1. Tim Sales' video "What the Wealthy Buy on
Payday" illustrates the difference between
the poor, middle class and wealthy in terms
of what they typically purchase on payday.
Lancaster Payday Loans
2. Lancaster Payday Loans He begins the discussion with a definition
of the terminology used in the video Income--money brought in
Expenses--money that is spent Assets--something that pays you
(differing from the accounting terminology) Liabilities--something
that costs you He goes on to discuss that a home could be either an
asset or a liability It is a liability if if costs you each month as in a
mortgage or renting as a tenant It is an asset if you own the house
and you are the landlord and collect rent The social class
discussion begins with the Poor Sales says the poor buy "stuff" on
payday "Stuff" is inexpensive things people buy that they don't need
to survive
3. Their income on payday goes out to the expense column to buy the
"stuff" They justify this expense by saying it costs so little which is
true but it also doesn't pay you either Sales continues the
discussion with the Middle Class He says that society considers the
middle class rich and that they make six figures annually The middle
class buys liabilities on payday These liabilities become expenses
4. They include cars, boats, planes and credit card debt He uses the
example of a couple bringing in a monthly paycheck of $15000 They
spend one half of their check on expenses and the other half $7000
as a down payment on a new car Next month, that new car
becomes more expense The car payment, insurance, gas, wear and
tear all contribute to expenses Eventually the expenses become the
same as the income
5. The money in goes right back out again Sales says that the middle
class enters a stressful, vicious circle Their income is dependent on
their own effort If they are not working they are not earning They
exchange their knowledge and expertise for someone else's money
The Wealthy buy assets on payday
6. Those assets earn more income Assets include: Investments:
Stocks, Bonds, Real Estate; Education: Pays in added skills and
abilities; and Businesses: Particularly businesses that allow you to
create passive income Sales uses the example of Warren Buffett
One of his first businesses was putting pinball machines in Barber
Shops He saved the profits from that first pinball machine to buy
another pinball machine that he put in another barber shop He
invested his profits in something else that would provide a profit
7. Direct selling, network marketing and multi-level marketing are all
businesses that have an option to pay you with passive income
There are many choices available You do have to be open to
hearing about these businesses And, you should do your research
so that you are sure of your decision Tim Sales concludes his video
with the formula for wealth The wealthy buy assets that earn income
and they use that income to buy more assets that earn income
8. This video is an excellent illustration for anyone considering a
network marketing, direct selling, or multi-level marketing business It
provides a clear and concise plan for anyone from any social class to
achieve wealth Tim Sales is the man behind Brilliant Exchange
The website is brilliantexchange com Video Source: Youtube
