Rich People Buy Assets, Poor People Buy Things

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Season 2 Episode 5 of Not Me, But You! Podcast.

If you like my content and you want to support me in my creative effort of making this podcast, and if you are interested in buying/selling crypto and gold/silver INSIDE of an IRA, then use my referral link to I Trust Capital dot com.  https://itrustcapital.com/?referral_id=AAWC4U&utm_source=RAF

Once you embrace this concept that rich people do indeed buy assets and poor people buy things, then you are on your path to become wealthier. It's the constant consumerism of poor people getting new money into their bank accounts and then immediately asking themselves, "What new thing can I buy?" that KEEPS them poor! Ironic isn't it? 

Rich people ask themselves a different question: "What asset can I buy with my new money?" Rich people increase their "cash flow" by buying assets on a schedule. DCA-ing is "dollar cost averaging" which by definition is buying an asset on a schedule WITH consistency. 

Think of your investment journey as a train that travels on two parallel tracks. One track is growth stocks(Apple, Microsoft, Google, Tesla, Nvidia, Home Depot etc). These growth stocks are all names of companies you already know! You gain money by the price per share going up over time. 

But dividend stocks that can pay a high yield (dividend, rate of return on your money) are often companies you likely haven't heard of. You gain money on  a schedule(monthly or quarterly) in the form of a dividend payment that the company pays you simply for owning shares of stock! True passive income! You can't get any MORE passive than that! 

When a poor person buys things, money flows AWAY from them. When a rich person buys an asset, money flows TO them! Wrap your brain around this concept. Make it your goal each week/month to buy more assets and less things. After you have a solid foundation, and have "cash flow" coming to you from the assets you own, THEN you can go spend money on anything that you  want. 

How do you buy stocks? Use a stock trading platform. My personal choice is Charles Schwab. I like the user friendly website and phone app. I also really like their customer service. I can talk to a human being easily when I have a question! 

What Are You Passionate About Today? Email me at [email protected] 

Have courage today, to pick one thing, and work on your dreams!

I'm not a financial advisor. This podcast is for education/entertainment purposes only. You will need to do your own research and accept responsibility for the results of any money you choose to invest. I love using Schwab.com to buy/sell stocks/ETF's/closed end funds/options. Schwab has a very user friendly app/website and their customer service is excellent. I can easily get to speak to a human being whenever I have questions.