 Black Friday and Cyber Monday are fast approaching. Now a lot of us go out there and we get excited to buy all sorts of crap that we may or may not even ever use again. But hey, a great deal is a great deal, right? Well, not always. Today we're going to talk about five things rich people do that poor people don't on Black Friday. So you can go out there and actually make your life better this Black Friday Cyber Monday. Let's dive in. So pretty much all of us get excited on Black Friday for lots of different reasons. Maybe we want to go out there and get a deal on that 70-inch TV screen that we've been eyeing up, or maybe we're thinking about our relatives over the holidays and we want to find the perfect gift for our loved ones. There's lots of great reasons to get excited about Black Friday and Cyber Monday. Now there's also people that are getting excited about this holiday because they're about to have the biggest sales weekend of their entire year. They're about to blow up their business because everybody in the whole country is excited about buying this weekend. And there are plenty of people willing to sell. So what is the difference between rich people and poor people during this holiday? Because usually our lives are just the results of our choices. What choices do we make under the same context? Two different people, the same holiday. What are they doing different? So I have a quote from Grant Cardone that I think is going to give us some really good perspective and context for this conversation. Grant says, once you've got the discipline in saving money and not spending everything you earn, you've got to go crazy in production, getting more money. So he's saying once you get the money, you've got to go crazy and getting more money. And then the third thing you've got to do is get to take the production money and make the third play, which is put it in assets that are going to pay you forever. This is some classic Rich Dad Poor Dad stuff right here. Buying cash flowing assets that will actually pay for that 70-inch TV you want over the Black Friday holiday, instead of using money that you earned training your time for money, because that's a completely different thing. Something Grant Cardone knows very well. He has a G-Wagon, but he buys it from rent checks that come in from the apartment buildings he owns, not from a paycheck he gets for trading his time for money. So once you make the money, then you take that money, you put it into assets that make you more money, and then you use money from the assets, not your time to spend. Go out there, spend it, buy everything you want on Black Friday. So five things that rich people do differently than poor people on Black Friday. Number one is production versus consumption. I've talked about this before, but the big difference, the big shift you have to make if you want to be rich is shift your focus from consumption to production. That means instead of identifying yourself by what bands you like, you start to play the music yourself. That means instead of identifying yourself by what books you read, you start to write your own books. It's cool to do this in every area of your life. It's going to make your life much more fulfilling to make the switch from consumption to production. But the place that we really want to do it when it comes to money is buying versus selling. We want to be the one selling instead of the one buying. This Black Friday, we want to be focused on what deals are we putting out into the marketplace? What insane deal are we going to give to our customers that's going to make their life better instead of asking what deals are there out there for me? That's the shift you need to make if you want to be the one making the money instead of the one spending it. Number two, things that rich people do differently than poor people on Black Friday is they invest in assets versus liabilities. So this is the classic lesson from Rich Dad, Poor Dad. If you think about the home that you live in, is that an asset or liability? Most people would say that's an asset because it has the ability to appreciate, but the home you live in does not pay you any money. There are no rent checks coming in every month. So in the book, he talks about, you should go out there and you should buy a rental unit and rent that out to somebody else before buying your own home because that's actually an asset. An asset is something that you put money into and it brings you more money. It is a money multiplier where as a liability, you buy a house to live in. What are you doing? If you have owned a home before, you know that houses are money pits. There's always something to fix. There's property taxes. There's deferred maintenance. There's appliances to break. My fridge is broken right now. It's a pain in the ass. So what we want to do is we want to find money multipliers. These are things that we put our money into and we get more money back out and we can do this on Black Friday and I'll get to that in a little bit, but we can find the things that we're going to spend our money on because it's a great deal on Black Friday and we're actually going to see more money come back from that. Number three, things that rich people do differently than poor people on Black Friday is consider the true cost. This one really gets me. So I see this show up with leasing versus buying a car. Some people argue that it is always better to buy a car and anyone that leases is an idiot. Now I lease my cars and it's for a very good reason and the people that think that you should always buy no matter what because you're saving money have no concept of opportunity cost. So let's think about this for a second. Let's say that I buy a car instead of leasing. Now all of a sudden I have to deal with maintenance, with oil changes, with taking care of the car and then also with pricing it out and selling it if I want to upgrade in three years. Now at least if I want to upgrade in three years I'm just going to take it back to the dealership, hand the keys and get a new one, right? So let's say that over the course of three years owning versus leasing, dealing with all the things that come along with owning the car and being responsible for it as well as actually getting rid of that car and getting a good deal on it when I do get rid of it. Let's say that it costs me 10 days of my time, okay? Whereas I wouldn't have to worry about any of that if I was