One of the biggest differences between the rich and the middle class is that the rich are willing to wait to get their luxuries. The middle class mentality is to buy furniture on credit, or buy a new car every three years, or to make financial decisions based on what they feel like doing.
Most self-made millionaires think differently. They “survive” on the furniture they have until they can pay cash, they drive cars for years after they have been paid off, and their financial decisions are not based on their feelings. The wealthy generally have a long-term approach to wealth, whereas the middle-class and poor typically want to get rich quick.
Have you ever noticed what part of town the payday loan shop and pawn shops are in? It usually isn’t in the rich part of town. Statistics show that the great majority of lottery tickets are purchased by the poor and middle-class. Why don’t the wealthy buy lottery tickets? They realize that it is a waste of their hard earned money.
Did you know that the average person playing the lottery spends $32 a month on lottery tickets? Did you also know that if you take that same $32 a month invested over a working lifetime would yield over $1 million dollars in retirement?
Some will argue that the reason the wealthy don’t go to pawn shops, or buy lottery tickets, or get payday loans is because they are wealthy. I disagree. They became wealthy because they didn’t do those things. They realized that those were bad uses of their money, so they avoided them. It would be wise of us to do those things that they have done to get where they are.