Those who make money and keep making it don’t pluck it from money trees. They understand the fact that idle money is like a stagnant pool of water that dries up when spendings are not matched to commensurate or excess volumes of inflow.
Armed with this knowledge, rich people invest their money in ventures they know have chances of making more money for them.
The rich investor doesn’t panic when investments don’t yield expected returns. They are always in it for the long haul. They know that there’s a floor which a drop in value can’t go beyond. The value will eventually hit the floor, rebound and rise above total costs into the profit zone.
The rich investor’s key to success is made up of knowledge, action and continuous learning.
Below are seven things rich people know about making money that poor people don’t.
- “Rich people have small TVs and big libraries, and poor people have small libraries and big TVs.” – Zig Ziglar
2. Formal education will make you a living; self-education will make you a fortune.” — Jim Rohn
3. Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
4. How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” — Robert G. Allen
5. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” — Paul Samuelson
6. The investor’s chief problem — even his worst enemy — is likely to be himself.” — Benjamin Graham.
7. The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” — John D. Rockefeller