Lou Brown has discovered 11 things that poor people do and that the rich avoid.
First is the buy-and-hold concept.
Here’s one situation I came across with. This person had a duplex and the next year she bought another one. The people on the other side were paying enough money to cover the mortgage and the other one was their money.
Basically, the idea is to do something today that pays you forever. Invest your time in a business, strategy, or asset that produces income forever.
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1. Buy and Hold
2. Value Based Buying products on sale
3. Time management – –
4. Snippets of time
5 Avoid time wasters – TV
6. Watch what people do not what they say
7. Blaming others
9. Other people’s energy – leverage
10. Having a plan
11. Take advice from people with more money than you have
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The buy and hold concept.
And I remember she said, I asked her, how did you do this? How did you accumulate wealth? You see, because she was talking about the duplex that she lived in. And then the next year she had bought another one and she told me the people on the other side were paying enough money to cover the mortgage. And the other money from the other side of the duplex was their money. And they got to live a pretty nice lifestyle. They went out. Aunt Mabel, didn’t like to cook. And so they went out every night to the steak house. And they had what I would consider to be a pretty good life. So, I looked at it and then they acquired another one and another one and another one. And then I got a call from aunt Mabel and she says, come on over here and help me move.
I said, move where? She said a brand new house in a brand new subdivision, all brick home on a corner lot. And I said, how did you do this Aunt Mabel? And she said two words. She said, Accumulate Property. And that was a impact for the rest of my life, because what it really said is do something today that pays you for forever. And that’s something I see that wealthy people do. They invest their time into a business or a strategy or an asset that then produces income for them forever. So that’s my advice number one.