on time and buy stuff that they can't really afford so that's wha so a middle class person will get a job that makes more money so they can buy things on time and then pay off today's junk with tomorrow's money right that's the that's the psychology of middle class people rich people believe that the primary we're talking about primary when we talk about psychology i'm talking about the psychology between what you believe is the primary purpose of money so i want you to think about just for a minute now while you're watching this video think about how you think about money when you think about money do you think about all the stuff you got to pay for and there's never enough money that's because you only decided to figure out how to make enough money to pay for the stuff you buy right so rich people believe the psychology of rich people when it comes to the purpose of money rich people believe the primary purpose of money is to turn it into watch this now more money so the first thing you do when you get a dollar is you pay your electric bill your water bill your mortgage payment your car insurance your college loans you buy food you pay your utilities you take yourself to the movies or you take you and your family to the movies or out to dinner and you spent this money because you gave yourself a temporary temporary relief of the pain of being broke right or you go out your car it has 36 thousand miles on it oh my goodness it's so high mileage i got to go get a new car and you really want a new car because you're bored with your old car right but the reality is all you have to do is think about it from a different perspective so you make enough money you go buy the stuff you pay the bills you maintain good credit you got you got your your 750 credit score your 850 credit score and you're excited because now i can go buy anything i want even though i can't afford it but when you really get it when it really begins to make sense to you what you're going to do is every time you get a dollar you're gonna say how can i take this dollar and turn it into two how can i take this dollar and turn it into ten how can i take this dollar and turn it into twenty how can i take this dollar and turn it into thirty or a hundred or five hundred dollars because when i can take this dollar and turn it into more dollars in my book from the trashman to the cash man i call that holding on to your money long enough for it to get pregnant and have babies you never spend the mama money you only spend the baby money that's what rich people think about how can i turn this money into more money now here's the the final thing i'm gonna say is this the other thing is middle-class people and poor people are afraid to take their money and invest in something that's gonna make more money because rich people i mean middle-class people and poor people these people want to guarantee they want a guarantee right but rich people want an opportunity so if you become the kind of person who seeks opportunities over guarantees and your primary purpose for money is to turn it into more money then every time you get money you're going to be looking for a way to turn it into more money and congratulations you've developed the psychology of rich of rich folks hope that helps like the comment like this video if it made sense to you comment on it subscribe like comment subscribe share like all that fun stuff help the people you know if you think this information will be helpful for them hope it helped dr myron golden signing out bye for now

Channel: Myron Golden

Views: 622,371

Keywords: Psychology of money, Myron, Myron Golden

Id: rdctz6zSMKw

Length: 12min 20sec (740 seconds)

Published: Fri May 06 2022