Secrets of the rich. It's cheaper to be rich and expensive to be poor

By Jessica Dosseh

Overall, being wealthy can provide access to resources and opportunities that can save money and generate wealth, while not having enough can make it more expensive to meet basic needs and achieve financial stability. Nevertheless, it's important to not give up on ourselves.

Secrets of the rich.

"I could do it, so you can do it too" – isn't enough to reach financial stability. I think a lot of the time within the financial growth community, the message is to just change your mindset, work a little smarter, try a little harder, get lucky, and you'll be okay. But there are a lot of things that separate all of our financial standings. Some have a longer road ahead, and others are on the brink of wealth.

This isn't about shaming each other's circumstances (whether wealthy or poor), but rather, it's about reflecting on the differences and questioning what we can really do to have access to the things we need and want despite the circumstance we find ourselves in.

Being wealthy provides access to resources and opportunities that help to save money and generate wealth. While not having enough money makes it more expensive to meet basic needs and achieve financial stability. In a world built to funnel money to one end while pulling it all out from the other, what can we really do to maintain our own financial growth.

The reflective difference

It's better to struggle together than to struggle alone despite the individualistic mindset that is pushed on (western) society.

Wealthy individuals have access to the type of help that allows an individual to focus on building wealth rather than trying to survive. That access to help may include exchanging thoughts and ideas, proper nutrition and rest, quality education and training, financial advisors and investment opportunities, etc.

What does this really mean for you?

It means you don't have to do it all by yourself if you are struggling with your finances. A lot of us are taught to be prideful when it comes to our status, our independence, and when it comes to asking for help, but we all need support. That support is what ultimately gives us the ability to lower the burdens that we carry. That support is what provides us with the time and space to grow. Plants can't grow without soil or water, and neither can you. The difference is a lot of wealthy people are granted and able to pay for help. However, if you can't afford to pay for it, the help you need doesn't need to always be based on monetary transactions. It's why people preach about having a healthy community, relying on your family, and finding friends with whom you can freely share knowledge and talk about financial growth. A lot of the time, this inner work we all have to do to be in healthy, supportive relationships is the one thing we all want to avoid because it forces us to look at ourselves instead of blindly following the pack.

Out of everything you could possibly do to grow financially, building healthy relationships that help propel you in your financial journey will be the hardest and will take the most time —everything else within the financial checklist you can do on your own.

It's cheaper to be rich and expensive to be poor.

The rest boils down to the lack of access.

Sometimes it's cheaper to be rich and expensive to be poor. This is because wealthy individuals have access to more financial resources, opportunities, and options, which can help them save money and avoid financial pitfalls.

For example, wealthy individuals may be able to afford higher-quality goods and services, saving them money in the long run. They may also be able to invest in assets, such as rental property or stocks, that generate passive income and increase their wealth.

In contrast, poorer individuals often have limited financial resources, making it more difficult to afford basic necessities and save money. They may be forced to pay higher prices for goods and services and most likely won't have access to the same financial opportunities and options as wealthy individuals. This can then make it difficult to save money and invest in one's future.

Additionally, poorer individuals may be more vulnerable to financial scams and predatory lending practices and pay higher prices for goods and services such as health care, credit card interest rates and fees, insurance premiums, and other financial products. Which eventually further erodes their financial stability and increases their expenses.

Overall, being wealthy can provide many financial advantages and opportunities, while not having the same amount of access to resources leads to inevitable challenges.

Common habits.

As you build your financial support system and gradually gain access to the world of the wealthy, here are some other things to keep in mind.

From an individualistic perspective, the secrets of the rich are often thought to be complex and difficult to replicate, but in reality, it's all pretty straightforward and repetitive. It's all about building, collecting, and maintaining.

There is no one-size-fits-all formula, but here are some common characteristics and behaviors worth considering:

• Focusing on building wealth, not just earning income: Focus on building wealth through investments, and other assets, rather than just relying on a high salary. Understand that wealth is built over time, and take steps to ensure that money is "working" for you rather than just sitting in a general account or spent on luxuries that lose value.

• Building a strong financial foundation: Understand the importance of having a solid foundation, building systems, increasing savings, budgeting while also reducing and leveraging debt. Plan for your finances and take steps to protect and grow your wealth.

• Investing wisely: Understand the importance of investing wisely and diversifying your portfolio and community. Seek the advice of financial professionals and do your own research to make informed investment decisions.

• Networking and building relationships: Build strong networks of contacts and relationships that can help identify opportunities and advance you in your career. Understand the value of networking, building connections, and maintaining healthy relationships. Be honest, respectful, and kind.

• Having a growth mindset: Having a growth mindset means that you are open to learning, growing, and improving. Do not be afraid to take risks and try new things.

Being disciplined and persistent: Discipline and persistence simply mean putting in consistent effort, even when faced with challenges and setbacks. Understand that success takes time and effort plus access.