Why do the rich get richer and poor get poorer?

 

Hundreds of you responded to this question.  Here are the common themes and principles we can all be encouraged by.

Here are the 10 Principles repeated over and over again from listeners said to be true of the person headed toward success and wealth.

  1. Expects Success
  2. Creates a clear plan
  3. Works Hard
  4. Avoids Debt
  5. Is teachable and a lifelong learner
  6. Exercises self-control, persistence, and delayed gratification.
  7. Accepts Personal Responsibility
  8. Keeps Good Company
  9. Is Opportunity conscious
  10. Enjoys the present but plans for the future

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“The people who get on in this world are the people who get up and look for the circumstances they want, and if they can't find them, make them.”  George Bernard Shaw

Other Resources:

The Strangest Secret YouTube Video of Earl Nightingale’s message

Hourly Pay Will Keep You Poor – Dan’s blog

Why the Rich are getting Richer – blog by Jason Cabler

The Compound Effect by Darren Hardy

The Parable of the Ten Talents – Matthew 25:14-30English Standard Version (ESV)

For as he thinketh in his heart, so is he  Proverbs 23:7

Bridges Out of Poverty by Ruby Payne

Escaping Shawshank – the event in August where we'll look at Prison, Purpose and Plan – Meet Dan & Joanne there.

48 Days Coaching Mastery Program

The Ultimate Advantage Cruise – Feb 2017

Coaching with Excellence – May, 2015

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  • Thanks for including my article Dan. Quite an honor to be listed between you and Darren Hardy! I can’t wait to listen to the podcast and see what everybody else has to say on the subject.

    • Jason,
      You are most welcome – thanks for the great contribution. Yeah, I’m excited about the podcast. The responses were awesome. Not as much defense of the poor as I expected. Most people went right to why the rich are getting richer. It was great.

      • I would imagine there is less defense of the poor here because this is a community of such forward looking, success oriented people. We are doing everything we can to make sure poverty is as far from our lives as possible. All of us in this community are not rich, but I guarantee you we are getting richer!

        • Jason – yeah I don’t think the people who responded are representative of the general population. This crowd accepts responsibility and believes it’s possible.

          • I’d definitely be interested to find out how the general population would answer the question. By the way, just got the book you sent, thanks so much!

  • Soon looking forward to hearing this podcast Dan! Definitely going to be an interesting one for sure and am amazed at all the responses you received. Thank you for collecting and compiling.

    • Jen,
      It was a privilege and joy to read through the responses of people who have accepted responsibility for are on the path to doing even better.

  • Reed Porter

    So right on the money. You are indeed a wise man! Just listened to “The Strangest Secret” for the first time today. What struck me was his statistic that only 5% of people are successful in the very goals they set for their lives! It is so true. I’m a “5%er” as I have lost over 100 pounds and kept it off for more than a year. Only 1 in 20 do that. Now, with a newly formed Master Mind with guys I met right here, I will make the leap to my version of success.
    But the wisdom that is from above is first pure, then peaceable, gentle, and easy to be intreated, full of mercy and good fruits, without partiality, and without hypocrisy.
    James 3:17

    • Reed – wow, congratulations. You are indeed in a rare category of people. If you’ve achieved that in the physical area you can hit goals in other areas even more easily.

  • Ofir Kaidar-Heafetz

    It was a very interesting and controversial podcast, I think. I have a couple of comments, somewhat related to each other.
    1. The reason that most resonated with me was ‘having a plan’. My “plans” in life were finishing university, getting married, the next vacation, … I’ve never thought to plan the financial aspect of my life. It simply something I was never taught in school or by my parents. It’s really only a year or two ago that my wife and I started to plan our life – getting out of debt, buying a house, starting a business – and even THEN I didn’t see it as “a plan”. I’m excited to think about my life with this concept and I’m sure that thinking in this way will have a positive impact on my life.
    2. It was repeated a few times by different people that one differentiator between the rich and the poor is that rich people work hard. This implies poor people do not, and I think it is very offensive. Yes, I’ve known lazy people in my life and that sure contributes to being poor, but many poor people work very hard just to survive. I think that the better way to phrase it would be: Rich people work hard with a purpose to advance in their plan. Poor people might work very hard but they are only working to survive, not to advance their goals.

    • Ofir,
      Delighted to hear you have a plan. That’s definitely one of the differentiators. Thanks for your comments.

  • Great job handling this topic Dan. You acted as a facilitator in a discussion and it kept it very interesting and avoided any blame or judgement; you stuck with principles.

    The answer is momentum, or inertia, as you discussed. It’s a simple law of physics. I think it may tie into your masters thesis where you found that people who signed up for a self improvement group started making improvements even before the group actually started meeting. It seems the start of inertia may be having a positive expectation that things can change for the better. Just my 2 cents worth. Once again great job!

    • Sutton,
      Yeah it seems clear that mindset is the big factor in getting rich – not luck, inheritance or winning the lottery. People just get going with a clear plan. Thanks for jumping in the conversation.

  • Love that list. Successful people create a plan on how to achieve what they want instead of just hoping or wishing it will happen. And definitely the momentum. Great podcast and discussion Dan!

    • Camilla,
      Yeah – I loved the list too. I was blown away that the feedback was so clear.

  • Hey Dan – First, Happy Birthday sir! I want you to know that I truly enjoyed and have been richly blessed by this podcast. I would say that this one was probably one of my favorites. I have already listened to it 3 times and still finding new nuggets each time I listen. I’m posting the list on my bathroom mirror, my calendar and my desk to keep it before me daily. Thank you for sowing your life and knowledge into ours. Have a blessed day – Keith

    • Keith – thanks so much for your birthday wishes and your comments. I thoroughly enjoyed scanning through all the wisdom that you readers shared on this topic.

  • Cam

    Thanks for a great podcast Dan, and for including a great summary of my thoughts.

    Have a great weekend!
    ~Cam

  • Really

    It is just too bad that God didn’t love us that way too.