"When it snowed, I didn't get paid." That was the reality for me when I owned restaurant. I had a job, not a business. I was chasing "rich"—high income, high expenses—but I was stuck on a hamster wheel.
In this episode, Michael and Gino Barbaro break down the critical difference between having a Rich Mindset (looking the part) and a Wealthy Mindset (owning the time).
We explore the 5 Key Differences that separate the two. Learn why making six figures often leads to living paycheck to paycheck due to "lifestyle creep," and how to shift your focus from earning income to buying assets that pay for your lifestyle.
Key Takeaways:
✅ Cash Flow vs. Paycheck: The rich focus on the size of the paycheck; the wealthy focus on the yield of their assets.
✅ Produce vs. Consume: The rich upgrade their lifestyle before they can afford it. The wealthy buy assets first, and let the assets pay for the luxury car.
✅ Debt as a Tool: Rich people use debt for consumption (liabilities); wealthy people use debt for leverage (business/assets).
✅ Time & Leverage: You cannot work 24 hours a day. Wealthy people stop trading time for money and start using leverage (OPM and other people's time) to scale.
✅ The 3-Month Test: If your income stopped today, would you be okay? The wealthy mindset prioritizes peace and security over flashiness.
Let's Connect!
Question of the Day: Be honest: If your active income stopped today, how long could you survive on your current assets? Let us know in the comments! 👇