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Do you find your mind constantly trying to crack the code around life and understand how the pattern concerning wealth works? As we can see, society is divided into classes, and you fall into either of these categories. You are either rich or poor, and you may constantly dedicate time unconsciously to worrying about why the rich keep getting richer and the poor get poorer. If you find yourself wanting to understand what truly separates the rich from the poor, then you’re one among many who want to understand the depth of classism and the bridge that keeps the rich on one side and the poor on the other side.
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With the help of social media these days, you can understand the division of society into two classes: the rich and the poor. You may see lots of wealth displayed on one end, and on the other end, you see lots of people struggling to meet basic needs, and you are left with questions about why it is so and how both people exist on separate levels. Most people we may have come in contact with often have been seen to have generational wealth, so you may be thinking, “How could they have managed through generations to maintain such wealth?” and why could the poor not have managed to climb the ladder of society and rise from poverty?
A poor man and a rich man are both humans but diverse in different ways. The methods of thinking and patterns of reasoning of a rich man are not the same as that of a poor man. To understand the bridge that separates the rich from the poor, you must first understand that to get rich is not the one that comes with the most hassle but to maintain being rich is the true hassle.
Now, to understand the concept of why both classes tend to stay on their level, you must first understand why the rich keep getting richer as opposed to the poor man who keeps sinking into poverty. Here are a few reasons why the levels have stayed maintained and only a few have managed to cross the bridge over to the other side;
- Risk-taking Mentality
A lot of the successful men and women in society all took several risks to get to where they are today. The thing with risk is you get at it with a 50/50 mindset, knowing that it could either turn out how you envision it and may even turn out to be better or worse than what you are prepared for. This mentality which is controlled by uncertainty, is usually embedded in the mindset of the wealthy as they are ready to risk it all to attain a certain level of growth.
Having this sort of mentality or personality comes with a lot of cons and pros but the advantages always outweigh the disadvantages and more often than not the success level expected is usually attained. This mindset can apply to any business or endeavor and it has been estimated that most successful traders in society today are the risk takers. From this, it can be understood that a wealthy man is a risk taker. A poor man usually shies away from taking risks and is focused on guarding the little he has and is rarely up for putting it on the line to achieve a higher level of growth.
It should be understood that not every risk is worth taking which is why every move must be calculated and precise but that can only happen when you already have the capacity to take risks in you.
- Growth Mindset
This is closely related to the previously mentioned reason. The rich have been able to maintain their level of wealth and even attained more because of their growth mindset and the need to elevate. The rich man is always concerned with acquiring more and usually is more than ready to use what he has to gain more, which is quite the opposite of the poor man.
With a growth mindset, you believe that you can make things work with just a little more effort and talent as you believe in yourself. The rich keep maintaining their wealth because of this type of mindset as they believe that every problem has a solution and they can do better than they are currently doing. However this is the opposite for the poor as they have a fixed mindset and find themselves giving up easily at the slightest opportunity.
It has been said that a successful man is a doer and not a dreamer and this also applies to the rich and the poor. The rich man is a doer while the poor man is a dreamer.
- Investments And Multiple Income Streams
Investments can be said to be the key to wealth and riches. According to John Wesley, ” Earn as much as you can, save as much as you can, invest as much as you can..” Most rich people in society today attained a major percent of their wealth through investment and creating as many income streams as they could.
Having multiple income streams is the move of the rich as they have cracked the code that it is a buildup of wealth. How many poor people in the society do you see struggling with lots of income sources? The poor man is limited to a few or even specific income source which leaves his growth opportunities limited.
According to the words of Robert Kiyosaki, “the philosophy of the rich and the poor is this: the rich invest their money and spend what’s left while the poor spend their money and invest what’s left” Note the difference in the process and how the outcome also differs.
- Financial Literacy
The question as to why the rich keep getting richer and the poor gets poorer on a certain level falls back to this reason. The simple answer could be said to be because the rich understands how to maintain their wealth and increase it while the poor struggles with increasing the little they have. Most poor people are found stuck at the middle of the bridge due to the fact that even if they eventually find a way to increase the little they have, they are financially illiterate and do not have the right idea on how to use their money to yield the right outcome.
The simple definition of financial literacy is the ability to understand the depth of financial management and this financial illiteracy is also another reason why the poor people fail to invest and hold back from taking financially related risks.
- Networking
The power of networking cannot be underestimated and overemphasized. The rich man builds connections at any given opportunity as this can be ten times more valuable than any given sum of money. Many successful individuals have achieved and gotten to top opportunities due to the recommendations of others, and you may even have experienced the power of connection.
