There’s a wide gap between the rich and the poor, and that gap is widening. Over the past 50 years, household incomes have grown three times faster for the top quintile of earners than for the middle quintile. A lot of the onus to close the gap, or at least stop it from widening, lands on policies that only the government can enact. However, there are a few things you can do in your personal financial life to grow your wealth.
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In a post on his YouTube channel, Robert Kiyosaki, businessperson and author of the acclaimed 1997 personal finance book “Rich Dad Poor Dad,” discussed key differences he observed between the way people with great wealth and people with little to no wealth live. Here are three critical things he said rich people do that those without means may not — but should.
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Respect and Care for All Your Property
Kiyosaki is very vocal about the many highly expensive things he owns, including luxury cars. He frequently talks about how he uses assets to pay for these indulgences. In this post, Kiyosaki suggested having nice things isn’t just a thrill, it’s also a responsibility. Rich people respect their high-quality belongings as valuable property.
Kiyosaki brought out from behind the camera a young man named Josh, who appeared to work for Kiyosaki or his team, to share a lesson about the importance of having respect for property.
Josh was given/entrusted with a beautiful vintage Porsche by real estate entrepreneur Ken McElroy. When Josh left the country and returned the car to McElroy, it was discovered that the car had not been well taken care of and had been damaged while Josh had it.
“The wheels were messed up, the mirror was broken,” Josh said. “I didn’t take care of the car or respect it to the degree that I ever should have.”
Here, Kiyosaki pointed out that he has, among his car collection, a $400,000 vehicle. He treats it like the valuable property that it is. “I take care of my property,” he said.
Josh then shared that Kiyosaki had told him that “the poor people don’t respect their property.”
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Treat Mistakes as Valuable Lessons
As Kiyosaki sees it, you’re not stupid if you make a mistake; you’re stupid if you don’t learn from the mistake.
“You wasted a good mistake,” he said. Kiyosaki admitted that he made a couple of mistakes while serving in the Marine Corps as a helicopter gunship pilot during the Vietnam War — including lying to officials and stealing goods. It wasn’t until he went through personal development training that he realized he was a liar and a cheat. These mistakes may have mattered less than how he remedied them.
Know That ‘The Truth Shall Set You Free’
“I had lied so many times,” Kiyosaki said. “I was stealing from the warehouse. I was a complete criminal.”
Kiyosaki then turned himself in to the captain for punishment. After spilling his guts to the captain, Kiyosaki asked, “How many years will I go to jail?” The captain replied, “Lieutenant, you’re free. You’ll have an honorable discharge in six months. Thank you for telling the truth.”
From that point on, Kiyosaki has sworn by the common saying, “The truth will set you free.” If he finds that he’s made a mistake, he admits it immediately, and recommends that you do the same.
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Sources:
Robert Kiyosaki | The Rich Dad Channel (YouTube), “What Rich People Do, That YOU Don’t“
This article originally appeared on GOBankingRates.com: Robert Kiyosaki: Here’s What Rich People Do That You Probably Don’t
