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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » 21 Ways Rich People Think Differently

21 Ways Rich People Think Differently

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121 Ways Rich People Think Differently Empty 21 Ways Rich People Think Differently Sat Jun 15, 2013 11:36 pm

jonny

jonny
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Average people think MONEY is the root of all evil. Rich people believe POVERTY is the root of all evil.
21 Ways Rich People Think Differently Average-people-think-money-is-the-root-of-all-evil-rich-people-believe-poverty-is-the-root-of-all-evil

Flickr / C. Pajunen

"The average person has been brainwashed to believe rich people are lucky or dishonest," Siebold writes.
That's why there's a certain shame that comes along with "getting rich" in lower-income communities.
"The world class knows that while having money doesn't guarantee happiness, it does make your life easier and more enjoyable." 
From Steve Siebold, author of "How Rich People Think."

Average people think selfishness is a vice. Rich people think selfishness is a virtue.
21 Ways Rich People Think Differently Average-people-think-selfishness-is-a-vice-rich-people-think-selfishness-is-a-virtue

via TV Guide

"The rich go out there and try to make themselves happy. They don't try to pretend to save the world," Siebold told Business Insider. 
The problem is that middle class people see that as a negative––and it's keeping them poor, he writes.
"If you're not taking care of you, you're not in a position to help anyone else. You can't give what you don't have."
From Steve Siebold, author of "How Rich People Think."

Average people have a lottery mentality. Rich people have an action mentality.
21 Ways Rich People Think Differently Average-people-have-a-lottery-mentality-rich-people-have-an-action-mentality

(Photo by Erik S. Lesser/Getty Images)

"While the masses are waiting to pick the right numbers and praying for prosperity, the great ones are solving problems," Siebold writes.
"The hero [middle class people] are waiting for may be God, government, their boss or their spouse. It's the average person's level of thinking that breeds this approach to life and living while the clock keeps ticking away." 
From Steve Siebold, author of "How Rich People Think."

Average people think the road to riches is paved with formal education. Rich people believe in acquiring specific knowledge.
21 Ways Rich People Think Differently Average-people-think-the-road-to-riches-is-paved-with-formal-education-rich-people-believe-in-acquiring-specific-knowledge

flickr/doctabu

"Many world-class performers have little formal education, and have amassed their wealth through the acquisition and subsequent sale of specific knowledge," he writes. 
"Meanwhile, the masses are convinced that master's degrees and doctorates are the way to wealth, mostly because they are trapped in the linear line of thought that holds them back from higher levels of consciousness...The wealthy aren't interested in the means, only the end."
From Steve Siebold, author of "How Rich People Think."

Average people long for the good old days. Rich people dream of the future.
21 Ways Rich People Think Differently Average-people-long-for-the-good-old-days-rich-people-dream-of-the-future

I Love Lucy screencap

"Self-made millionaires get rich because they're willing to bet on themselves and project their dreams, goals and ideas into an unknown future," Siebold writes. 
"People who believe their best days are behind them rarely get rich, and often struggle with unhappiness and depression."
From Steve Siebold, author of "How Rich People Think."

Average people see money through the eyes of emotion. Rich people think about money logically.
21 Ways Rich People Think Differently Average-people-see-money-through-the-eyes-of-emotion-rich-people-think-about-money-logically

Thomas Fisher Rare Book Library on flickr

"An ordinarily smart, well-educated and otherwise successful person can be instantly transformed into a fear-based, scarcity driven thinker whose greatest financial aspiration is to retire comfortably," he writes.
"The world class sees money for what it is and what it's not, through the eyes of logic. The great ones know money is a critical tool that presents options and opportunities." 
From Steve Siebold, author of "How Rich People Think."

Average people earn money doing things they don't love. Rich people follow their passion.
21 Ways Rich People Think Differently Average-people-earn-money-doing-things-they-dont-love-rich-people-follow-their-passion
"To the average person, it looks like the rich are working all the time," Siebold says. "But one of the smartest strategies of the world class is doing what they love and finding a way to get paid for it."
On the other hand, middle class take jobs they don't enjoy "because they need the money and they've been trained in school and conditioned by society to live in a linear thinking world that equates earning money with physical or mental effort." 
From Steve Siebold, author of "How Rich People Think."

