EP 015: Looking Rich VS Being Rich

Trigger warning!

The thing that holds back most people from being wealthy is not how much money they make.
It’s when they make money, they spend it on things to “look” rich instead of “being” rich.

Let me give you an example as I’m sure you know someone like this…
(It might even be you!)

After many years in business, a business owner finally starts making some money.

The years of hard work are finally paying off.
He can see a good amount of money in his bank account for the first time in his life.

He feels like he deserves something for the hard work.
He has seen other business owners in nice cars and dressed much better than he is.

So he buys a car and some designer clothes.
And you know what, it feels DAMN GOOD!

Then not too long after, a new house seems in order.
I mean, what’s the point of working so hard in business if you don’t get to see the rewards?

Before you know it, it’s flying business class and premium hotel rooms.

All the markers of someone who looks “rich”.

You will notice I didn’t say…
“Oh, he started making money and kept his lifestyle in check and started investing.”

His lifestyle costs have increased dramatically and yes, he does look richer…

But, his wealth really hasn’t moved at all.

In case you didn’t pick it up, the person in the story was me.

What I didn’t know back then is we are wired this way.
It’s in our biology.

Throughout time, those who have “status” have the best options for mating partners.
Your brain thinks that having status will help the human species continue.

It’s this wiring that keeps many broke and in pursuit of looking rich instead of being rich.

So in this episode of the podcast, we discuss how you can move towards being rich instead of just looking like it.

DISCLAIMER: All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Introduction
01:38 Most business owners only look rich
05:53 The stuff we bought to signal wealth and success
10:21 Why most people think they need to look rich
14:12 The difference between looking and being rich
16:11 How wealth goals change your mindset
18:53 Growing out of the looking rich mindset
22:42 Moving closer to wealth allows you to relax
26:32 Times when looking rich makes sense
34:51 The best way to signal business success
36:07 The wealthier you become, the less you care about looking rich
37:37 Balancing looking and being rich
43:21 When saving money costs you wealth opportunities
44:33 Growing your revenue vs cutting costs
48:15 What Grant skimps and splurges on
50:29 What Charley skimps and splurges on
53:15 The key to balancing looking and being rich
1:02:18 Final takeaways

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