Things Rich People Do Differently!

ladies and gents in today's video we're going to go over the three things that rich people do differently from poor people now the first thing that i want to say on this video is i actually hate that term i hate the term rich poor to me i truly believe that being rich or being poor is simply a state of mind wow i really sound like one of those motivational instagram pages but in all seriousness the reason i say this is because you see so many quote-unquote poor people but they have such a rich state of mind and they're actively working towards having a wealthier future and then on the flip side i'm sure you've seen a lot of rich people out there whether it's earned themselves or given or inherited they are on a fast trajectory to losing it all now if you're new to the channel and you're wondering who i am my name is gaiji and i actually run an advertising agency that helps e-commerce and education companies i made my first million at 18 and have repeated that and not only repeated it but multiplied it every single year since then i'm actually 21 now and i use the principles i'm going to share with you here not only to amass that wealth but to keep it and grow it and the sooner you develop these habits the better off you're going to be in life now as always a quick prelude before we get started i am actually giving away a pair of these which are blue light blockers from my clothing line gadget these things are bespoke took us 12 months of development and we sell these for actually over 100 bucks so if you want to be drawn in to win very very simple all you have to do is like and comment and in the description down below you can actually find the winner to last gadgey's giveaway and without out the way let's get straight into the video so the first thing that rich people do is they focus on growing their income yearly you need to understand that you will never invest your way to riches and i also don't believe in this notion that you should be a penny pincher and you know an ultra saver and this and that i think there's a saying or something that goes you shouldn't obsess over pennies you know really the idea here is you should not obsess over pennies when that's taking away energy from making you pounds now look this is totally different if you know you're dave ramsey and you're giving advice to a 45 year old who's been working at the same job for 15 years and really they have sort of a fixed income there they don't have the potential to grow their income right so in that case it makes sense to save be a saver and then that way you can invest it and then that grows income on the side but i know my demographic here and it's mainly 18 to 30 year olds and 95 of you guys are entrepreneurs or aspiring entrepreneurs so you have this incredible ability to grow your income year on year on year you know really the only reason that i'm in the financial situation i am now is because i made the decision to start a social media marketing agency when i was 16. now at the time i didn't really know that it was an agency you know it's grown and morphed over the last four and a half years at the time for me it was simply i was delivering a service to clients and they were paying me and then i started getting clients on a monthly retainer basis and then that's kind of when it molded into an agency if you actually want to see a four-year agency journey all the way from 2016 to 2020. i'm gonna pop a video right here and you can actually see how i made my first million with social media marketing at the age of 18.

and so it doesn't actually distract you from this video i'll go ahead and pop that up in the end screen so you can check that video out so as i said the decision to start a business with no money and no experience at the age of 16 was the best move that i've ever made in my entire life and it's the reason that i am here today remember you need to take fate into your own hands be the master of your own destiny now there are a myriad of different businesses that you can start out there but the main thing that you want to focus on is getting a business started for less than 500 i believe as a beginner entrepreneur you should not be investing 5 grand 15 grand 20 grand into these business ideas because yes there might be some upside but you always want to hedge and you want to mitigate your downside so if you start a business really actually get it off the ground like basically everything you actually need to start the business it should not cost you more than 500 bucks you know definitely don't start something like my e-commerce brand gadget for the first batch of these glasses i had to send the manufacturer 75 000 i didn't see that money back for four months until the initial batch production was done and we got started and actually later this evening i'm about to wire another hundred thousand dollars for our new core collection so ecommerce stay away from when you are a beginner now as many of you guys know one of my businesses is an education company called groweragency. com where we help people just like you start social media marketing businesses from scratch and quickly scale it to ten thousand dollars a month now we have some students making a hundred thousand dollars a month plus profit with their agency but myself and my team and my advertising agency you know we use very different systems and processes to get them to that point than we do just to get someone to 10k a month so as a pinned comment down below i'll actually go ahead and drop the new 2021 updated case study at the end i don't sell anything i don't pitch anything paid and i actually give you guys quite a few plug and play cheat sheets with that so go ahead and check that out now starting a business isn't the only way that you can grow your income year on year you can join a fast moving and agile company to give you an example at my company i have eight full-time employees they get paid incredibly well in fact quite a few of them get the same sort of pay that you would expect at facebook or google and although i've never taken investor money we work a lot like a startup where the more value that they bring to the company the higher their salary is gonna be year on year to give you a clear depiction my payroll per year is six hundred thousand dollars and as i said that's with a full-time team of eight working all around the world in different places now many of my employees will then take their high earning salary and i really encourage them to do this as well they will take that money and then invest it to have it working for them some of my employees actually own multiple properties and have other investments that's yielding them seven to eight percent a year so i don't want this to be one-sided and think that you have to start a business but it is by far the easiest way to grow your income consistently year on year but really the strategy of my team leeway's perfectly into the next point the next thing that rich people do is they live below their means now that does not mean that you uh penny pinch i live far far below my means or far far below my income but i live what a lot of people would consider a very luxurious and glamorous life but as i said that's because it's a sliver of my income rich people will live below their means they'll find out what their monthly expenses are and then they will invest heavily and for years i did the first part you know i lived below my means i was frugal relative to my income and i saved a lot a lot of cash in the bank but i missed out on a lot of returns and a lot of gains because that that money was just sitting there in the bank doing nothing and i wish i had started to invest sooner it was really only in the third and fourth quarter of 2020 that i started investing but when i started