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RICH MINDSET
DEAR READERS, To explain different mindsets I have used images but writco don't supports images.
so for images please visit my cover page of this story..
Phone rang up and Robert picked up the call.
"It's Robert speaking." Robert said.
"Hey dude, it's me Mike. Are you ready for our next lesson?" From other side of telephone line.
"When?" Robert asked.
"Today at 4P.M. at my father's office." Mike said.
"Yup" Robert replied..
Chapter-1 The beginning
Chapter-2 The traps
"Can you guess what we will learn today?" Mike's dad asked the children.
"Yup, we will learn rich mindset as you said on last Saturday." Mike replied.
"You are absolutely correct child, today we will learn how a rich person works, what strategies do he posses."
So let's start..
"See children we have listen many times that rich is getting rich day by day and poor is getting poor day by day and for this we blame our government. No, that's wrong it's because the strategies one apply when it comes to money. See children if I am poor I will teach you what I have learnt from my experiences but if I am rich I'll teach you something different. So this knowledge from experiences is carried forward." Mike's dad said.
"So if this would be reason for the same than no middle class man can become rich?" Robert asked.
"Have you listened that quote that the person who chose different path from others has only became successful. That is only applicable here. As there are people from middle class also who become rich but they make their own path they just not followed the path from where one has travel. But these kind of people are very less." Mike's father replied.
Anyways today we are going to see every kind of person's mindset and strategies towards money.
People would be categorized into three parts
1) Poor 2) Midlle class 3) Rich.
We will learn about them all with their cash flow pattern.
So let's talk about poor. Poor people are those whose salary comes and used in expenses, neither made investment in assets or liabilities.
As you can see they earn from job only and only one source of income which is used in fulfilling the expenses of the family.
Now it's turn of middle class. They are people who buys liabilities with the thought that they have purchased assets. And they are the people with the worst condition according to me. Let me make you understand it by cash flow diagram.
Here you can see alike poor people they also have one source of income and that income is used in fulfilling expenses and meeting the cost of liabilities.
Now if we talk about rich they have different mindset and in my language i call it "Rich mindset ". They get salary and by some part of that salary they invest it in buying assets and after sometime that assets contribute in their income.
Let me show you...
You can see that assets is producing them more income and at the same time they also manages their expenses and liabilities. They have expenses and liabilities but they are very less in comparison to the assets.
"So I judge people whether they are rich or not on the basis of these cash flow patterns. As I have seen many people making comparison on the basis of salary but according to me it's a wrong way because if a person earns good money and made continues investment in liabilities, than how could one be a rich. I have seen many people who makes good income but still struggling financially. So, according to me managing money is a difficult task than to earn it." Mike's father said.
So it's all about today's lesson..
so for images please visit my cover page of this story..
Phone rang up and Robert picked up the call.
"It's Robert speaking." Robert said.
"Hey dude, it's me Mike. Are you ready for our next lesson?" From other side of telephone line.
"When?" Robert asked.
"Today at 4P.M. at my father's office." Mike said.
"Yup" Robert replied..
Chapter-1 The beginning
Chapter-2 The traps
"Can you guess what we will learn today?" Mike's dad asked the children.
"Yup, we will learn rich mindset as you said on last Saturday." Mike replied.
"You are absolutely correct child, today we will learn how a rich person works, what strategies do he posses."
So let's start..
"See children we have listen many times that rich is getting rich day by day and poor is getting poor day by day and for this we blame our government. No, that's wrong it's because the strategies one apply when it comes to money. See children if I am poor I will teach you what I have learnt from my experiences but if I am rich I'll teach you something different. So this knowledge from experiences is carried forward." Mike's dad said.
"So if this would be reason for the same than no middle class man can become rich?" Robert asked.
"Have you listened that quote that the person who chose different path from others has only became successful. That is only applicable here. As there are people from middle class also who become rich but they make their own path they just not followed the path from where one has travel. But these kind of people are very less." Mike's father replied.
Anyways today we are going to see every kind of person's mindset and strategies towards money.
People would be categorized into three parts
1) Poor 2) Midlle class 3) Rich.
We will learn about them all with their cash flow pattern.
So let's talk about poor. Poor people are those whose salary comes and used in expenses, neither made investment in assets or liabilities.
As you can see they earn from job only and only one source of income which is used in fulfilling the expenses of the family.
Now it's turn of middle class. They are people who buys liabilities with the thought that they have purchased assets. And they are the people with the worst condition according to me. Let me make you understand it by cash flow diagram.
Here you can see alike poor people they also have one source of income and that income is used in fulfilling expenses and meeting the cost of liabilities.
Now if we talk about rich they have different mindset and in my language i call it "Rich mindset ". They get salary and by some part of that salary they invest it in buying assets and after sometime that assets contribute in their income.
Let me show you...
You can see that assets is producing them more income and at the same time they also manages their expenses and liabilities. They have expenses and liabilities but they are very less in comparison to the assets.
"So I judge people whether they are rich or not on the basis of these cash flow patterns. As I have seen many people making comparison on the basis of salary but according to me it's a wrong way because if a person earns good money and made continues investment in liabilities, than how could one be a rich. I have seen many people who makes good income but still struggling financially. So, according to me managing money is a difficult task than to earn it." Mike's father said.
So it's all about today's lesson..
