According to Federal Reserve data, the top 1% of Americans held nearly 31% of all household wealth in the first quarter of 2025. If you want to join this group, you’ll likely need to rethink how you view, earn and use money.

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A recent YouTube video from financial YouTuber Humphey Yang discussed how the mindset of the top 1% differs from that of the typical person, who is often either financially struggling or not making enough progress.

Here are five ways to shift your mindset so you can have a richer life.

While you might consider all the things you own to be assets, some are more like liabilities since they will continue to drain your money rather than increase it.

Yang contrasted buying an expensive Mercedes car with a rental property. The car is like a liability since it leaves you with a high loan payment, loses value through depreciation and comes with ongoing costs to cover. While a rental property would still involve various upfront and ongoing costs, you can also bring in cash by renting out this asset.

To be more like the top 1%, scrutinize your purchases more carefully and consider whether you need to focus more on those that generate income. And if you do purchase something that’s more like a liability, make sure it fits your budget and has personal value.

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When trying to become wealthy, your first thought may be to make more money at your job. But Yang explained that this becomes a “time trap” since you only generate money during the limited time you have to work. The top 1% do things differently.

Yang explained, “On the whole, I would say that rich people are always trying to figure out how they can get their money to work for them so that they don’t always have to be the sole person working to earn their income.”

He suggested adding in passive income options, like renting out a property, purchasing investments, offering digital products or having a business that others operate. You can use your job’s hourly pay rate to figure out which mix of these options could replace at least part of those wages.

While this change doesn’t mean you won’t have to work anymore, the extra money can help you increase your wealth without giving away too much more time.

The 2025 Northwestern Planning & Progress Study found that 45% of Americans viewed their finances as a weak spot. Being financially insecure makes it more likely to have a scarcity mindset, which might keep you from investing since you’re scared of losing the cash you have.

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