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How to avoid lifestyle creep when you're surrounded by rich people
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Your point-of-view
Your point-of-view about money can be skewed. Thoughts can include:
- You have to spend money to make money.
- You need to make money to be rich.
- Being friends with rich people will make you rich too.
- The goal is to have it all.
These ideas have no use in terms of actually making money or living a fulfilling life.
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Rich people
Rich people are not all obsessed with money. Some talk about money but they understand that their money does not equate to their inherent value. They don't act entitled to anything. They work hard for what they want.
It is called class. You can't buy it. If you find yourself with a friend like this, you can trust them and learn from the ways they look at life.
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Know your worth
Know what you are worth with or without money. You don't need money to be creative. Lacking resources can motivate you to think outside the box.
Witnessing value exchanges with affluent family friends can also benefit you.
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It’s okay to want
Money can motivate you. Seeing the way rich people live exposes you to the endless possibilities wealth can afford.
Although mixing with rich people may trigger imposter syndrome, it can also help clarify your dreams and potential.
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Not the ultimate goal
Money is relative. There is always someone with more, and someone with less. Choose to be humble. Maximize the time you spend in meaningful pursuits.
We can move away from lifestyle creep. Remind yourself regularly that money is not everything. It is the means to make things happen.
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Financial independence
Financial independence means freedom from money as an all-consuming, ruling force in our lives. It's about not letting money steer how, where, and why we live.
Ask yourself what would make you happy.
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Characteristics Of The Wealthy
- They live in homes just large enough for their needs and drive used cars.
- They have affordable interests.
- They don’t worry about having the highest credit scor...
Rich And Wealthy
By making wealth your priority now, you could be both later. Establish a strong financial foundation that will give you financial security and peace of mind moving forward.
Living paycheck to paycheck is a guaranteed way not to build wealth.
If you’re just starting on your personal finance journey, it might not be time for you to start acquiring these assets yet.
How To Become Wealthy
- Investing in stocks is simple if you avoid lucky stock picking. Keeping long-term perspective, invest early, especially in low-cost index funds.
- Rental properties.
- Small business ownership.
- Delaying gratifications.
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Self Reliance
If you’re waiting for someone to give you the right training to change your job or do something radically different in life you will wait forever.
It’s up to you to train yourself. I...
Learning to Learn
Learning is not a rigidly formal system of precisely labeled steps.
Learning is messy. It’s trial and error. It’s failing and then failing again and then slowly figuring it out.
Give Up Magical Beliefs
You can’t borrow someone’s motivation. No matter how many books you read or chants you do you won’t become more motivated.
Motivation comes from inside. It comes from you and nowhere else.
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Key Ideas
"Rich Dad, Poor Dad" is Fiction
John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:
- The Rich Dad is most likely an invention. ...
"Rich Dad, Poor Dad" contains dangerous advice
According to John T. Reed the famous book is filled with bad advice:
Dangerous advice
- "If you're gonna go broke, go broke big"
- Convinces people that college is for suckers
Law-breaking advice
- Advocates committing a felony: have rich friends for trading stock based on non-public inside information, he says "That's what friends are for."
- Recommends tax fraud by deducting vacations and health club dues
- Brags about using a partner weasel clause in which his cat is his partner
Kiyosaki is making money from a personality cult
Many critics pointed out that Kiyosaki is selling a cult, not financial advice.
He is accused of tapping into the fantasies of the masses & being short on specifics, both attributes of religious cults.