How do you spend your money?

If you want to be rich (not immediate but in the near future) 

Then you need to understand how the rich spend their $$$

You see, we should always model the rich simply because they are the one who had done it already. therefore by modelling them, it  helps shorten our learning process, increasing our probability of success and also accelerate the journey of success (maybe they took 10 years, with modelling, we only take 8 years).

*modelling simply mean copy. haha

I remember one of my mentor (from Asia Charts) once told me, if you want to know weather a person is rich, simply look at the way he/she spends his/her money.

ok then, So how does the rich spend their money? They spend their $$ in buying "income producing assets", something that you buy one time and pays you every other months. You see, the rich focus on building their assets first and enjoyment/luxury later.

Comparing to the middle class, they might look rich on the shell but in reality, they are in deep in debt. The middle class likes to spend their money in buying assets they think are "assets" however they fail to realize whose asset(s) it actually belong to. You see, they pay monthly installment to the bank(s). Their Car or House (for example) doesn't bring in any money during these 10 or 30 years period. Therefore it is actually bank's assets. (only after 10/30 years then it is your owned assets)

A person basically works for 3 parties in their life.

1. Work for company.
2. work for gov.
3. Work for banks.

Many had fail to realise to "mind their own business" (I mean their own portfolio/work for themself)

Work for Company
You see, the sad part is you are working extra hard at work to make someone (your boss) who is rich even richer yet failing to make yourself rich. I m not saying not to work hard, the main aim here is about not forgetting to mind "your own business".

Work for Bank
finally, PAY DAY! I bet many would had say this at least once.
really can't deny this.
A portion of our active income (Pay) goes to the bank's income statement every month for our home mortgage. depending on individually, we might work for the bank for as long as 30 years.

Work for Gov
every working adult in sg need to pay income tax.
shall stop here. Very sensitive topic.  Haha

Lastly, for the poor, needless to say much, they earned $10 and spend $9.50 on every things they see. They are always equip with the latest gadgets. To them, everything is necessary and useful.

So...
how do you Spend your money?