Here are 5 of the cheapest things rich people own, but the poor tend to stay away from
No.1 WATCH
A watch is one of the cheapest things rich people own, but poor don’t. In most cases, poverty is a result of poor time management. You rarely see people in poverty wearing a watch because they don’t value time.
Many poor people value money and are very frugal with it; they track every coin. However, they are very generous and wasteful with the one thing they should be stingy with: time. Poor people squander time as if they have an overabundance of it. They spend the remnants of their time on themselves. Once time is lost, it’s gone forever. (Here are some of the best ways to be frugal and how to save money for investing.)
A watch is a device that helps the rich spend their time wisely. What the poor often overlook is that they can always have more money, but they can’t have more time. Time wasted is life wasted. A watch is an affordable device that everyone can own; for the rich, they have the luxury of spending millions of dollars on a watch.
Some rich people, like Kevin O’Leary, have collections of watches, while others, such as Floyd Mayweather, spend millions of dollars on a single watch.
You don’t have to own a fancy watch that costs a fortune, like Floyd Mayweather does, but you can afford a cheap watch. The value of a watch is not in its price; it’s in its purpose. It’s an undeniable fact that many poor people don’t prioritize or value time, hence no need of investing in a watch.
The poor often don’t realize that time is what we all want the most but use the worst. What a tragedy.
A watch is one of the inexpensive yet essential items that rich people own, but the poor often do not.
No. 2 POCKET NOTEBOOK
On my list of cheapest things rich people own is a pocket notebook. What a cheap yet essential item to possess. Virtually all rich people have one. It’s where they jot down their goals and daily tasks. Within these pages, they track the progress of their objectives and reflect on how far they’ve come. The wealthy also use their notebooks to record ideas and outline their daily tasks—something that many poor individuals tend not to do.
Poor people often fail to recognize the value of owning a notebook. When blessed with valuable ideas by God, they have no place to jot down those ideas. A recent study has suggested that an average person has approximately 6,200 thoughts per day, as reported by News18. Thousands of thoughts pass through our minds daily, and most of these ideas are forgotten because they are not recorded as they occur.
No. 3 AN ATM CARD/ CREDIT/DEBIT CARD
ATM card or debit cards are some of the cheapest things rich people own but poor don’t. These cards are incredibly affordable, and in most cases, people can simply apply and receive them for free. However, many poor individuals do not possess any of these cards. Consequently, whenever they require funds, they are compelled to spend hours queuing in banks to make withdrawals. I came across a statistic stating that an average person spends more than two years of their lifetime inside banks. This incurs both time and financial costs.
A credit card, debit card, or ATM card saves time and is a cost-effective means of payment. Many wealthy individuals use these cards for their convenience, avoiding the waste of their precious time. If the rich happen to use a credit card, they pay the balance in full every month to avoid penalties.
They comprehend that any money spent on fines is money that could otherwise be invested
No.4 JOURNAL
A life worth living is a life worth recording.
-Jim Rohn
A journal is one of the cheapest thing rich people own. A journal is a book in which one keeps a daily record of events and experiences. Journals are inexpensive, yet many poor people don’t own one because they often underestimate its importance. Successful individuals maintain a journal and diligently write in it every day, with some even incorporating it into their morning routines.
Similar to a notebook, a journal helps the wealthy capture and preserve their ideas. Great ideas tend to fade quickly and should be recorded as they emerge. Moreover, journaling provides clarity; writing something down helps clear the mind.
Journaling also serves as a tool for problem-solving, enhances writing skills, and fosters creativity by allowing people to tap into their inner thoughts and reflections. It’s like whispering to oneself and listening simultaneously.
Albert Einstein began writing in his journal at the age of 21 in his Zurich notebook
Writing in your journal is the best way I know of developing more effective communication skills, as you become better at describing life to yourself, you find out that you will become better at describing yourself to life.
–Jim Rohn
In other words, as you become better at articulating your true desires and feelings about yourself, you’ll be more adept at expressing yourself and your emotions to others.
Unfortunately, the poor miss out on all the advantages of having a journal. A journal is one of the inexpensive yet crucial items that the rich possess, but the poor often do not.
You can read this book by Jim Rohn, 7 Strategies For Wealth And Happiness.
No.5 SELF-IMPROVEMENT BOOKS.
The poor often lack a budget for personal development books, related materials, or seminars. Successful individuals understand that the most valuable investment they can make is in themselves, which is why they continue to purchase books. They are aware that the price of ignorance far exceeds the cost of books and seminars.
The poor often don’t invest their time and money in books. They are unaware that they are just one book away, one idea away from a breakthrough in life. Many times, those transformative ideas are hidden within the pages of books.
In contrast, the wealthy willingly pay for seminars and educational opportunities. Unfortunately, some individuals of limited means believe they already know everything they need to know. Remarkably, for a person with financial constraints, investing in self-improvement or opportunities that could enhance their financial situation, business, or relationships might seem like a scam or an irrelevant expense. Consequently, they remain trapped in poverty.
In today’s world, with the internet, information is readily accessible and often free. One can learn from platforms like YouTube and other online resources, but many among the poor spend their time on YouTube watching content that doesn’t contribute to personal growth.
Here is my list of Must Read books; you’ll be wiser to read them.
Those are just some of the cheapest things rich people own, but poor don’t.
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There is definately a lot to find out about this topic.
I like all the points you’ve made.