**Summary:**
In this video, the speaker discusses the difference between income and wealth, highlighting the mindset disparity between the average person and the wealthy. He emphasizes that while income is important, focusing on one's net worth, which is determined by assets owned rather than just earnings, is crucial for building long-term wealth. The speaker emphasizes the need to invest wisely, spend less than what is earned, and prioritize growing one's net worth through ownership of valuable assets. He also touches on the importance of understanding and evaluating one's net worth in the context of investments like cryptocurrencies.

**Detailed Article:**

The speaker delves into the distinction between income and wealth, stating that while the former is commonly the point of focus for many individuals, it is the latter that truly reflects one's financial standing. Drawing a clear contrast between the mindset of regular individuals and the wealthy, he explains that the rich prioritize net worth, which is indicative of ownership of assets such as businesses, stocks, real estate, and other investments. Rather than solely fixating on how much one earns, the speaker stresses the importance of considering what one owns as a key factor in financial success.

Furthermore, he underlines the significance of viewing income as a means to build wealth, advocating for a strategy of saving, spending less than what is earned, and investing the surplus. The speaker acknowledges the common trap of increased expenditure paralleling salary growth, which can hinder the accumulation of wealth despite higher earnings. He cautions against falling into a cycle of debt accumulation that erodes one's net worth.

The speaker shares personal insights, reflecting on his own journey of transitioning from a focus on income to a focus on net worth. He underscores the necessity of identifying and understanding one's net worth as a crucial step towards financial literacy and planning for the future. He highlights that while income may be derived from various sources like dividends or rents, the ultimate goal is to grow one's holdings and net worth through strategic investments and asset management.

In addition, the speaker extends the discussion to the realm of cryptocurrency investments, advising viewers to shift their perspective from tracking gains to assessing net worth and the overall value of their investment portfolios. He prompts consideration of the potential benefits of holding onto certain cryptocurrencies for passive income generation or exploring options like staking for additional returns.

Conclusively, the speaker emphasizes the significance of consistently growing one's net worth, akin to the practices adopted by seasoned investors like Warren Buffett. By vigilant monitoring of one's assets, smart investing, and a focus on expanding resources, individuals can pave the way towards financial freedom and security, mirroring the approaches undertaken by successful individuals in managing their wealth.

I agree people always talk to me and as how much I make? not how much I own in asset etc so I say not much just am happy with what I have 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@aiovo/re-taskmaster4450le-4petfj)

You are definitely right about the mindset differences. The wealthy own things and these things work for them to earn more money. In the future, I wonder if we will look at LBI, DHEDGE and other dividend tokens as income or assets. I currently think of it as income but I hope this changes down the line.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jfang003/re-taskmaster4450le-3m21mq)

@taskmaster4450le what is good for the goose is good for the gander...many people focus too much on their present income and ignore the future ahead,they are more interested on what they can earn right now and they ignore "value" which they can add to the society which can later make them become a better person in life....



Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@mafuluko/re-taskmaster4450le-23jzrw)

Switching to a person's net worth will have them well, mainly Aussies jerking at it. A few weeks ago I wrote a post about how Aussies are amongst the richest in the world. All it takes is a house, car and a job and an Aussie is probably in the top 10%. 

It is because houses in Australia are close to $1 million. Not many nations across the globe can afford that. 

Aussies want to pay their homes off faster so they can have disposable income. However the business world is very different, they see the house prices as equity to tap into to live their lifestyles. 

I might write a blog about that today. It was an interesting conversation I had.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@melbourneswest/re-taskmaster4450le-x9eta)

@taskmaster4450le switching our mindset to networth itself makes us have a greater self worth which will then inspire us to become more successful and makes us reason far beyond our income and before we know what is happening we are already becoming a great person in life,

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@miyimiti/re-taskmaster4450le-5pn2da)

Yes, when you estimate your value with what you own, you are poor
Your value should be what you can get in the year and the day
Like a player who retired and made a lot of money but had nothing to offer
Another promising young player has a lot to gain

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@natalia-irish/re-taskmaster4450le-4ape96)

From personal experience, I have seen how one's earnings can completely take a nosedive. In the event where one doesn't build on what he earning, chances are that they turn out broke in the end. I have been making this mistake for the longest time and I am making corrections this year. I wrote recently about how I have grown my portfolio from $400 to $2000. Yes, we have the bull-run to thank for that, however, the mindset this year is to grow my holdings and create the future I desire. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@nonsowrites/re-taskmaster4450le-43fen1)

<center>![pixresteemer_incognito_angel_mini.png](https://files.peakd.com/file/peakd-hive/pixresteemer/8h7BBw1w-pixresteemer_incognito_angel_mini.png)</center><center>Bang, I did it again... I just rehived your post!</center><center>Week 48 of my [contest](/hive-179017/@pixresteemer/the-re-hive-contest-results-week-47-and-start-week-48) just started...you can now check the winners of the previous week!</center><center><sub>8</sub></center>

What you're saying is absolutely true and also concerning. What I call people's capitalism is key for the middle class to stay middle class. 

I've had the net worth oriented mindset for quite some time now. For me, it's about buying nothing that I do not need, living under my means and investing the difference while seeking aggressive returns. The only thing I regret is not starting to build my net worth at a much younger age.

This is wisdom that I'm in a position to pass on to the younger generation. Start investing early. Compounding interest can work wonders given enough time.

By the way, any young person would be wise to pay close attention to the money personalities of potential spouses. 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@reonarudo/re-taskmaster4450le-4gmjx2)

I guess I am making progress, I am thinking almost exclusively in terms of my Net Worth and rarely income.  

Very happily I took total control of my 401A  account almost 2 years ago. I now hold nearly the same amount in crypto as I started with, plus a bonus stash of precious metals that is right close to that starting figure. 

Great post as usual, Task