THE RICH DON’T WORK FOR MONEY Lesson 1. The rich have money work for them The poor and middle class work for money.

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Presentation transcript:

THE RICH DON’T WORK FOR MONEY Lesson 1

The rich have money work for them The poor and middle class work for money

The Rich get Richer because: Their money is constantly working 24/7 Money doesn’t get sick or need time off Money is applied towards building assets, not liabilities Pay less in taxes—tax laws are set up so they can spend as much as they want and get taxed on what is left over

The Poor and Middle Class find it difficult to get rich because: They are dependent on a “job” for money— often only source of income They have to physically work for it– limited by how many hours/day Have little or no assets—money earned is applied to bills and other liabilities Pay the most in taxes—taxed on earnings first; get to spend on what is left over

WHY FINANCIAL LITERACY IS IMPORTANT Lesson 2

Know the difference between an asset and a liability Assets—put money into your pocket Liabilities—take money out of your pocket

The rich acquire assets; the poor and middle class acquire liabilities they think are assets Realize that it’s not how much money you make, but rather how much money you keep

MIND YOUR OWN BUSINESS Lesson 3

Constantly build your assets. Once you put a dollar into an asset, never take it out. Keep that dollar working for you 24/7