Middle Class Thinks about Spending and World Class Thinks about Investing

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Self-made millionaire and the author of How Rich People Think, Steve Siebold interviewed some of the richest people in the world for over 26 years. He found that when it comes to wealth rich people think differently from average people. When it comes to wealth the thoughts, habits and philosophies of the World class are very different from the Middle class. He pointed out one of the most important distinctions between rich and middle class is that Middle class thinks about spending while World class thinks about investing.

Middle class thinks about spending… World class thinks about investing

Steve Siebold writes, “The middle class is famous for living beyond their means. They’re not spendthrifts, but they earn so little they have to spend it all in order to live a decent existence. To further exacerbate their frustration, they’re scolded by financial experts who insist they discipline themselves and trim their spending. This is sound but middle-class advice.

The world-class answer is to double or triple your income and create enough wealth so you can enjoy the good life to your heart’s desire without worries. This way, you can join the wealthy and focus on investing the remainder of your money in stocks, bonds, real estate, art, and any other wealth-building vehicle you choose.

The rich get richer because they know the world is overflowing with wealth disguised as problems that need to be solved. They know any free market economy will gladly make them as rich as they desire in exchange for solutions to problems.

The bigger problems you solve, the wealthier society will make you. The more people who benefit from your ideas, the more abundance you receive in return. The more you have to invest, the more your money goes to work for you, even as you sleep.

That’s another reason the rich get richer: they’ve learned how to make money work for them twenty four hours a day. And it’s not because they’re investing every penny. The rich like to spend and enjoy their money like everyone else. It’s that they have so much of it, there’s always plenty to invest. So instead of focusing on spending and saving, focus on how to earn more, invest a percentage, and spend the remainder any way you wish.

You only live once and you can’t take it with you. Why not enjoy it?”

“I think that much of the advice given to young men about saving money is wrong. I never saved a cent until I was forty years old. I invested in myself – in study, in mastering my tools, in preparation. Many a man who is putting a few dollars a week into the bank would do much better to put in into himself.” – Henry Ford

Source: How Rich People Think by Steve Siebold

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