Habits of Rich v/s Poor by Vishal B Malkan

1. Habits of Rich v/s Poor Vishal B Malkan Author/Trading Coach /Co-Founder, Malkans Training Institute Pvt. Ltd. Website - https://malkansview.com/ https://www.malkanwebinar. com/ POOR RICH

2. INTRODUCTION The main habits of rich people versus poor people and let me tell you that it's the habits which you are going to develop, that's going to decide whether you will be rich or poor. That habits are – 1. Poor people invest in Entertainment, Rich People invest in Education. 2. Poor people thinks Either All, Rich People think All. 3. Poor people think in terms of Problems, Rich People think in terms of Solution. 4. Poor people play safe, Rich people take calculated risk. 5. Poor people use debts for spending, Rich people use debt for Investing. 6. Poor people rely on Formal Education, Rich People rely on Self Education. 7. Poor people rely on Single Source of income, Rich People have Multiple Source of income.

3. POOR RICH Invest In Entertainment Invest In Education

4. Habit 1 The first habit which is very important, which is like poor people invest in entertainment, and rich people invest in education. Many people invest so much amount of money, time, energy, into gadgets, entertainment, instead spending on books, seminars, workshops, online programs and that is where the difference is rich people always invest in education. In fact, for rich people education is the entertainment. I'll take it one step forward. Like, what I is I'm passionate about learning. I keep buying new programs, online videos, and stuff like that, and that's entertainment for me, because I not only learn new things, which I can apply in my business, my trading, my life, but also I can pass it on to my students, and that it's like a win-win situation. So rich people invest in education, poor people invest in entertainment, and it's not only about money, it’s also about time and energy.

5. RICH POOR Think All Think Either / Or

6. Habit 2 The second habit, which we want to focus on, is poor people always think when I say poor, don't take it like, in terms literal sense of poor. It's the poor thinking that poor people think in either or. So if I have to make more money, I have to live in this city, or I have to travel a long period for long distance, or I have to work long hours. So it's like making a choice either or, but when it comes to rich people they think all you can do to make money by doing what you love, you can spend a lot of time with your family, you can have great health, you can have great happiness, great relationships. Also I know, it sounds very overwhelming to have that. But you see, many people have that right balance, there are many people with a lot of money, but poor health or poor relationship, then there is no success, as one of my favourite quotes is that there is no success in life, If there is no success in at home, there is no success in life, there is no success at home. So you need to balance it emulating all of them. I need good health, good money, good relationship, good family bonding everything together. That's how rich people think.

7. POOR RICH Think In Problems Think In Solutions

8. Habit 3 The third habit, which is very common is that poor people always think in terms of problems, like I don't have time, I don't have money, I don't have this, or the government is bad, or there is a recession, there is a pandemic, whereas rich people always think in terms of solution, they think in terms of opportunities. For every recession, there are so many millionaires and billionaires are built there are so many new opportunities which are generated. So rich people always think in terms of solutions, poor people think in terms of the problems.

9. RICH POOR Play Safe Take Calculated Risks

10. Habit 4 Poor people play safe, which is like I want security, I want safety, I don't want to go out of my comfort zone, I'm okay with the money, I'm okay with the house where I'm living, I'm okay with the job I'm doing and they don't take any risk. When it comes to Rich people they take calculated risk, like what we do specially in stock trading, we have this risk reward ratio that either we lose one rupee or make three rupees or five rupees. In the same way you have to take those kind of decisions in life when you talk about calculated risk, and that's how you can become rich. What is the return and not only return in the immediate future, we'll also talk about the long term that if I pursued this kind of activity, or if I pursued this kind of course or this new venture then what is the amount I'm going to spend? What is the time I am risking and compared to the next one year? What is the reward compared to that next five years? what is the reward? and compared to that next 20 years? what could be the reward? So if you take that kind of calculated risk, that's when you can really break out of the poor mentality.

11. RICH POOR Use Debt For Spending Use Debt For Investing

12. Habit 5 One more habit that I like, all are my favourite and I try to implement them since a long time. Most of them I learned from my mentors and gurus, you look at the books written by Robert Kiyosaki, Warren Buffet and other interviews by traders, and this is where I see there are so many people who use debt for buying a car, buying a house, getting married, all this are expenses and kind of a liability. The house which you buy and then rent it out, that's an asset. But the house which you live is not an asset. That's what if you read Rich Dad Poor Dad and his work, you will understand better than what is really an asset, what is really in any kind of liability. So poor people use more on debt on spending, and rich people use debt on investing. Like now you look at all the big businesses, they borrow money from the banks or from the public in terms of IPO, and use that money to grow more of their business and make more money.

13. Habit 5 There is something called good debt versus bad debt, good debt is when you get some return, when you invest in education loan, when you invest in trading or invest in stocks or any other business which has the potential to give you a higher return versus a lower risk, which we spoke about the calculated risk, versus just buying plane, car, a fancy car, or a fancy house, and that too, just to show people to maintain your status that makes you more poor, you can, you should buy those things, but not with the debt, but with the money flow or the cash flow which you get from investing. This is one more habit which you need to develop is use that to your advantage.

14. RICH POOR Rely On Formal Education Rely On Self Education

15. Habit 6 The sixth habit is that poor people rely on formal education whereas rich people rely on self education, and that's what you are doing by reading this blog, this blog itself shows that you want to learn more and you are a learner, and that's why you’re reading this, Congratulations for that and keep learning, keep investing your time, energy and money into learning new things because the world is changing so fast and specially after pandemic, everything has changed that you have to set the learning mindset, otherwise, you will become obsolete. So as there's a favourite quote that “Formal education makes you a living self education makes you a fortune.” So you want to be rich, you need to get into the habit of self education.

16. RICH POOR Multiple Sources Of Income Single Source Of Income

17. Habit 7 The next habit is that poor people rely on single source of income and rich people have multiple sources of income. So you always have to think of how I can create multiple sources of income apart from we have different types of income, like job, business, training, investing, royalty, rental income, franchise income, you can have passive income, all these different types of income at least you need to have three to four sources of income to consider or to atleast think that you can become rich and when we say rich, as another favourite quote of mine is “Rich people have money, and wealthy people have time.” So it's not only about having more money, but also having more time to do what you love to do and that's in real sense you are rich, so we call it so many habits of rich versus poor. So just make sure you start inculcating that habit. Because Habits makes a man like the whatever you do on a daily basis, whatever you do, which is basically in your subconscious mind and that's what is going to define your character, your destiny, your income, whether you're rich or poor.

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