Networking plays a vital role in the rich man’s wealth and his ability to remain wealthy as it gives you access to mentorship and guidance, through certain aspects that you lack knowledge. The poor man could be a man with ideas and prospects but his lack of ability to network probably due to lack of access or limited opportunities leave him unable to unlock those potentials and bring those ideas to life.
To be a rich man you must first understand the mind of a rich man and networking events provide opportunities to interact and have conversations which gives you access to understand the reasoning of a rich man although the poor man may not have this advantage which keeps him stuck at the other side of the bridge.
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Now, understanding the reason why the rich keeps getting richer and the poor gets poorer gives you an in-depth view of the question and better understanding of the limiting factors and even the advantageous ones. Now you may wonder, does this mean that each of these classes are stuck at their side of the bridge? The answer is No. There have been lots of individuals that have managed to cross to the other side and for this particular context, it is the poor crossing over to the other side and becoming rich. According to Microsoft founder Bill Gates, “if you’re born poor it is not your mistake, but if you die poor it is your mistake.”
Holding on to this quote, you may now wonder how the poor can actually escape poverty. A poor man is a dreamer, not a doer, so you can begin by actually doing. Still thinking of how? Here are a few ways you could close the gap that separates the poor from the rich;
- Create A Source of Income or Two
You may think of this as an obvious solution but the startup of wealth falls back on your source of income and wealth generation. Having a source of income is an important element in your creation of wealth. You could create a source of income by starting up a small business or by getting a job with your degree and if you’re more piqued, it could be a combination of both.
The first step to becoming rich is having a financial source for the start. You could capitalize on your strong skills and use it to your financial advantage and if you do not have one yet, it is not too late to learn a skill. You could also become an entrepreneur. Have a business or idea you’re passionate about, you could work towards bringing to life. Do something, as that is the most important step of all.
- Become Financially Literate
How well do you manage your finances? Do you spend all you have or do you break it down and allocate money for important things? Having the right knowledge of how to actively use your income plays another important role in your rise to wealth. As it has been said earlier, a rich man is financially literate, which plays a crucial role in his wealth allocation and investment tendencies.
You could take a class or read some books to give yourself the knowledge you need and how to go about budgeting your income for the right and important things that give you high chances at success.
- Develop Risk Taking Mentality
You cannot truly become a rich man if you are not ready to take risks. According to the words of Jimmy Johnson, “Do you want to be safe and good or do you want to take a chance and be great?”
For you to go farther in life you must be willing to make sacrifices even with the mindset that it may not yield the desired result. The mindset of a risk taker is 50/50 and you never know how far you can go till you actually take the risk and go that far.
To escape the poverty cycle, you must be willing to give something no matter how little in order to get back something bigger as that is the code of wealth.
- Stop Underestimating Yourself
You are born with whatever it takes to achieve greatness. Although the backgrounds of our birth may not always be equal, you can make yours turn out to be exactly what you want. You can be born poor and become rich and we have seen a lot of individuals cross the bridge so what’s stopping you from thinking you can?
The power of the rich man is his ability to think he can do whatever. He has the mindset that believes that there are no limitations to him and he can achieve whatever he puts his mind to. Underestimating yourself is already a limitation of opportunity and power of growth and a chain in the mud of poverty.
Start to believe you can today because you actually can and take that leap you’ve been holding yourself back from because what if that is just your ticket to be where you’ve always dreamed of.
- Start Investing Today
The importance of investments is usually overlooked but with a closer study you may find yourself the answer. Why does the rich always invest no matter how many investments they’ve previously made? This is an answer and another crack to the code of wealth. A poor man saves his little penny while the rich man invests the majority of his wealth.
As Grant Cardone says, “investing puts money to work and the only reason to save money is to invest it”. Cultivating the habit of investments even in little prospects is a walk in the right path and a step away from the shackles of poverty.
- Establish Specific Financial Goals
The emphasis here goes to specific. The thing with goals is you end up generalizing and find it hard to work towards those general goals. You could say you want to get rich but that is a general term. What is your definition of getting rich? Is it getting one million Nara? Or 10 million Nara? When you specify what you actually want under the context of getting rich, you find it easier to work towards that goal and it becomes achievable quicker than you realize.
Having goals is essential in life as a whole and to become rich you need to have outlined specific goals as they are easier to work towards and bring to life so look at your financial goal list today. Are they specified or generalized? If they’re not something you could work towards in the short term then you could create new specific financial goals and begin to work towards it.
The bridge between the rich and the poor is not as long as it may seem or as difficult to cross as society may have made it seem. Cracking the code to wealth is even more straightforward than you think or imagine but to begin you must remember that wealth is not created for the selected few. Anyone can become rich. You can become rich but you cannot just dream of it, you must work towards it as a successful man is a doer and not a dreamer.
Outro:
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