The topic that everyone is talking about – why do the rich keep getting richer? Patrick Bet-David says this gap will only keep getting wider in the years to come. Before getting into Patrick’s 10 reasons why that is, let’s first look at some numbers.
In order to be considered in the top one percent in the world, you need to have somewhere around $753,000 to your name. So what countries have the most people with $753,00 to their name?
|Country||Number of One Percenters|
|South Korea||1 Million|
If you take all the other countries that aren’t the US and add them up, they still don’t have as many as the US does. Why is that?
Patrick believes that the top one percent in America are curious, they keep pushing themselves to achieve new heights. And with America’s wealth predicted to increase from it’s already astronomical $90,000,000,000,000, what piece of that inflating number do you want to be yours? Learning how the rich keep getting richer will help you to grow your own wealth.
10 Reasons Why The Rich Keep Getting Richer
- This point alone is the reason why the gap’s going to get wider and wider. You can skip everything else. Patrick’s talked about in another video called 20 Rules of Money. Compounding interest can be the difference between growing your money a little to growing your money into wealth. Schools need to be educating the youth of America about how money works.
- Positioning isn’t about changing jobs to get a higher salary. It is about identifying how you can pivot and position yourself into roles and situations that create wealth and equity. It could be becoming an entrepreneur, gaining market share, or investing. So wherever you’re working at, look at the positioning of the environment you’re in. Is it constantly going up with a possibility for bigger upside or is it linear?
- Warren Buffet is a perfect example. As he was growing his wealth into the $81,000,000,000 it is today, he lost nearly half his net worth when he was 44 years old. Instead of panicking and cashing out like everybody else, he remained disciplined and stayed focused on his long-term goals. Long-term thinking is the only way you can bounce back from a lost and achieve the wealth that Warren Buffet has.
- When you look back at your life you want to be able to minimize your regrets. That means going after goals and positioning yourself today so in the long term, you can have few regrets. Regrets get in the way of momentum and the best friend of wealth is momentum.
- Everybody must specialize in a skill if they hope to grow wealth. Look at Zuckerberg specializing in social media and the internet, or Warren Buffet specializing in investing. Specializing in a skill allows you to be positioned for exponential growth.
- Your phone contacts directly impact your net worth. Networking is key. It is very difficult for a billionaire to befriend somebody that’s worth $20,000. You know why? Because their experiences are different, and their level of thinking is different. If you hang with a billionaire, somehow, someway you are going to grow because you’re borrowing their thinking. You’re borrowing who they know, you’re borrowing their associations. Patrick made a video titled How to Network like Casanova. Go watch it and get to networking.
- The hardest working person in the world is limited to 24 hours in the day, but they realize if you really want to leverage time, if you want to work 2000 hours in a day, you need 250 people to work eight hour days. It’s basic math. The top one percent know how to leverage people, systems, and technology to output the highest level of results. There’s not a single person out there that can’t apply this concept too, because you’re already doing it at the lower level. Why not do it at a higher level?
Reinvesting Money They’re Sitting On
- Patrick did a video How to Double Your Money and the wealthy do exactly what is in that video. Their money never sits for too long allowing the bank to use their money, it’s always out doubling itself.
Family Wealth Transfer
- Sam Walton has four kids and his poorest kid is only worth $39,000,000,000. Instead of complaining that it’s always unfair that the other guy’s kid gets billions, why don’t we position ourselves better so our kids get billions? Life insurance policies allow for wealth to transfer and the wealthy use that to their advantage to keep family wealth growing. It’s something everybody can do you just need to be intentional about it.
- Taxes are about positioning and how you position yourself to pay the lowest amount of taxes possible. Even at a state level, it is important to pay attention to taxes. If you receive a million-dollar bonus in California, the state takes fifty percent. You need to have a strategy to lower your tax number so your money can work for you doubling itself.
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