Key Difference between the Rich and The Poor

[Dennis Ng]

The Key Difference Between the Rich and the Poor

for those who attended the "Billionaire In Training" seminar by Brads Sugar on 19 Oct (Fri), I'm sure you would agree that the 3 hours seminar was time well invested and personally, I have learned alot. Amongst other things, we learned about ways of setting up a business, buying a business and growing a business and ultimately selling the business!

Brad Sugars said that if we spend money, we can always make it back. If we spend time, it's gone forever. Thus, how we spend and invest our time will determine the wealth we have.

He also said one key difference between the mindset of the Rich and the Poor.

Time is the only equivalent for everyone, be it Rich or Poor, Young or Old, all of us have 24 hours in a day. The Rich recognise that the time we have is the greatest asset. Thus, the Rich spends money to save time. While the poor would rather spend time to save money.

Think about it.

What he said "sparked" me to think and I like to share with you my thoughts below.

So how do you know if you are investing or spending your time?

You are investing your time when the time is invested on your health, on quality activities that enrich your life eg. learning, networking, family time etc.

Have you ever heard the saying:"Time is money?" Well, I would say Time is more than money.

When you invest time to learn eg. 3 days to attend an investing workshop to gain Investment Knowledge. That knowledge can be applied again and again for the rest of your life. Thus, over your lifetime, this time "invested" will give you many, many times the "return on time invested".

Many people just "jump" into investing without "investing" the necessary time to learn investment knowledge. No wonder most of them "crashed" (lose money). They don't realise that it's wiser to first invest in knowledge before you invest your money.

If you think education is expensive, try ignorance.

Think about it.