Listen in as Myron Golden shares the psychology of money that he learned that took him from a trash man to making millions of dollars.
How Rich People Think About Money
0:00 Intro
Most people make the mistake of thinking that the difference between rich people, poor people, middle class people, is how much money they have. I submit to you that how much money you have has more to do with whether you have the psychology of a rich person, a middle class person, or a poor person. And the difference between how much money you make, whether you’re rich, poor, or middle class has way more to do with your psychology than it does with your job. It has way more to do with your psychology than it does with the side of the tracks you grew up on. It has way more to do with your psychology than it does whether you’re a man or a woman, or black, white, Asian, or Hispanic, or whatever your ethnicity is. How much money you make is determined by whether you have the psychology of a rich person, a poor person, or a middle-class person. And when I discovered that, it was like game changer for me.
00:44 Perspective
So I’m gonna give you a little bit of perspective. I’m gonna give you a first lesson on perspective as this. So if you are standing at an intersection, this is my best. This is my best illustration of an intersection. You’re standing at an intersection and you see an accident right there in that intersection.
If four different people are standing on this intersection, right? What they see is going to be completely different because of one thing. What’s that? That’s their perspective. If you think about it, your perspective on life is what contributes to your psychology.
So your perspective on money, if four people are looking at the same accident, did they see the same accident? Yeah, they saw the same accident, but did they see the same thing? They didn’t. They all saw something different. Why? Because they were looking at it from a different perspective.
So if we take this intersection and we convert that intersection from an intersection into a window, so now we’ve got a window with four different window panes, right? So how we look at money is going to be determined; our money psychology is gonna be determined by the perspective we have. Where are you looking at money from? Are you looking at money from the perspective of a rich person, a poor person, or a middle-class person? And so that’s gonna be the thing that determines your money. And the first piece of the psychology of money is what’s your psychology around making money?
02:09 HAJ Have A Job
If you’re this person, your psychology around money, your name is probably Haj. We’re gonna call you Haj, right? You say “Haj? What does that mean?” It means, “Have A Job.” The way to make money is to have a job. That means you sell a whole bunch of your time for a little bit of somebody else’s.
The reason you do that is because your whole life, you’ve been lied to. They told you your entire life that time is money. You’ve heard this your whole life. Time is money. Time is money. Time is money. Time is money is one of the most expensive lies you can ever buy. So don’t buy the lie. It costs too much. So time is money. Time is not money. Time is infinitely more valuable than money. If you run outta money, you can get more money. But if you run outta time, you don’t get more time, right? I don’t think there’s anybody here, if I said I would write you a check for a million dollars today, that will clear the bank by the way, I’ll write you a check for a million dollars today.
How many you want that money? All you say, “I want the money. I want the money!” But if I said there’s one stipulation, you have to end your life today. And now nobody wants it. Why? Because all of us know the potential of tomorrow is greater than any amount of money today that’s gonna cause us to lose all of our tomorrows.
So hopefully what I’m saying is making sense to you. If the doctor told you today, and you had a million dollars, and all that million dollars was your total life savings, and the doctor told you that you’re gonna die, but there’s an antidote and it can save you and it’s gonna cost a million dollars and it’s worked 100% of the time, would you use that million dollars to buy that antidote? Ofcourse you would. Why? Because intuitively, and your soul knows, that time is more valuable than money. But your mind has been tricked by the cultural hypnotic societal mechanism into believing that time is money, but time is money is a lie. Don’t buy the lie. It costs too much. Okay?
03:39 OAJ Own A Job
So then, what you do is, this have a job thing ain’t working. So you go over here, you go over here to this guy, and your name becomes Oaj. You say, “Oaj? Who’s Oaj?” OAJ is “Own A Job.” And most people, they think they want to become entrepreneurs. And so what they do is they go out and they buy a business or they start a business where they are the only person working in that business. That’s not owning a business. Most people think they own a business, when what they really own is a job. And I always said to people, “You can get a job for free. Why would you wanna go buy one?” And so there’s a person who goes out and buys some lawnmowers and they start a landscaping service, or they go out and buy some buckets and some mops and they start a cleaning service.
04:13 OAS Own A System
What you should do, instead, is you should figure out how to create a system. I love what W Edwards Demming said. He said, “Systems under which people work account for 90% of the failure. Therefore, the key to success in any endeavor is to perfect the system.” Oh, okay. Cool. Got it. So what do I wanna do? You don’t wanna be this guy. You wanna be this guy. You wanna be OAS. What’s that? “Own A System.” A system is some mechanism that you use that makes you money every month.
