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10 Differences between the Middle Class and the Rich

1. The Middle Class live comfortably. The Rich embrace being uncomfortable.

It’s comfortable to work a “safe” job. It’s comfortable to work for someone else. The Middle Class think being comfortable means being happy. But the Rich realize that extraordinary things happen when we put ourselves in uncomfortable situations. Starting your own business is a risk and risks can be uncomfortable. But a little risk is what it takes to create wealth and achieve superior results.

2. The Middle Class live above their means. The Rich live below.

You won’t catch the average millionaire in a $100,000 car or a multi-million dollar home. The Rich don’t spend their money on depreciating liabilities. They spend their money on appreciating assets and they live below their means. On average, the Rich drive cars that are a few years old and they don’t buy them new.

3. The Middle Class climb the corporate ladder. The Rich own the ladder.

The Middle Class tend to work for someone else. They have a job. A career. Upper Middle Class tend to be self-employed. They own a job. The Rich tend to own the business. They own that corporate ladder that the Middle Class are busy working up. The Rich understand that they need more people working for them to earn more money. The Rich understand the power of passive income.

4. The Middle Class are friends with everyone. The Rich choose wisely.

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The Rich understand that when you surround yourself with successful people, your own success will follow. Likewise, surrounding yourself with unsuccessful people tends to have the anticipated effect. Your income is usually the average of the incomes of your 3 closest friends. If you want to earn more, hang around people who earn more. It’s all about aligning your mindset with the mindset of successful people. If you want to be rich, you have to think Rich.

5. The Middle Class work to earn. The Rich work to learn.

The Middle Class are easily persuaded to change jobs when someone offers more money. The Rich understand that working isn’t about the money (especially in the early years.) It’s about developing the skills and traits that you need to develop to become rich. That may mean working a sales job to better understand the world of selling. Or it could mean you work at a bank to better understand accounting. If you want to be rich, you should be working to learn the skills you need to become rich. Most Rich people didn’t get there by earning a high salary.

6. The Middle Class have things. The Rich have money.

Back to the fancy cars and big houses. That’s where much of the Middle Class spend their money. Drive through a middle-class neighborhood and you will usually see brand new cars, expensive landscaping, and high-dollar homes. The Rich understand that to become wealthy, you have to want money more than you want things. If you keep buying things, your money will keep going with them. It’s funny how that works. For example, Warren Buffett still lives in the same home he bought in 1958. And he only paid $31,500 for it.

Stop buying things and start focusing on keeping, saving, and investing the money you earn. If you are a shopaholic, start shopping for assets. Become interested in investing, then look for bargains on stocks and businesses instead of shoes and electronics. That being said, it’s not all about saving your money.

7. The Middle Class focus on saving. The Rich focus on earning.

Saving is important. Investing may be more important. But earning is the foundation of both. You understand that you need to save and invest. But to really achieve extravagant goals with them, you need to earn more. The Rich understand this and work on creating more avenues to earn and earning more with the avenues they have. If you really want to become rich, work on your earning ability and not your saving ability.

8. The Middle Class are emotional with money. The Rich are logical.

Steve Siebold interviewed over 1,200 of the World’s wealthiest people over the past 30 years for his book How Rich People Think. According to him, there are more than 100 differences in how Rich people look at money compared to the Middle Class. One of the key differences he found was that the Middle Class see money through the eyes of emotion. But the Rich see money through the eyes of logic.

Making emotional financial decisions will ruin your finances. Warren Buffett explains that investing has much more to do with controlling your emotions than it has to do with money. Emotions are what cause people to buy high and sell low. Emotions create dangerous business deals. Leave emotions out of this and turn to logic.

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9. The Middle Class underestimate their potential. The Rich set huge goals.

The Middle Class set goals (sometimes). It’s the capacity of the goals that differ from the Middle Class to the Rich. The Middle Class set safe goals that are easily obtainable. The Rich set goals that seem impossible, difficult, or crazy. But they know they are achievable. It all comes back to having the proper mindset.

10. The Middle Class believe in hard work. The Rich believe in leverage.

Hard work is a necessity for all of us. If you want to reach the top (whatever that may be for you), you’ve got to put in the work. The problem is that hard work alone will rarely make you rich. You can’t become rich by doing it all yourself. You have to use leverage to truly become rich and stay that way.

Leverage works in many ways from outsourcing to investing. The more leverage you can incorporate, the more time you will free up to work on the things that really matter in your business and your life.

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