Most people believe that the rich have secrets to wealth that will not ever be shared with the peasants of the world. The truth is, the rich do have secrets. But they are probably not what you would expect. A simple shift in mindset can put you on the path to becoming as wealthy as you want to be. The following are examples of rich thinking vs poor thinking. Once you modify your view of wealth attainment, it will become clear just how possible the dream really is.
Poor Mindset: “I grew up poor, so I will always be poor.”
Rich Mindset: “I do not want to be poor, so I refuse to be poor.”
In the United States today, there are more self-made millionaires and billionaires than at any previous time in our nation’s history. Long gone are the days where one must be born a rich baby to become a rich adult. It is a common, and dooming, mindset of the poor that one will forever be stuck in his station. However, the rich know that the first step to obtaining wealth is the awareness that it is possible.
Poor Mindset: “It would be wonderful to be rich.”
Rich Mindset: “I am going to be rich.”
There is a great difference between dreaming of being rich, and deciding to be rich. Once you aware (and convinced) that wealth is possible, it is natural to wander into the land of daydreams–oh, the houses and cars you will be able to buy, the luxurious vacations, etc. If you are truly to become rich, you need to snap yourself out of the fantasy, and commit fully to the reality. Choose a concrete financial goal to cling to. Be sure that it is something truly meaningful to you, because luxury items will lose their appeal once the journey becomes more difficult. Perhaps your dream is to obtain wealth so that you can put your children through college, or retire comfortably in a beautiful location. Keep your true reason for desiring wealth in your mind at all times.
Poor Mindset: “Someday I will learn how to become rich, after I ________”
Rich Mindset: “I will learn how to become rich TODAY.”
Procrastinators never become wealthy. Time is your greatest asset, and should be treated as such. If you are to become rich, you must start today. This is not to say that your bank account will suddenly grow–rather, you need to begin cultivating yourself and planning exactly how you are going to gain your wealth. Begin your research, write down your thoughts and ideas, and put them into action as soon as feasibly possible. It will take a while for the money to come in, which is why it is imperative that one begins immediately.
Poor Mindset: “I don’t think I can do it, so I won’t risk failing.”
Rich Mindset: “Even if I fail, I have unlimited opportunities.”
Here is a secret of the rich: Everyone fears failure. What separates the rich from the poor is the ability to recognize the fear and continue anyway. The poor believe that failing at a task makes that person a failure. The rich understand that everybody fails (not a person in the world is exempt), and that there are no limits to how many times one can restart and try again. Fear of failure needs to be seen as an opportunity rather than an obstacle. As billionaire Mark Cuban says, “I am always afraid of failing. It’s great motivation to work harder.”
Poor Mindset: “My friends and family will laugh at me if they know I am trying to get rich.”
Rich Mindset: “I will share my secrets with others only after they ask how I got rich.”
One fear that is not discussed enough, but is ever-present in all of us, is the fear of looking greedy or haughty to our friends and family. We worry that our loved ones will view us as arrogant, or foolish, to believe that we are capable of becoming rich. And what if we then fail? Will we be laughed at by the people whom we care about the most? The wealthy know that the best way to combat this fear is to keep your ambitions and plans as close to the chest as possible. Include only those who you can count on to be supportive, and avoid negative naysayers like the plague.
Poor Mindset: “I don’t have the time or interest to learn new things.”
Rich Mindset: “I am my greatest asset, and the more I know, the more opportunities will present themselves to me.”
Concentrating on money and how to get more of it will be a waste of time unless you invest in your own personal growth. Choose one personal goal at a time that will help you on your journey to becoming wealthy. Perhaps your plan is to start a business, but you lack knowledge in entrepreneurship. Or you want to invest in the stock market, but know nothing on the subject. Educate yourself. Spend a designated amount of time each day learning about your topic and practicing the skills that accompany it. Abraham Lincoln once said, “I will prepare and some day my chance will come.” By preparing, you will recognize when the opportunity comes your way. Without preparation, the chance will pass you by without being noticed.
Poor Mindset: “Nothing I try has worked yet. This has been a waste of time, and I am done.”
Rich Mindset: “Obtaining wealth requires persistence and patience.”
Let us review your journey so far. You have realized it is possible to become rich, and decided it is what you will do. You began right away, and faced the fear of failure head-on. You surrounded yourself with those who support your ambition, and you invested in your own personal growth.
The money still has not come in.
After all of this work, and a huge shift in financial mindset, are you really going to quit? If you plan to be poor, you will quit. If you plan to be rich, you will not. Keep in mind that if it were simple and quick, everybody would be rich. While building wealth is rarely quick, it can be simple. Stick to your plan, build good habits, and never stop investing in yourself–the results will pay dividends.
To develop your financial literacy and begin your path to wealth, contact us today.