Did you know that if you wrote one Kindle book a month, and you could eventually get that Kindle book making you a thousand dollars, right? So you’re selling a thousand dollars worth of that kindle book every month. By the end of 12 months, you got 12 books. Congratulations. You got a business. You got a system that’s paying you $12,000 a month. If you have a membership site and the membership site costs your members $97. You go out and you get 200 members, you’re making $20,000 a month.
So think from a perspective of, “What kind of systems can I create that will pay me for the rest of my life?” This is what a real business owner owns. A real business owner owns systems. So we have systems in place where we have hundreds and hundreds of dollars of book sales that come in every day, hundreds and hundreds, sometimes thousands and thousands of dollars of ticket sales for our events every day. And then we’ve got transactions of products and offers that we’ve created because we own a system.
05:30 SMS Sows Money Seeds
And then the last guy you wanna become is you want to, you wanna become the SMS. Okay, we’ll call him Sams. What does Sams do? SMS “Sows Money Seeds.” What do you do there? You’re investing your money, you’re planting your money in the ground, and making that money grow out of the ground.
So now, over here, your systems are making money down here. This is why these two people are sad, because you’re using your time to make money. You’re using your time to make money. You’re making more money, but you have less time. Over here, you were using time to make money. You have neither money nor time. Over here, you have more money, but you have no time to enjoy it.
When you come up here, now you’re finally making more money and you have the time to enjoy it. And then ultimately, when this takes over this space, now you’ve got so much money coming in. You’ve got all the money you need and all the time to enjoy it.
06:09 Different Psychology of Rich, Poor, Middle-Class
So what is the difference between the psychology of rich people, poor people, middle class people? And I’m gonna end with this. Poor people have the psychology that makes them think the primary purpose of money is to pay bills and buy. That’s the primary purpose of money. Pay bills and buy stuff. So they’ll go out and they’ll find a job that gives them enough money to pay their bills and to buy stuff. So what happens, if this is what you think the purpose of money is, you will always be poor. You’re not poor because of the job you have. You got the job you have because your psychology was the psychology of poverty. Okay?
Middle class people think the purpose of money is to create and maintain good credit. Why? So they can pay their bills on time and buy stuff that they can’t really afford. So a middle class person, they’ll get a job that makes more money so they can buy things on time and then pay off today’s junk with tomorrow’s money. That’s the psychology of middle class people.
So I want you to think about, just for a minute now while you’re watching this video, think about how you think about money. When you think about money, do you think about all the stuff that you gotta pay for and there’s never enough money? That’s because you only decided to figure out how to make enough money to pay for the stuff you buy, right?
So the first thing you do when you get a dollar is you pay your electric bill, your water bill, your mortgage payment, your car insurance, your college loans. You buy food, you pay your utilities, you take yourself to the movies, or you take your family to the movies or out to dinner, and you spent this money because you gave yourself a temporary relief of the pain of being broke. Or you go out, your car, it has 36,000 miles on it. Oh my goodness, it’s so high mileage. I gotta go get a new car. And you really want a new car ’cause you’re bored with your old car. But the reality is all you have to do is think about it from a different perspective. So you make enough money, you go buy the stuff, you pay the bills, and you maintain good credit. You got your 750 credit score, your 850 credit score, and you’re excited because now I can go buy anything I want, even though I can’t afford it.
But when you really get it, when it really begins to make sense to you, what you’re gonna do is, every time you get a dollar, you’re gonna say, “How can I take this dollar and turn it into two?” How can I take this dollar and turn it into $10? How can I take this dollar and turn it into 20? How can I take this dollar and turn it into $30 or a hundred or $500? Because when I can take this dollar and turn it into more dollars, in my book “From The Trashman To The Cashman,” I called that, “Holding onto your money long enough for it to get pregnant and have babies.” You never spend the momma money. You only spend the baby money. That’s what rich people think about, “How can I turn this money into more money?”
The other thing is middle class people and poor people are afraid to take their money and invest it in something that’s gonna make more money, because middle class people and poor people, these people want a guarantee. They want a guarantee, right? But rich people want an opportunity. So if you become the kind of person who seeks opportunities over guarantees, and your primary purpose for money is to turn it into more money, then every time you get money, you’re gonna be looking for a way to turn it into more money, congratulations, you’ve developed the Psychology of the Rich Folks.
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