Spending Habits of Successful Entrepreneurs
Channel: Benson Sung
Date: 21/05/2018

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Why do successful people drive fancy cars, have a beautiful mansion, or private jet?

1:30 If I had 250,000 to spend to buy a Lamborghini, for me, I'd instead take the 250,000, either bring on five to 10 more people to grow the business or I could use the 250 to put into marketing and advertising to generate actual ROI. It's not really a smart thing to buy a car or a house or a jet or a plane to be able to satisfy your, so if you are an entrepreneur that's driving a car or a person, having a plane and all this stuff, I think it's okay, I mean, it's cool if it's a personal decision, I have a lot of colleagues and friends that have these fancy toys, and it gives them personal fulfillment. 

2:20 I think another thing too is, you know, I know a lot of successful entrepreneurs, and the ones that are the most successful, they don't have fancy toys, fancy cars, planes, or the house, they might have an aircraft because it saves them time in the business, right, 'cause time is really the most valuable thing that you have, and so one of these things when they have all these interactions with business people, and you learn a lot of stuff from the people that are the most successful, I also know a friend that his business has done six figures a year, but at the same time, he doesn't actually spend money on his company, but he buys a Lamborghini, and now, to the public eye, people would think that he's more successful because he has these fancy cars, but in reality, it's actually not the case, you know, so it's kinda like a personal fulfillment thing. 

3:30 You'll never see me in a fancy car even if I have a fancy car, I don't have a fancy car right now. I drive a Mitsubishi 2017 or 2018; I forgot, RVR, which was, like, $30,000 in total.

4:30 If anybody that's using that type of marketing, and I know some colleagues have it, is they're trying to sell you something, right, they're trying to sell you that lifestyle and that course to be able to hook you in and rope you in. I think you have to think about in your mind, the successful people in the world, do they need to show off to you, you know, the ones that are genuinely successful that you follow, right? 

4:45 Hundred millionaires, billionaires, whatever it is, let's say Ray Dalio is someone that I respect. He does not talk about his lifestyle, but he is one of the most wealthy and most successful investors of his time. 

5:00 Thanks for watching that BWB right now, answering that question, but I wanna hear more of your insights, I wanna make sure three things: I want you to like this video if you got value from this and the same time, I want you to comment below and let me know if you were in a position where you had all this money, would you focus spending it on getting toys or would you focus on getting it to grow your business even further? 

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