The main reason people fail to become rich is because they work for money. If you work for money you will continue to be poor your entire life. Rich people don’t work for money, rich people are smarter than that. If you want to be rich also then you need to learn what the rich people work for.
Poor people go to school to learn how to be good employees, then they go to college to they can get a good job with great benefits. If they don’t get a job they start a small business where they work 10-12 hours per day for money to pay their expenses. When they get a pay rise their expenses increase by buying a bigger house or better car, they also accumulate more debt from bad spending habits. The more money poor people earn the poorer they become and the more tied down to their ‘secure’ job they become. Because they decided to work for money they created a life with very little freedom and they become slaves to money.
Rich people on the other hand don’t work for money, they work to acquire assets. Assets are things that put money into your pocket on a regular basis without you having to work for them. Assets work for you and they allow you to stop working and still become richer. A rental property can be an asset ONLY if rental income is greater than all expenses (so it puts money in your pocket). If your rental income costs you money each month it is a liability, not an asset.
I spend a lot of time studying how to become rich. I have also spent a lot of time studying real estate and positive cashflow real estate. I work a part time job to pay the bills and my other time is spend searching for, creating and acquiring assets. My friends, who work for money and earn quite a lot, recently came to me for investment advice. They wanted to pay me money to show them investment opportunities. This was great because I could earn a lot of money by doing this, but the only thing is that then I would be the same as them, I would be working for money.
I have studied rich people and I have noticed that rich people don’t work for money they work for assets. In fact when a rich person is building a business they get paid last. Their employers, their suppliers and their investors all get paid straight away, but the owner get paid last. But ultimately they end up with an asset that is worth a lot of money and that generates income without them working. The workers got paid first but ended up the poorest, the owner got paid last (because he was working for an asset) but ended up the richest.
I work in a part time job for money, but that is because I have a family and I need to pay for food and rent. But most of my time is spent focusing on working for assets. My friends who work full time earn more than me but they have no time or freedom to look for assets. So I am not saying quit your job now, I am just saying you need to change your goals and what you are working for.
So instead of working for money to find investment opportunities I am now looking for ways to partner with people in investments so that I am working for assets not money. If you work for money you will always have to work to keep your head above water, if you work to create and acquire assets then your assets will work for you so you don’t have to work. This means you have more freedom to do what you want and be who you want to be.