I believe you are familiar with the quote "the rich get richer and the poor getting poorer". Today we wont be talking about the poor, or poverty or lack of money but since the topic says Why the rich get richer and the poor don't,then ill like to share my own point of view.
I will like this article to be simple and short to avoid wasting your time but it is advisable to read it up to the very last word because you might have a turn around in some of your doings.
Why the Rich gets richer and the poor don't. 7 Reasons why!
1. They are money Smart
Rich people make money and know how to manage their money. Poor people also make money but they have no idea on how to manage their money, it simply makes the rich an expert when it comes to money management. Rich people know how to save, handle, give and invest money. poor people just know how to make money and spend it all.
2. They are Diversified
The rich know that there's is no short cut to getting wealthy, they therefore don't gamble with unfounded hopes of hitting it big one day. They always have multiple sources of income, they're diversified, whether it be in terms of stock portfolio, business ventures or others investments.
3. They value time
The rich understands that time cannot be bought and when lost can never be regained and so therefore never waste any of it, they never procrastinate anything that is meant to be done today for tomorrow, this is in contrast to unsuccessful people who don't value time as much and love to procrastinate.
4. Savings
Successful people are big savers,rich people save up to at least 20% of their income for use in making other investments. It is true that nobody ever became successful saving but to pursue a bigger investment you have to save up for it. While poor people assume that they will become rich someday.
5. Team Playing
The rich recognize that success is not necessarily a one person race, so they build up teams and organize themselves into groups of like minded individuals, they form networks a lot and find relevant contacts to team up with.
6. Desire to improve
Irrespective of how many who have failed and how many times they have failed, they always bounce back and go at it harder than they did before, they take calculated risks, they are willing to move out of their comfort zone, compared to unsuccessful people who never have the courage to move out of their comfort zone and never take any risks.
7. Living beyond their means
The rich never live beyond their means, most successful people rarely live on their means, but the bulk of the rich live far below their, the poor on the other side always want to live beyond their means, trying to get a taste of what the rich have while not being prepared to go through all they have gone through to achieve their status.
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