leasing. I wouldn't have to sell it at the end, I wouldn't have to price it out, I wouldn't have to let people test drive it, all that stuff. So let's say it cost me 10 days of my time. Now let's say if I had worked those 10 days instead, over the course of a couple years the work that I created during those 10 days would pay me about $3,000 a day. So that means it would cost me $30,000 in opportunity cost to buy my car instead of rent it. So maybe I would save $10,000 on the price by buying the car instead of leasing it, but it would cost me $30,000. That's a net loss of $20,000. That is considering my time and effort when I buy something and so when it comes to Black Friday it's the same thing. It might not be a car deal, but just think about all the things that you buy and that people buy for you. Like I have an espresso machine, I bought a couple years ago, I thought it would be great to have an espresso machine, I'm drinking it right now and it is pretty awesome. But here's the thing, that espresso machine has broken like five times and every time that it breaks I spend a couple hours trying to fix it myself. I usually am unsuccessful, then I search the internet to try and figure out how to fix it and then eventually I'm going to have to take that to a repair shop. So I'm going to have to drive there, I'm going to have to pay somebody else to fix it, then I'm going to drive there to pick it up and then bring it back. And so when you buy things you have to consider your time and effort. Everything has a cost. Even if it's just figuring out where to store your junk or cleaning up your house because you have too many belongings, there is a time and effort requirement for everything that you buy. And so a couple years ago when I went through a minimalist phase I stopped letting people buy me Christmas presents unless it was a good reason. Unless it was a gift they really thought I would like. But some people used to buy me gifts just for gifts sake and all of a sudden I'm spending my time lugging this stuff around it doesn't really mean anything to me. If that sounds harsh just consider that there's a real cost to owning stuff. And so you want to make sure the things you own actually you love it and they bring you joy and make your life better. They enrich your life instead of taking away from it. I mean the extreme of this would be hoarding, right? What is the cost of hoarding? What is the cost of keeping those things? It's large. Number four we have tax planning. So Black Friday there are often bundle deals and like yearly annual deals on monthly payments things like that. And Black Friday is a great time to pre-purchase things for next year because we're about to hit the end of the fiscal year and that means the number on our income statement we're going to be taxed on at the end of this year. So a great way to lower our tax obligation to the US government is to simply pre-purchase some things that we're going to have to use next year no matter what. So if I know I need software next year no matter what and there's a 50% off Black Friday deal if I buy that ahead of time this is a great thing to buy on Black Friday. I'm getting a better deal. I'm saving money. I'm pre-purchasing so it's going to be a larger cash outlay right now. I'm going to pay less in taxes this year. And number five the fifth thing that rich people focus on that poor people don't during Black Friday is momentum. Black Friday in Thanksgiving is when a lot of people check out for the year. It's the end of November. There's one month left from this year. A lot of people are just going to phone it in. They're not going to put in another day of hard work this year and they're going to say well you know what I'll wait to next year and then things are going to be great. Now the people that are going to crush it are the people that are doubling down right now. They're getting everything ready because end of December, January, February, March these are some of the best times to sell in a lot of businesses. I know my business our busiest time of the year is going to be January, February, March and so what am I doing? It's far back as October 1st. I'm planning out those months. I'm planning out how are we ready because if you start thinking about your business on January 1st you're already two months behind the curve. You're going to get crushed right. You need to be on the ground running when the new year rolls around. So this Black Friday think about the things that you can purchase that are going to give you momentum going into the new year. Not things that are going to slow you down. Now I just want to say that you know if you have fun going out there buying things on Black Friday there's nothing wrong with that and if that recharges you and this is a fun time of year for you I don't want to dissuade you from going out there and buying things. I just want you to consider what the consequences are because there are consequences and so if going out there and buying things it recharges you it gives you energy it gets you fired up and maybe it gets you to work harder or you get a lot of enjoyment out of things that you do buy go do it because one of the best things you can do for yourself is do the things that make you happy and that's going to make the rest of your life better overall it's going to make your relationships better and your work better it's going to recharge you you know so all of us need to recharge so if you want to go out there and buy an xbox and play video games if that thing actually recharges you go out there and do it but if that thing takes away your momentum and it distracts you and you kind of go down the spiral where all of a sudden all you've done is play video games for a month and now you have your you have self-loathing energy going around then maybe consider the time and effort required from that purchase right it's not just the cost we pay it's not just the couple hundred bucks we spend on that item but it is what we do with that item afterwards so these are just some things that can make you like better to consider five things that rich people do that poor people don't remember our lives are just the result of our choices so the choices you make this holiday season will determine your year in 2020 so in summary focus on production instead of consumption buy assets instead of liabilities and then buy stuff with the cash flow from those assets rather than spending