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What Does It Mean to Be Rich?
Everyone talks about what they would do with a million bucks or that next big purchase but there is much, much more than that.
You have to decide if you will use the money for yourself, buying and leveraging assets, or helping others. Personally, I believe that money doesn’t change the character of the person but simply amplifies what is already there. For example, if a crap person comes into a ton of money, then he will be even more crappy with the money. Simple is it not?
Just because you are rich doesn’t make you a bad person. However, many of the working class is brought up with a poor mindset that drives them to despise the rich. But, did you know that the rich help out the community the most.
Don’t get me started with the whole, “They have more money” vibe. If all the working class donated a few bucks, then we would have more money in charity, but they won’t because the working-class statistic is that your 2 paychecks away from being homeless.
What Do the Banks Do with Their Money?
Do you think that they store their money at the bank? No, they don’t so why should you?
The banks have specialty life insurance policies that they store their money into that can get them a good 15%. They then pull out the interest as revenue.
You can do the exact same thing but remember that you are going to get a lower rate than the bank but it’s still more than what the bank will pay out.
What Do the Smart Rich Do with Their Money?
They leverage their money to borrow more money that is tax free to buy assets that they can leverage to borrow more money that’s also tax free.
It all starts with an LLC and an EIN. If you wanted to do the exact same thing, then you could. All it takes is ambition, mindset, and focus which is all free.
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