Do you want to become rich? The first step is to know how the wealthy
think about money differently than you do and to start thinking like
that. The next step is to take action, and to let the action become
natural by thinking the way wealthy people think.
1. The wealthy are okay with risk
“Millionaires are willing to take risks and have the
emotional strength to handle failure if a business or idea fails.” –
Millionaire Entrepreneur, Robert Smith
Everything you do won’t be successful. The wealthy know that and
refuse to let the inevitable possibility of failure stop them from being
successful. They go ahead and fail, get back up and keep going. Don’t
let fear of failing stop you from taking action.
2. The wealthy think investing is fun
“If you don’t already have an investment account, open
one. It’s one of the most luxurious things you can do for yourself.”
- Self-Made Entrepreneur, Elle Kaplan
The wealthy enjoy the process of making money. They’re excited to
invest money into something that will bring them more money. In fact,
that gets them more excited than a vacation, a new car or a
diamond-studded cat food bowl. They still enjoy those things, but they
do so after they have invested a set amount of their earnings. Pick a
percentage of your earnings to invest and do it as faithfully and with
as much excitement as you buy your double caramel macchiato.
3. The wealthy live below their means
The wealthy enjoy luxury and impulse purchases, but never at the
expense of the larger financial picture. They live below their means.
They know that living beyond their means puts a strain on their finances
and moves them away from their financial goals. If you want more stuff,
don’t go into debt or spent savings, think like the wealthy think about
money so you can make more money and raise your means, so that living
within it is more fun.
4. The wealthy pay attention
The wealthy pay attention to where their money is going, where it’s
coming from and if it’s getting bigger or smaller. They watch it like
you watch a toddler at the mall. They know what’s going on with it and
if they veer off course, they make changes. Keep your eye on your money.
Look at account balances, income and expenses regularly and become more
aware of your daily habits.
5. The wealthy know that money grows on trees
Well, not literally, but the wealthy know they can always make more
money. There is always more to be had and it is in infinite supply.
Money is just a representation of value. When value is created, money
moves around – more money, more value. Add value to people’s lives and
you will get money. It’s that simple.
6. The wealthy don’t chase money
The wealthy don’t do what they do
for the money. They know that money is a great tool to help people,
change the world, make more money and have a lot of fun in your limited
time on earth. But they don’t see it as a goal in itself. They strive to
achieve something bigger than money. Don’t make money your goal. Make
your goal something more important and use money as a vehicle to get
there and a reward for achieving it.
7. The wealthy know money is not evil
Average people say they want more money, but deep down they believe
it is an evil force that will make them do bad things. The wealthy know
that money is just a tool that will amplify whatever you already are –
good or evil. Think of money as a simple tool like a hammer. With a
hammer, you can build someone a house or seriously injure them. The
hammer isn’t good nor bad, it’s what you do with it. Quit believing the
lie that money is the root of all evil.
8. The wealthy do what they are passionate about
“I had no idea that being my authentic self could make me
as rich as I’ve become. If I had, I’d have done it a lot earlier.” –
Oprah Winfrey
The wealthy know that the best way to make money is to follow your
passions and pursue what genuinely interests you. Do what you care
about. Getting rich is a lot of work and you better enjoy what you do to
get there – in fact, you must enjoy it.
9. The wealthy think long-term
“When you make your first million, be proud. Then put it
away in sound investments so it can multiply and act like you don’t have
it.” – Millionaire model and entrepreneur, Stephanie Adams
The wealthy know that they must plan for tomorrow. They know that the
decisions they make today determines their financial future. They delay
gratification and live below their means (remember number 3) in order
to be even wealthier tomorrow. Every time you make a financial decision,
consider how it will affect your wealth in the future.
10. The wealthy think big
The most important way in which the wealthy think about money differently is that they think big.
“If you’re going to be thinking anything, you might as well think big.” – Donald Trump
When you focus on just surviving through retirement or paying the
mortgage, you will just survive through retirement or pay the mortgage.
Your brain needs something big to dream about. You must aspire to be
something huge. Stop dreaming of only a million bucks. Write down the
biggest dream you can think of and multiply it by 10. That’s thinking
big.
If you have read this far, you probably want to be wealthy. Every
wealthy person was in the exact position you are in right now. First you
have to believe it is possible. Then learn and deeply internalize these
10 ways the wealthy think differently and you’ll be on your way.
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