Ever wonder how the rich become so rich? If you are like many of our art collectors you have asked your self on more than one occasion. Many people ask this question when they see that dream Ferrari drive by, or when window shopping for Rolex. But it takes more that dreaming and curiosity to become rich, it takes action and self motivation! Also a little luck never hurts.
“All riches have their origin in mind. Wealth is in ideas—not money.” —Robert Collier
4 Interesting Ways How The Rich Become Rich
- There are two types of rich people: self-made rich and those born into wealth.
- More than two-thirds of individuals with a net worth of $30 million or more are considered “self-made.”
- It does not matter how the rich received their money, they all share core traits, for example, diversifying investments and saving.
- Are you curious how the rich become rich? If yes, then this is an interesting article for you.
“The only difference between a rich person and a poor person is how they use their time.” —Robert Kiyosaki
1. Time is Money, the Rich Place More Value On Time.
All of us have the same amount of time in a day. 60 Minutes in an hour, 24 hours in a day and 7 days in a week. What separates the rich from the poor most is how the rich values time above all else.
For example, our rich clients always focus on saving time, or making more money with time. While our, how should I say, “average wealth”, clients spend their time focused on things that waist time.
A rich person will find ways to delegate and outsource tasks. While the wanna be rich will complain they cant afford help, and then turn to the biggest time killer, Television!
The average American watches 4-5 hours of tv a day. That is 35 hours a week so basically a full time job in lost time on Netflix and chill. Just think how productive you will be if you just cut your television watching in half each day.
It’s very simple if you want to be RICH. First you must think and ACT RICH. So start with a small challenge and cut your tv watching in half for a week. Take that time and turn it into becoming a new rich self time. There is endless simple exercises you can do right now that help get you ready to be rich. For example 7 Habits that will Help you become Rich.
2. Put Assets to work. Rich Become Rich Making Their Assets work.
“All riches have their origin in mind. Wealth is in ideas—not money.” —Robert Collier
The rich usually have multiple streams of income producing assets. One of the first thing rich understand is labour is not the only exchange of money.
Real estate is usually the first people think of when it comes to a working asset. Creativity is more import than trying to build Trump Towers right out the gate. Look what some creative thinking and motivation can do for a person and real estate. Meet the woman who builds the world’s most unique Airbnbs.
Furthermore cash is a very popular asset to make work for you. You have many options, for example, little risk and low returns such as bank interest. Moving all the way to high risk and high possible returns such as cryptocurrencies.
The rich always have many streams of income and this ties back into time. It is easier to be rich when you have your assets making money for you while you sleep.
3. How The Rich Buy Rare, and Unique Items that Can Appreciate Fast.
The rich love to buy rare and unique items. Notice i did not say, always expensive items. Discovering rare and unique items before other rich people is a fast track for them to create faster return on investment.
A few items the rich enjoy collection are luxury watches, cars, fine art, fine scotch and wines. The rich even have their own Ebay, called James Edition. On the James Edition site the rich can buy and collect anything from private jets, blue chip art, and mega yachts.
To help highlight this point, here is a great article. Why you must buy a Rolex in 2022.
Thus rare and unique items are coveted by other rich people. This creates very heavy demand and short supply, the prices will surely go up. If you have money, you can also buy such items.
When it comes to fine art buying and the rich Vengerick has a great deal of experience. You do not have to buy a Picasso to become an art collector. Many times over the rich take a chance on emerging artist. They sometimes buy a painting for as little as $500 and in 10 years see the value explode to over $150,000.
That is another reason how the rich get richer. They can afford to buy not just expensive items , but risk on emerging items, wanted by other rich people. These rare items can appreciate quickly given the amount of money the people who want the items can afford, and how difficult they are to find.
4. Its Not What You Know, But Who You Know
We see this in action ever day without exception. When it comes to our business and the business of our clients it is all about who you know. Over 90% of our new art collectors discover our private art services through one of our current clients.
The rich have better connections, these connections offer better opportunities for them to keep getting richer. The flow of information is faster as well when it comes from your circle of connections. Going back to time is money for the rich.
The rich even have their own social networks. Rich Kids.
Its Easy to Become Rich
We use all the above when it comes to building our company and financial wealth. We hope this short outline will help you see how easy it is to become rich.
The above is only a small guide. You still need a lot of focus, goals, hard work and determination to become rich. A lot of luck never hurt either.
We hope this information was helpful for you to learn more about the rich.
You can also read our blog on how the rich use art to stay rich.