your hard-earned money on liabilities when that money is never going to come back find those money multipliers number three consider the true cost of what you buy right in what you do that night out getting drunk the cost is not just the money spent on alcohol but is the cost of feeling like crap the next day it's the cost of losing momentum it's the cost of all the stupid things you do right your foggy mind so consider the true cost but again i'm not trying to play one-sided game here that night out it might be great social connections it might enrich your life more than the cost just think about these things and then consider your taxes it's a great time to pre-purchase things for next year to save on your taxes this year because you're going to get a deal on it and it will lower your tax burden and number five is momentum we want to start running we want to start building up speed so january first comes we're running faster than everyone else on our market and we destroy our competitors okay we hit the new year completely ready to go we're not scrambling around on january second still a little bit hung over from the new year celebration trying to figure out okay how do we put this thing together because by the time we implement those projects that will carry us into the new year it's going to be months down the line right so we want to get this done now so if you're looking for a great way to do these things to do more production instead of consumption to buy assets instead of liabilities to buy things that have a net positive to your life to save money on your taxes and to get momentum into the new year at digital nomad.com we are holding a black fighter sale we're offering a super bundle we don't offer this any other time of the year and you can take my word for it that you're not going to see this again maybe next black Friday you'll see it but not until then so we've got a super bundle we've got three courses for the price of one we got the work from anywhere accelerator that's going to show you how to start a work from anywhere at agency and get your first paying client if you're brand new to business this is the best way to learn skills go out there and learn how to become a producer instead of a consumer on number two we got blockbuster courses so we talk about those money multipliers if you already have expertise and you want to develop an online course even if you have no idea really what topic you would choose right now or where to start blockbuster courses are going to teach you how to create money multipliers in your business so that the money you make isn't dependent on the time that you put into the business but actually just on the value you create for the marketplace so blockbuster courses will show you how to go from scratch from zero to seven figures with an online course with real-world examples things that we actually have done is taken years of studying to pull this off and then we've implemented this over and over again it's a proven system it's going to get you to go out there make your very first sale get results for your students it's going to teach you how to teach and teach you how to scale seven figures number three we have the ten million dollar youtube ads this is the game plan we use to go from spending zero dollars on youtube to spending a hundred thousand dollars a month on youtube ads profitably uh bringing in over two hundred thousand dollars a month and we did it in like 30 days like we were from zero and spend on youtube to a hundred thousand dollars and spend on youtube in 30 days and we've actually scaled that up to about five thousand dollars a day so if you want to learn how to run youtube ads for your own business for your client's businesses um we're going to be this course is already released it's done but we're actually going to be updating with walkthroughs and we're going to show you exactly everything that's happening inside our account how we profitably spend five thousand dollars a day on ads uh with really simple video ads you know really simple no no high production stuff all basically stuff that any of you could do out there right now so if you want to save money on these courses by getting all three for the price of one again you won't see this again uh just go to digitalnomad.com slash bundle that's digitalnomad.com slash bundle it's going to be our black friday special and cyber monday uh so you see that through the weekend and then we'll shut it down and after that you're going to have to pay for each of those courses individually otherwise have fun on black friday you know if you like to go out there and shop do it treat yourself uh but just consider you know what the cost is as long as you're okay with that that's cool but five things that rich people do differently than poor people do on black friday number one focus on production instead of consumption be the one selling instead of the one buying two buy assets instead of liabilities those is money multipliers three consider the true cost of what you buy the time and effort required to deal with that thing after you buy it even like tech setup about a bunch of tech this week for the studio and just sitting here like trying to figure out uh things not syncing correctly you know the app not syncing up correctly with this stats gauge back here the time that I spent on that is so frustrating to me and so it's not just the cost of the things that you buy but the time you put into them uh for consider your taxes it's a great time to prepay for stuff if you get a really good deal on something that you're going to use next year and you can write it off in your business and then number five momentum let's get everything in place so that january is our best month of the year again digital nomad.com slash bundle let me know if you like this video if you want to see more lists stuff like this smash that like button be sure to subscribe to the channel and please comment below let me know what's your favorite thing that you're going to buy this black friday and uh do you think it's a net positive and negative for your life is it for enjoyment or for production either one is cool remember we all need to recharge we all need to be happy in our lives and that's going to create a net positive effect across everything I hope you have a wonderful Thanksgiving I'll be thinking about you and check out digital nomad.com slash bundle I'll see you on the next video