investing i got pretty serious about it by the end of the year my personal investment portfolio so that's post tax value was at two million dollars as i said sitting in my personal name and that is growing at a rapid pace at the time of recording this i'm 21 years old and the goal is to get to 25 million by the age of 25 and that is assets in my name minus debt and the goal by the end of the year is 4 million and as i said that is all in my personal name so post-tax income now honestly my only regret of my entrepreneurial journey is not investing sooner i think it's such an important habit to develop at a young age especially if you're making at least six figures a year and i know that there are so many of you watching this that are six seven multi seven and even eight figure year entrepreneurs because that's just kind of the crowd that i attract and really you should have six months of your cash reserve you should as i said find out where your living costs are and try to minimize them and then after that just invest the rest you know as i said i know my demographic here is primarily 18 to 30 year old you can be a little bit more aggressive with your investment portfolio now what i love so much about investing is yeah the returns are good but i mean ladies and gentlemen let's just be honest here i've said this once already in this video and i will continue to say my investments will never make me the sort of money that my business makes me in your business you are truly in control of any you know you can take your agency from 0 to 10k very very easily that's sort of the common path in a year but then you can take your agency from 10 to 50k in the space of four or five months just by getting a few things right you know for your investment portfolio to do something like that it's just not gonna happen so really actually the biggest reason at this age why i'm such a fan of investing is you are kicking the can down the road so when you take that money and you lock it up in investments for me the actual benefit of that is that psychologically first of all psychologically i think it pushes you to work harder because you look at your bank balance and it's not you know although you've got your money in another place in investments your bank balance isn't that high nothing left and there is a at least for me personally there was a big danger when like i looked at my checking account and there was almost at least at least seven figures and you know it was almost like a little demotivating to see that so number one there's that but number two it's just when you have that invested then you have less in your actual bank account to spend and it really motivates you to live a little bit more frugally as i said for me it got to a point where there was no difference whether i spent twenty thousand a month or thirty thousand a month on on my life in my lifestyle because it was still a very small sliver of my income so i was still being extremely extremely responsible with my level of spending but now that i'm focusing a lot on investing there is a big difference between you know i'm just saying hypothetically spending 30k a month on my life compared to 20k a month that extra 10k a month or 120k a year that multiplies in compounds with the investments as i said now that i'm heavily investing i still am not a penny pincher and i never will be but i'm just a lot more conscious on some of the more extravagant purchases and i think twice as to whether i need it or i don't the last thing that rich people do is they buy based on value and two things number one on value to themselves like what value does this thing have to you and second just the actual value of the product or the service and really the main thing i noticed is they never buy something to impress other people clothes is a very common example rich people will buy what they like or what they value now a lot of rich people wear you know uniqlo and just like basic tees and you know and you know they may be worth 20 million but they just wear you know just super simple basic you know uh 10 white tees or there's a lot of very wealthy people that head to toe will be wearing things like zenya uh laura piana james purse you know very very expensive clothes but that you would never tell and once again that comes down to what do they value personally i think i never judge what anyone spends their money on it's for me it's just i think it's important to know the place that it's coming from you know i'll give you an example in 2019 i think i probably spent close to forty or fifty thousand dollars on business class and first class flights i was doing a lot of traveling in 2019 and then by the end of the year i kind of got to a point where i looked there and i was like i i don't actually value like i know some people will never you know will refuse to travel unless it's in business or first class i'm not gonna lie like i actually unless it's a savagely long trip and even then i don't really mind i'm not someone who can really sleep on planes that much so i don't mind sitting in economy and i kind of like it i get to catch up on some work or you know i don't really watch netflix but that allows me an opportunity to you know uh download some stuff on my ipad and kind of catch up on some shows that my friends have been telling me about and stuff like that so that was a decision where in 2020 i kind of realized like damn dude i i'm i realized wow i'm spending money on this because it's just in my mind it was like i'm making a certain amount of money so this is what you do when you make this amount of money but i looked at it and i was like do i actually value this thing and i said no and you know i had no ego about you know moving from first class all the way back to economy now actually funnily enough in 2021 i've only taken one flight so far and that was business class and i will never fly economy ever again in my entire life well actually that's a lie i'll probably fly economy well i guess it depends on on where air travel goes the reason that is is because traveling as many of you guys know right now is very stressful experience like it's it's very very stressful so then to be sat in economy um i just realized look i'm going through a very stressful thing of traveling and i would rather just like be treated as best as i can be treated because also they do treat you a lot better when you're sitting in first in business have a nice comfortable bed i can sleep in and just have no one bothering me so that's an example right there where i look at something and i i make the decision based on what value does it have to me i don't make that decision based on you know someone in my position or like what if someone or if or like what if one of my youtube subscribers saw me sitting in economy and thought this of me and that and that like i just make the decision based on the value to me i'll give you guys another example i don't have a car you know i live in london and a lot of people there have a lot of very expensive cars in fact around the area where i live which is knightsbridge you will not see more crazy cars in your entire life probably the only place on earth that i've seen you know uh that density of ridiculous cars that close to each other uh is probably monaco so as i said i know it would impress people and people expect me to uh you know i've had a lot of people say this before that you know don't know my youtube channel or this that just know of me and just socially or through my uh network or this that they they all expect me to have a super expensive car in fact i'll get tristan my creative director to pop a photo on screen of the car that i would get which is actually a renault twizzy which is basically like a mini go kart now one of my clients and and this is a client back in 2017.