Everything You Learned About Money and the Rich is a Myth | Rich Habits, Poor Habits Podcast
Feb 6, 2019
Most of us want to become rich. But do we really know what that means?
In today’s show, I’m going to debunk some of the biggest myths about rich people.
The myths that have developed around wealth and rich people are not only interesting but within these myths and the realities behind them, we may find clues as to how we can become wealthy ourselves.
It’s important to challenge these misconceptions because how you think about money and rich people can determine how successful and wealthy you become.
Some of the myths about money and the rich we discuss:
- Rich people inherited their money – Studies show that a large percentage of the wealthy came from poverty or the middle class and made their own money.
- Rich people don’t have to work hard – Rich people don’t relax more than poor people. Tom Corley’s study showed that rich people worked 11 hours more per week than poor people.
- Rich people pay less tax than anybody else – While super wealthy people can invest their money in tax-advantaged investments, but they only represent about one half of one percent of the wealthy. For the most part, the wealthy pay a large amount of tax on their earnings as they earn it.
- The rich are rich because they got lucky – Wealthy people experience opportunity luck. In other words, they create their own luck.
- The rich are better educated – In Tom Corley’s study, more than 30% of the wealthy did not have a college degree. They relied on self-education.
- Rich people are not charitable, and they look down on the poor – Wealthy people devote a large amount of free time and money to non-profits or charities in their community. They see it as an obligation to lift others up.
Links and Resources:
Michael Yardney’s Mentorship Program
Some of our favourite quotes from the show:
“If you believe negative things about money or about rich people, that they’re bad, you may be creating an undertow of self-sabotage that keeps you from being successful.” –Michael Yardney
“If you’re not wealthy or successful in your own mind – you can be successful as a parent you can be successful as a person, but maybe not as much financially successful – it actually is hard to admire wealthy people because you think, “I should be there as well.”” –Michael Yardney
“You can’t become successful in any area of life – including money if we’re talking about rich – without hard work, without failure along the way, without getting up one more time and looking adversity in the eye and beating it.” –Michael Yardney
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