WHAT DO POOR PEOPLE BUY
THAT RICH PEOPLE AVOID?
(They avoid it like The Plague!…)
EPISODE 157 of a Daily Dose of Greatness Quest with Trevor Crane
What do poor people buy that rich people avoid like the plague?
Poor people buy LIABILITIES. Rich people buy ASSETS. To learn how you can get more ASSETS, so you can have more cool stuff, and more freedom – take notes about this show!
What do poor people buy that rich people avoid like the plague?
“Most people fail to realize, it’s not how much money you make, it’s how much money you keep.”– Robert Kiyosaki, Rich Dad, Poor Dad
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What do poor people buy that rich people do not? That’s the subject of today’s episode of greatness quest.
(INTRO – AUDIO)
Alright, so I just had the opportunity to buy a new couch. I guess I’ve always had the opportunity to buy the couch. But we have a couch in one room in our house and it’s been a couch we’ve had for a few years now it I guess was made out of haunted letter. I didn’t know the difference between bond and leather and leather.
And when we bought it. It was a nice couch just wanted we’ve had it probably now going on five or six years. But this bonded leather leather has started to deteriorate like a warning in one spot on the couch. I’ve been to spot it starting to like peel. And so it looks like crap.
And I’m embarrassing good friends over at the house. And I’m like a, you know, there’s this big spot it looks all trashy and regarded by the couch. And it’s we’ve had a I think it’s Labor Day, Labor Day weekend and holiday weekend and furniture, stores, sales and all that. So we were like, you know what, let’s go by and count.
We have a little media room in our house where we can pay TV to watch movies on and stuff. And I thought, you know what, let’s just buy a nice big sexual movie theaters style thing and make it awesome.
So we ended up finding the right couch for the space. And I spent the better part of the day and finding the couch that we liked, move that the space and measured know. And so it comes down to about $3,000. And we absolutely have the $3,000 to pay for this couch. And a bit of a habit of buying things that I want. We just moved into account.
And so well, I guess it’s been about a year ago. But I’ve been you know, slowly acquiring new stuff. And I’ve just gotten into this habit of buying Amazon and buying when I want something I just go by. And it’s been really cool. You know, we’ve got new stuff which is nice. And it’s I like the pattern of abundance in this stage in my life. But I haven’t had in the past for a long time.
In my past, I just I never even had the ability to be able to buy the things that I wanted when I wanted. So it’s been just a joy. However, we looked at this $3,000 and I’ve been learning from I’ve been studying a lot of things lately and I was talking to one of my new rich mentors are talking about the difference between what poor people buy, what rich people like, what rich people actually avoid buying.
And poor people do this shit all the time for people were like, you know what I want the big screen TV. I want the new car. I want the new this and the new that and one of the richest people that I know this is not how they make decisions.
And in fact, if you’re going to look at the difference between the two. What do poor people buy that rich people do not? The difference is poor people will buy things that are liability. Poor people buy things and now they owe a debt to.
They will take money out of their pocket and they will now owe on it. And they owe on the shiny watch. They owe on the shiny car. They owe and they say oh. And that they Oh, they all do.
And I remember Robert Kiyosaki talks one stage telling the story about how his wife ordered a new car or the Porsche and he was like, okay, that sounds good. Well, let’s go ahead and let’s find an income producing property let’s go out and if you want a new car and finalists will go on.
But instead of just buying an a liability let’s play an asset. Let’s buy an asset that produces a result that produces profit and then the process on that will take and we will invest in this car.
And so what ended up happening within a short period of time I don’t remember how the story went first time frame says two three months and two three months they turn their they turn their focus to buying an income producing property that you know they bought. And then they can rent announced creating economy balance lossless is co creating $600 a month positive cash flow.
Then they went out and got the Porsche say what they did is they said, Okay, I knew I wanted this thing. And it was a bright and shiny new thing that’s totally cool, but because Robert Kiyosaki He’s the author of Rich Dad, Poor Dad, by the way, believes in buying assets versus liabilities, he said, if we’re going to get pick up this liability, I need to pick up something that’s going to generate income, any assets first that will finance this.
So in essence, they ended up creating more cash flow every single month, and they needed in order to pay for the car.
So what my wife and I just did, and we had this conversation this morning, which is why I bring it up as we often have to get the couch right now and I’ve got a nice blanket and I can put it over the question and it’s just me and my wife in the house and you guys you all know that there’s one piece of furniture I have the P is the letters feeling my greatest fear is come true.
You now know that there’s a blockage scab on one of my piece of furniture as if I give a shit but I thought I gave a shit I was gonna go buy this $3,000 couch that much per account. I’m okay with it. But instead what we are doing is we’re taking that money and we’re putting it into some investments. And I don’t know if you’ve done this and I love let’s just say that I have a path that I can go ahead and put in money in.
And let’s just say that I’m going to say that I know that I can do this in crypto currencies and, and things like that in Bitcoin, to like to say that I did for argument’s sake. And I’m not saying that I do but I’m not going to say one way or the other. But I have a seeker of opinion Listen, that I was to put my money in real estate like Robert Kiyosaki and buy a property dictated asset.
Well, my wife and I have done is decided, you know what, let’s double down some of the places we’re putting on my now so that he can give us more money babies, you know, money needs to be in investments.
And instead of taking this cash and buying this couch, which will be really cute and bold, and we’ll probably do it at some stage but instead let’s make some money maybe let’s go ahead and double down on where we are currently putting your money so that it compounding work for us.
So that then the benefits of that the fruit of that one is paying off we’ll go ahead and pay for our account so that when you do come over to my house and watch a movie you you don’t have to see that Oh, my gosh, well, you never seen anyway, tonight, this beautiful blanket that I can lay over the one part of the kitchen that has this little thing. It isn’t on making a big deal over nothing.
And here’s the thing I think it’s great for you and I to buy cool new stuff. I just think that oftentimes for people in poor mentalities and I’m not going to, to speak to you that I have a mindset of the rich and famous and when all that crap that that is not the case. I grew up the son of a horseshoer. Sure, I thought of bankruptcy.
At one stage, I have always felt like there’s been a struggle for money in this fear about money, at least growing up. And I definitely wanted to go out and win in business and life so that I didn’t have to raise my kids in scarcity. I try to embrace abundance every day.
So that’s all I have for you today. My coaching for you my my challenge for you today is to go get the book, Rich Dad, Poor Dad. And if you’ve read it already, to recommend you read it again. I’m going through and I’m reading that one book.
And I’m sitting right now real real in depth on my fifth time, and then I’m done reading and my sister I don’t want to read into six Well, back in the 70s, and I’m going to keep reading it until I can live on the craft and it talks about in the book. You know, I mean it and I know that I do that bullshit and I am I am I am I leading that way or am I full of crap on so here’s the thing.
My challenge for you again, is going to get the book Rich Dad, Poor Dad, reread this sucker. If you ever read if you read it before, maybe have read it, read it again and go and apply something amazing in there from it.
And right now, I would also advise you to pick up more assets that pay you money, they give you more at the end of the year. They go about balancing. You got a little pluses on it, you know, and minuses. You want to buy more pluses and invested more pluses and minuses.
That’s all I got for you today. Make it a magnificent.
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