AF227 - Wealthy, Rich, or Broke?

Happy New Year! We've gotten through a lot these past two years, and finally, breathing the air of 2022 is enough to be thankful for and to celebrate. In this first episode of the year, I want to talk to you about the comparison between the wealthy, rich, and broke. I’ll highlight what it means to be broke and also speak in detail about what separates the wealthy and the rich - the most striking being that the wealthy have or aim to have financial freedom. Along the way we’ll also look at some other differences including the wealthy's humble lifestyle, where most are not flashy, and they spend more on things that earn money while they sleep.

I kick it all off with a timely reminder that there are only 10 days to our very first workshop of the year, and also that there are only a couple of seats left. I then delve into the topic for the day - Wealthy, Rich, or Broke – beginning with the example of financial responsibility that Shaq O'Neal sets, being a former basketball superstar and a business genius, and how he teaches his kids that his money is his own, not theirs. I also share my son's perspective of the rich versus wealthy, and how the rich person's wealth doesn't last very long as they go into massive debt for their flashy, glamorous lifestyles. We’ll also examine how the wealthy, on the other hand, generally live a humble lifestyle. Finally, I discuss ways to become wealthy, including increasing income, reducing unnecessary expenditures, staying healthy, investing in stocks, and savings. I am so excited to start this new year with you all and to continue our journey to wealth, happiness, and health together.

Another great way to start the year is to become part of the Amazon Files and Mommy Income community by joining our Facebook group using code word WEALTHY, where you can learn more about bundling, ask questions, and participate in the conversation with other sellers. And if you're ready to take your business to a whole new level, visit MommyIncome.com/Coach to schedule your one-on-one coaching call today.

This week on the Amazon Files:

  •     The Competent Wholesale Bundlers Workshop is coming up in 10 days, and there are only a few seats left!
  •     Financial responsibility – case study of Shaq O'Neal
  •     What the wealthy tell their children
  •     My personal story of getting out of debt and the journey to being wealthy
  •     Comparing the rich, the wealthy, and the broke
  •     What sets the wealthy apart from the rich
  •     You can become wealthy by

              o   #1: Increasing your income

              o   #2: Saving

              o   #3: Investing in stocks

              o   #4: Reducing unnecessary expenditure

              o   #5: Staying healthy

  •     Health as a critical component of being wealthy

 

"Wealth has nothing to do with how much money you earn; it has everything to do with how you spend what you earn. So whether you earn $30,000 a year or $300,000 a year, it's all about how you spend that money, how you invest it, how you care for yourself and for others."

- Kristin Ostrander 

WATCH:

LISTEN:

Quotes:

"'My kids are older now, and they're kind of upset with me because I tell them all the time, ‘We ain't rich, I'm rich.’ Shaq said that."

"He wants to change people's lives. So that, my friends, that is the definition of wealthy."

"When you take what you have, and you invest it into someone else or something else that you can see and help and shepherd, grow, or even just hands-off invest in them, that is wealthy."

"If you have a Tesla in the driveway and a Rolly on your arm, and you're wearing Gucci head to toe, awesome. Do you have debt? Better not. Because at that point, it's just a facade."

"Most people that are rich spend more than they earn…but if you wanted to peel back the layers of somebody's bank statements, then you could know that net worth, creating a positive net worth, is spending less than you earn, period."

"You can be rich and on the verge of bankruptcy."

"Rich is more about showing off your money than building long-term wealth."

"What does it actually mean to be wealthy? In a short definition, it is just achieving financial freedom."

"When you're wealthy, you get to decide when and where and how you work because you have the luxury to walk away if you don't enjoy your job."

"Wealthy people focus more on income-producing assets, things that make money for you, passive income, real estate investments, things like that, that make money while you sleep."

"You can have all the money in the world, but you can't buy health. It's something that you have to take care of and curate. It's one of your assets.”

"It all comes down to how you spend your money, how much you save, how much you spend, how much you invest."

"If you're not making that much money, you can increase your income. How do you do that? Invest in a business, start a business, start a side hustle. Stop buying stuff you don't need. Focus long-term. The rich quick gain will never get you long-term sustainability."

"Wealth is about taking care of yourself because if you're the main earner in this wealth cycle, you need to be healthy enough to continue earning."

"I've already saved like 12 grand automatically by just saving a little bit a month and investing into little stocks here and there. I think it's really fantastic. And that's only been like a year, a little bit of automatic saving."

"There's not some crazy secret formula. It's what do you want more than you want right now? What do you want more long term, and forever, more than what you want in the moment. That's called discipline. We want the result more than you want the temporary fix."

"Take a note from Shaq. He makes investments not for monetary reasons but because it will change people's lives. That hit home for me. And that is something that I totally align with. Because that's what I do."

"That's the only way I got to where I was. I didn't save $50,000 and just pay it all off at one time. But, little by little, I chipped away at it.”

Related Content:

 

Grow Your Amazon Business!

Thanks for tuning into this week's episode of The Amazon Files, the show to help Amazon sellers along their business journey one step at a time with Amazon expert and your host, Kristin Ostrander. If you enjoyed this episode, head over to Apple Podcasts, subscribe to the show and leave us your honest review. Don't forget to share your favorite episodes with your friends on social media! Use the codeword WEALTHY to join us on Facebook. Each week, Kristin hosts a live discussion on how to grow your Amazon business. Don't forget to check out our website and subscribe to our mailing list for even more resources.

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