Featured image credit: TikTok/@taylor_money_
One billionaire claimed there's one thing rich people do “completely differently” when it comes to money.
In case you're wondering, this doesn't mean you'll become really good at saving money.
The claim comes from TikToker Taylor, who lives on the Hawaiian island of Kauai and goes by the name “Taylor Money” online.
The billionaire, who made $500,000 in one year at just 24 years old, has built a following by sharing tips and advice for people who want to own a bank account just like him.
Taylor argues that while it may take some time to reach millionaire status – you'll be lucky if you get there – it will change the way you look at money.
Taylor elaborated on the difference between “middle class people and poor people” and said it “has nothing to do with how much money you have in the bank.”
He explained, “Poor people believe that money exists to pay their bills and stay out of debt.”
That seems like a very sensible way of looking at money if you ask me, but again, I'm not a billionaire.
TikTok/@taylor_money_
Taylor continued, “They work for someone else Monday through Friday, trading their time for money and giving it to someone else. It's a great way to scrape out of life and never You won’t get promoted.”
For middle-class people, Taylor said, they see money as a way to “build credit” so they can take out loans to “buy bigger houses, bigger boats, bigger cars, etc.” .
But rich people “understand the way money is supposed to work,” Taylor said.
A TikToker described this as “the number one thing rich people do differently.”
He added: “Rich people know that the role of money is expansion. [It] It's about using the money you earn to make more money.
“Rather than looking for opportunities to buy things that people don't need, rich people look to make more money with all the money they have.”
Taylor said that only when you come to this understanding and view money as a “vehicle for your own expansion,” will opportunities “start to present themselves for you to acquire.”
The billionaire's video elicited mixed reactions from viewers, with one person pointing out: “True, but to make more money you need money first.”
But another added: “Even someone with $5 in their pocket can use this idea!! I think it's great!”
I hope Taylor's advice is helpful to some people, but personally, I think it's best to focus on paying your bills for now.
Topics: Money, Life, TikTok
