Episode #34 - The Top 10 Distinctions Between Millionaires and The Middle Class By Keith Cameron Smith

Hello, Self Developers and welcome to The Patrick Kelly Podcast for Self-Development, where I will be reviewing  audible books on Self-Development that can change your life for the better this year, and years to come. It is said that if we keep on doing what we always did, we will keep on getting what we always got. In other words, to change our output, we first have to change our input. 

Today is September 05, 2021, and This is Episode 34, and today, we will be reviewing the Audible Book, “The Top Ten Distinctions Between Millionaires and The Middle Class” By Keith Cameron Smith. This audible book will teach You how the Middle Class were able to learn the knowledge of Millionaires and then were able to become Millionaires. Success is a journey as well as a destination and the road is always under construction. In descending order, here are the top ten distinctions.

Distinction #10: Millionaires Think Long Term. The Middle Class Thinks Short Term: Very poor People think day to day. Poor People think week to week. Middle Class People think month to month. Rich People think year to year. And very rich People think decade to decade. The primary goal for poor and very poor People is survival. The Primary goal for middle class People is comfort. And the primary goal for the rich and very rich is freedom. The reason that the Poor are always seeking to survive from day to day and the middle class just want to be comfortable is because they both have a scarcity mentality. They both believe that there is not enough food, resources or more money for everyone. The rich and the very believe that there is enough resources and wealth for everyone who has a goal to get it. What We believe about money will determine how much money We will make in Our Lifetime. An abundance mentality thinks freedom. While a scarcity mentality thinks survival and comfort. That which You seek, You shall find.

Distinction #9: Millionaires Talk About Ideas. The Middle Class Talk About Things and Other People: Out of the mouth reveals a Person’s heart. Your words are like a ships rutter, they determine which way that You are going in Life. Millionaires spend most of their time thinking and talking about ideas that can change their lives or change the World. The middle class rarely talk about ideas and engage in gossip about other People. Big, average, small. Big People talk about ideas. Average People talk about things. And small People talk about other People. There will always be 3 types of People. Those who make things happen. Those who watch things happen. And those who ask “what happened?”. In order to become successful, You must continuously renew Your Mind with bigger and better ideas. The middle class spends it’s money on the things that were created by a Millionaire’s idea. When You are clear on who You are and what You  want in Life, You will become successful. The power of Your words create the experiences of Your Life.

Distinction #8: Millionaires Embrace Change. The Middle Class Is Threatened By Change: For the timid in our Society, change is frightening. For the comfortable, change is threatening. But for the truly confident among Us change is opportunity. Learn to embrace change. Learning to embrace change is a must if You want to become a Millionaire. Millionaires always embrace change because they know that it always brings an opportunity for growth. People who are insecure resist change, while People who are confident embrace it. Millionaires are confident. Millionaires, choose too to be rich. The middle class wishes to be rich. There is a big difference between a choice and a wish. A choice is backed up by a belief that You can do it. A wish is backed by a doubt that You can’t. Doubt will always be a code word for ‘fear”. Change shows what You are made of. It reveals what’s inside of You. Millionaires don’t complain or worry or get angry when change occurs, they look for the opportunity it brings. Change always brings You the opportunity to grow and to become stronger. See the opportunity in change.  It is not about being in the right place at the right time. It is about being the right person, in the right place at the right time, so You can see the opportunity. 

Distinction #7: Millionaires Take Calculated Risk. The Middle Class Is Afraid To Take Risk: The only way out of the rat race is to take risk. If You take risk out of Life, You then take opportunity out of Life. Millionaires take calculated risk. Calculated means to gain knowledge first, and to consider the consequences of failing before You take action. We must use knowledge to overcome fear. How You handle fear will determine the results You get in Life. Millionaires overcome fear and the middle class submits to it. Millionaires overcome fear with knowledge. Fear is darkness and knowledge is light. Light causes darkness to disappear. Knowledge causes fear to disappear. Millionaires educate themselves thoroughly before taking risk. Millionaires practice risk management. Millionaires ask these 3 questions: 1. “What is the best thing that can happen?” 2. “What is the worst that can happen?” 3. “What is the most likely thing to happen?”. If You can live with the worst thing that can happen, and if the most likely thing to happen will get You closer to Your goals, then go for it. If the most likely thing to happen doesn’t get You closer to Your goals, then don’t do it. The biggest fear the middle class has is the fear of failure. The fear of rejection. And the fear of loss. Failure is part of the path to success. If You fail, fail forward.

