A short excerpt of a YouTube video by Catherine Bell in which she recounts mentoring with a multimillionaire and contrasts spending habits across economic classes: poor people buy consumable items (corner stores, dollar stores, flea markets), middle-class people buy lifestyle goods (cars, houses, vacations), and wealthy people buy income-producing assets that fund those lifestyle expenses.
That I was actually spending some time with a mentor of mine who was a multimillionaire. And I had the opportunity of spending a lot of one on one time getting coached, mentored, and very clear, like, do these actions, you'll get the same, if not similar results. Right. And one of the things that we actually discussed that really just was huge for me was understanding this, that poor people spend money on things, things like corner stores, dollar stores, and flea markets. Middle class people spend things, spend money on things like cars, motorcycles, boats, personal houses, vacations, all that fun stuff. Wealthy people spend money buying assets that provide passive streams of income that actually pay for all of that fun stuff. Very true.
