The biggest difference between the rich (the 1%) and the poor or middle class (the 99%) is their mindset. Simply put – people who become rich have an entirely different mindset than people who choose to remain poor.

Yes, I said “choose,” as if it were a choice. It absolutely IS a choice to keep doing the same thing and expect different results. This is also what is known as insanity.

Debt and Taxes

Take debt and taxes, for example. Poor people use debt to buy things they want and need, and they pay way too much of their income (as a percentage) to the government in the form of taxes. Rich people leverage debt to buy things that will make them money, and they do what they can to avoid paying taxes (legally) at all costs.

“Debt and taxes make the rich richer. Debt and taxes make the poor and middle class poorer.”

~ Robert Kiyosaki

Inflation

The reason the 1% (the rich) are getting richer and the 99% (the poor and middle class) are getting poorer is that when you print money, two things happen; Inflation and taxes. The 99% are getting crushed by inflation and taxes. The 1% don’t have to worry about inflation or taxes because it does not affect them.

The Economy

My key takeaway from this interview with Robert Kiyosaki is his take on “the economy” versus “your economy.” Poor people are really good at blaming “the economy” when their financial situation takes a turn for the worst. Rich people don’t need to worry about “the economy” because they are busy focusing on “their economy!” Watch the full video below for details…

Credit: Video and screenshot for featured image – Motiversity on YouTube

Rich Dad Poor Dad

Get the book that explains it all in full detail. This is easily my top-recommended book of all time when it comes to money mindset and how to become rich.

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“]Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not![/amalinkspro]