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Five types of People

Discussion in 'Progress/Execution Threads' started by Frankjxx, Oct 16, 2007.

  1. Frankjxx
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    Frankjxx New Contributor

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    Tonight I was reading a new book The Top 10 Distinctions Between Millionaires and the Middle Class by Keith Cameron Smith

    The first chapter really blew me away. He explains how very different each of these groups are and their mindsets.

    Examples:
    very poor think in terms of day to day, (daily cash, survival)
    poor think in terms of week to week (paycheck to paycheck, cash it quickly)
    Middle class think in terms of month to month (mortgage, monthly electric bill, etc)
    Rich think in terms of Year to year ( How can I lower my taxes, what will my profits be this year, etc)
    Very Rich think in terms of decades (what will my real estate holding be worth in 10 yrs, how can I create more busness(s), etc)

    The very poor and poor are always thinking survival
    The middle class is thinking comfort
    The rich and very rich are thinking freedom !!!:banana:

    I can relate to this because years ago I was thinking weekly then monthly. My mindset was how will I pay my credit cards or how will I pay for my car lease.

    Today I think in yearly context almost Subconsciously. Typically I'm more strategic with taxes every year or I focus on how to raise my rents and lower expenses on my buildings this year ,etc

    Do any of you see the correlation in your experiences with these various types of people and how has your mindset changed since you headed toward the fastlane???

    Check out the book, its excellent

    Thanks

    Frank J
     
  2. S928
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    S928 Contributor

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    Thanks for the overview Frank.

    I once heard that the difference between classes is fairly simple, goes something like this:

    Lower - teach their offspring how to work for money
    Middle - teach their offsprimg how to save money
    Upper - teach their offspring how to generate money
     
  3. lobster
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    lobster New Contributor

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    very true , thanks for the info
     
  4. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Lol. I can totally relate to this as I'm sure most can. I would consider myself middle class now- with my eye (and mind) on the fastlane- and my thinking has really changed. Example: While I was in Chicago for a wedding, my whole family kept talking about so-and-so and their great new job/car/house and how much they made/spent. I sat there thinking, "I'm so glad that's not me anymore". Not only am I not impressed, I see the parallel between doodads and rat race and it makes me want to invest or start a business that much faster.

    My bigger realization was now that my thinking encompasses the fastlane principals- I can't go back to thinking how I used to- and I have a hard time being around people who don't think fastlane, or even fast track. Mainly because we don't get excited about the same things and we just don't "get" each other anymore. It also scared me a little because I realized that I HAD to become fast track/ fast lane, because I know too much now to go back to just working a job. The illusion of pensions, retirement, bonuses, days off, etc has been shattered and there's no turning back...It's kinda lonely when your thinking shifts to fastlane...unless you're here. :)
     
  5. GettingThere
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    GettingThere New Contributor

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    :iagree:...exactly why I joined this site. I hear people in the cubicle farm talking about buying this or that little doodad, or how much their raise will be and I think, WTF cares? Do I want to be 50-years-old, waiting on that good 'ol 4% COL pay bump each year for the 30-years of my life I spent at this place? I don't think so. Not that I don't "like my job", but I want to ENJOY my life more often than 2/7 of it by spending time with my family/friends doing...whatever we choose!

    It's funny, because there I was 2 years ago...a college graduate with the "dream" of working for the Space Program. Fast forward to now..."dream" was realized, which was a cool accomplishment for me, but my brain just doesn't stop...I want to accomplish the next big thing. As my mom once said to me in response to a statement I made about doing things like I always do,..."oh, you mean flying by the seat of your pants?" I actually laughed out loud because I hadn't thought of it that way before, but mom knows best. :thumbsup:

    Luckily, I am married to another "DOer", so she helps keep me motivated by wanting to leave her mark on the world as well.

    I am content with my job, but I feel like there is so much more I could offer and so much more that I want for my family.

    - John

    ----Sorry for hijacking the topic. please resume... :smx4:
     
  6. TaxGuy
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    TaxGuy Bronze Contributor Read Millionaire Fastlane

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    Just reviving an old thread here...

    I have been thinking of this book being that I myself am middle class and live month to month... mortgage, utilities, groceries, insurance, etc.... this is the thinking I have fallen into and why I am glad I found a community that is more about breaking free of this cycle!!!

    Another reminder is with B&P coming up soon as well as the fact that I would like to plan a yearly trip to Europe(to visit the fiance's family as well as see some old friends in Austria), I have to plan my vacation around my job instead of the other way around. I like to think of myself like Tim Ferriss and the best trips I've taken in the last couple yrs have been the "pickup and go" whether it was a 2 week roadtrip from Chicago to California with a few stops in between, a Thanksgiving getaway to Niagara Falls or a Memorial Day weekend tour of the East Coast, I am a road-tripper/day-tripper and have so many sites to see that I won't if I'm only limited to 2-4 weeks vacation/yr or working with "sick" and "personal" days.

    Here's to keeping this thread alive as I'm sure most of the posters on here either live or come from a middle class background(my definition being the "month-to-month" living and lower class being "paycheck-to-paycheck").
     
  7. fanocks2003
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    fanocks2003 Banned

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    Without a job (and if you have the cash to do so), you are free to just book a trip and go. The same day if that is the case. That's freedom.

    My family are both poor and middle class. My mom has more of a poor mindset (I don't want to speak badly about her because she is a good mother. Very kind to heart). The rest of my family, my older brother and my older sisters have a strong middle class attitude to money. I on the other hand is something taken from an alien movie (I guess my family think so, because they cannot in any sense relate to me in money matters).

    What I find is different between rich people and middle class/poor class is that rich people are much more mentally stronger in money matters. I can't say I am stressed if I am in a tight money situation (you may know those situations: You need to pay X amounts of dollars and you need to recieve the same amounts of dollars from customers to cover it. Happens in business from time to time as you probably already know). My mom on the other hand goes through the roof in such situations. I mean she gets all hysterical and can't leave the subject alone. My older brother and older sisters are almost the same. They are mentally stronger than mom, but still they can't handle the situation without a wealth of emotions.

    The difference between rich people and the other two classes is then (in my view): Their mental make-up.
     
  8. TaxGuy
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    TaxGuy Bronze Contributor Read Millionaire Fastlane

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    speak of the devil, just got off the phone with my dad and it's scary how much we think alike and is a reason why I am trying to get him on here b/c he has been the biggest influence on my life and one of the driving forces behind not only getting an education(something that set me back financially :coco:) and finding a decent "career" to get started, but having the mindset that the only way you can succeed is working for yourself!

    Unfortunately he hasn't been the best example as his ventures have always paid the bills, but never went to the next level and even the business I ran for about a year was the same story, it paid the bills and gave me some degree of freedom, but only from work itself, not from the bills and the "middle class mindset", which, when all is said and done is why I want to achieve finanicial success. The problem is I have to keep reminding myself to achieve this I need to have the needs/desires of others ahead of my own to have that successful venture, otherwise, like the thread MJ posted, I'll just keep falling into the 90% of small biz that don't make it(I chose this instead of "fail" b/c I feel failure is only for those who NEVER try than those who don't succeed :smxB:)
     
  9. Imatk
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    Imatk PARKED

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    That's a very interesting and simple way of dividing things.

    I'm from the "middle" but I'm hoping to reach the "Upper" and teach my kids how to generate :)
     

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