Average people set low expectations so they're never disappointed. Rich people are up for the challenge.
21 Ways Rich People Think Differently Average-people-set-low-expectations-so-theyre-never-disappointed-rich-people-are-up-for-the-challenge

iwona_kellie via flickr

"Psychologists and other mental health experts often advise people to set low expectations for their life to ensure they are not disappointed," Siebold writes.
"No one would ever strike it rich and live their dreams without huge expectations." 
From Steve Siebold, author of "How Rich People Think."

Average people believe you have to DO something to get rich. Rich people believe you have to BE something to get rich.
21 Ways Rich People Think Differently Average-people-believe-you-have-to-do-something-to-get-rich-rich-people-believe-you-have-to-be-something-to-get-rich

BarackObamadotcom via YouTube

"That's why people like Donald Trump go from millionaire to nine billion dollars in debt and come back richer than ever," he writes. 
"While the masses are fixated on the doing and the immediate results of their actions, the great ones are learning and growing from every experience, whether it's a success or a failure, knowing their true reward is becoming a human success machine that eventually produces outstanding results."
From Steve Siebold, author of "How Rich People Think."

Average people believe you need money to make money. Rich people use other people's money.
21 Ways Rich People Think Differently Average-people-believe-you-need-money-to-make-money-rich-people-use-other-peoples-money

vividimageinc on Flickr

Linear thought might tell people to make money in order to earn more, but Siebold says the rich aren't afraid to fund their future from other people's pockets.
"Rich people know not being solvent enough to personally afford something is not relevant. The real question is, 'Is this worth buying, investing in, or pursuing?'" he writes. 
From Steve Siebold, author of "How Rich People Think."

Average people believe the markets are driven by logic and strategy. Rich people know they're driven by emotion and greed.
21 Ways Rich People Think Differently Average-people-believe-the-markets-are-driven-by-logic-and-strategy-rich-people-know-theyre-driven-by-emotion-and-greed
Investing successfully in the stock market isn't just about a fancy math formula.
"The rich know that the primary emotions that drive financial markets are fear and greed, and they factor this into all trades and trends they observe," Siebold writes.
"This knowledge of human nature and its overlapping impact on trading give them strategic advantage in building greater wealth through leverage."
From Steve Siebold, author of "How Rich People Think."

Average people live beyond their means. Rich people live below theirs.
21 Ways Rich People Think Differently Average-people-live-beyond-their-means-rich-people-live-below-theirs

Flickr via heatherbuckley

"Here's how to live below your means and tap into the secret wealthy people have used for centuries: Get rich so you can afford to," he writes.  
"The rich live below their means, not because they're so savvy, but because they make so much money that they can afford to live like royalty while still having a king's ransom socked away for the future." 
From Steve Siebold, author of "How Rich People Think."

Average people teach their children how to survive. Rich people teach their kids to get rich.
21 Ways Rich People Think Differently Average-people-teach-their-children-how-to-survive-rich-people-teach-their-kids-to-get-rich

richkidsofinstagram.tumblr.com

Rich parents teach their kids from an early age about the world of "haves" and "have-nots," Siebold says. Even he admits many people have argued that he's supporting the idea of elitism. 
He disagrees.
"[People] say parents are teaching their kids to look down on the masses because they're poor. This isn't true," he writes. "What they're teaching their kids is to see the world through the eyes of objective reality––the way society really is." 
If children understand wealth early on, they'll be more likely to strive for it later in life.
From Steve Siebold, author of "How Rich People Think."