Distinction #6: Millionaires Continually Learn and Grow. The Middle Class Thinks Learning Ended With School: Why do You think Millionaire’s Homes have Libraries. The Libraries in the homes of Millionaires are just not for show and tell, they actually read books in order to learn and grow. Most Millionaires read one book per week. Success is a process that successful People repeat over and over again. The more money You spend on financial knowledge, the more money that You will make. A $20.00 book can be worth $20,000.00 because of what You learn from it and You were able to apply the knowledge to Your Life. Invest in Your financial education. The more You invest in Your knowledge, the more You will make when You apply it. Wisdom is the application of knowledge. Millionaires are the Students of Life that continually learn from the circumstances of their lives. Millionaires ask “how can I learn from this” while the middle class ask “why does this always happen to me?”. Because the middle class does not learn from the lessons that Life is teaching them, so they get to repeat the class all over again. To have more, You must become more. Knowledge is a seed that takes time to grow fruit. Seek knowledge from the cradle to the grave.

Distinction #5: Millionaires Work For Profits, The Middle Class Works For Wages: People who work for wages earn just enough to live on but not much more. Millionaires work for profits instead of wages. When You work for wages, that can only increase gradually. When You work for profits, You have the advantage of increasing Your income dramatically in a short time. Profits will always be better than wages. Millionaires have passive income. The Middle Class have active income. Passive income allows You to make money while You sleep. Active income is generated when You are actively working at a Job or self-employed.

Distinction #4: Millionaires Believe They Must Be Generous, The Middle Class Believes It Can’t Afford To Give: There are many ways for Us to be generous each and every day. Be generous not only with Our money but also with Our time. Being generous is a sure way to be happy. Being greedy is a sure way to be miserable. Millionaires know that if they are generous, they will receive much more. What We give in Life is what We get back in Life. Millionaires are open to receiving. The middle class are closed to receiving because they never gave anything in order to receive. Only by giving are You able to receive more than You already have. Giving is not just about making a donation. It is about making a difference.

Distinction #3: Millionaires Have Multiple Sources Of Income. The Middle Class Has Only One or Two: The more sources of income that You can develop, the more likely it is that You will become a Millionaire. The middle class refuse to develop multiple sources of income, because they believe that they must do every thing themselves. Millionaires believe in building teams of People who can work together and leverage them to generate income. Millionaires build teams of People that complement one another and not compete with one another. John Paul Getty said “I’d rather have 1% of the effort of 100 Men, than 100% of My own effort.

Distinction #2: Millionaires Focus On Increasing Their Net Worth. The Middle Class Focuses On Increasing It’s Paychecks: The middle class are stuck in the rat race. The rat race is defined as get up out of bed, go to work to earn money in order to pay bills. Millionaires get up out of bed, do what they want, when they want, with who they want, for as long as they want. Millionaires are always focused on building there net worth. Net worth is defined as total assets minus liabilities. Millionaires invest their money and collect assets that they can pass on as generational wealth. The middle class collect bills. Millionaire business owners are able to spend their money before they get taxed. The middle class pay taxes before they get their paycheck.

Distinction #1: Millionaires Ask Themselves Empowering Questions. Middle Class People Ask Themselves Disempowering Questions: Ask and You will receive. You will receive answers to all the questions You ask, so You better ask empowering questions. The bigger the questions, the better. Empowering question: “how can I double My net worth this year?”. Disempowering question: “how will I be able to pay My car note this month?”. It takes the same amount of mental energy to answer the big question as it does the small question. Think about questions that expand Your Mind other than questions that shrink it. Empowering question: “how can I make one million dollars a year doing what I love?” Disempowering question: “how can I get My Boss to give Me a raise?”. Empowering questions ask what You can do and disempowering questions ask what You can’t do. Millionaires ask questions that keep them rich. The middle class ask questions that keep them poor.

Closing Thoughts: On scale of 1 to 5, I would give this audible book, a solid 5 for giving the top ten distinctions between Millionaires and the Middle Class.

*To find out more about this audible book, Go To: www.audible.com and download this audible book, or go to www.keithcameronsmith.com to find out more information about the Author.

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