Average people let money stress them out. Rich people find peace of mind in wealth.
21 Ways Rich People Think Differently Average-people-let-money-stress-them-out-rich-people-find-peace-of-mind-in-wealth

Steven Harrell

The reason wealthy people earn more wealth is that they're not afraid to admit that money can solve most problems, Siebold says.
"[The middle class] sees money as a never-ending necessary evil that must be endured as part of life. The world class sees money as the great liberator, and with enough of it, they are able to purchase financial peace of mind."
From Steve Siebold, author of "How Rich People Think."

Average people would rather be entertained than educated. Rich people would rather be educated than entertained.
21 Ways Rich People Think Differently Average-people-would-rather-be-entertained-than-educated-rich-people-would-rather-be-educated-than-entertained

Kim Bhasin, Business Insider

While the rich don't put much stock in furthering wealth through formal education, they appreciate the power of learning long after college is over, Siebold says.
"Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful," he writes.
"The middle class reads novels, tabloids and entertainment magazines." 
From Steve Siebold, author of "How Rich People Think."

Average people think rich people are snobs. Rich people just want to surround themselves with like-minded people.
21 Ways Rich People Think Differently Average-people-think-rich-people-are-snobs-rich-people-just-want-to-surround-themselves-with-like-minded-people

youtube/upow2

The negative money mentality poisoning the middle class is what keeps the rich hanging out with the rich, he says.
"[Rich people] can't afford the messages of doom and gloom," he writes. "This is often misinterpreted by the masses as snobbery.
Labeling the world class as snobs is another way the middle class finds to feel better bout themselves and their chosen path of mediocrity."
From Steve Siebold, author of "How Rich People Think."

Average people focus on saving. Rich people focus on earning.
21 Ways Rich People Think Differently Average-people-focus-on-saving-rich-people-focus-on-earning

Flickr/Wei Tchou

Siebold theorizes that the wealthy focus on what they'll gain by taking risks, rather than how to save what they have.
"The masses are so focused on clipping coupons and living frugally they miss major opportunities," he writes.
"Even in the midst of a cash flow crisis, the rich reject the nickle and dime thinking of the masses. They are the masters of focusing their mental energy where it belongs: on the big money." 
From Steve Siebold, author of "How Rich People Think."

Average people play it safe with money. Rich people know when to take risks.
21 Ways Rich People Think Differently Average-people-play-it-safe-with-money-rich-people-know-when-to-take-risks

olemiswebs on flickr

"Leverage is the watchword of the rich," Siebold writes. 
"Every investor loses money on occasion, but the world class knows no matter what happens, they will aways be able to earn more." 
From Steve Siebold, author of "How Rich People Think."

Average people love to be comfortable. Rich people find comfort in uncertainty.
21 Ways Rich People Think Differently Average-people-love-to-be-comfortable-rich-people-find-comfort-in-uncertainty

Ibrahim Iujaz on Flickr

For the most part, it takes guts to take the risks necessary to make it as a millionaire––a challenge most middle class thinkers aren't comfortable living with.
"Physical, psychological, and emotional comfort is the primary goal of the middle class mindset," Siebold writes.
World class thinkers learn early on that becoming a millionaire isn't easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty."
From Steve Siebold, author of "How Rich People Think."

Average people never make the connection between money and health. Rich people know money can save your life.
21 Ways Rich People Think Differently Average-people-never-make-the-connection-between-money-and-health-rich-people-know-money-can-save-your-life
While the middle class squabbles over the virtues of Obamacare and their company's health plan, the super wealthy are enrolled in a super elite "boutique medical care" association, Siebold says.
"They pay a substantial yearly membership fee that guarantees them 24-hour access to a private physician who only serves a small group of members," he writes.
"Some wealthy neighborhoods have implemented this strategy and even require the physician to live in the neighborhood."
From Steve Siebold, author of "How Rich People Think."

Average people believe they must choose between a great family and being rich. Rich people know you can have it all.
21 Ways Rich People Think Differently Average-people-believe-they-must-choose-between-a-great-family-and-being-rich-rich-people-know-you-can-have-it-all

AP Photo/J. Scott Applewhite

The idea the wealth must come at the expense of family time is nothing but a "cop-out", Siebold says.
"The masses have been brainwashed to believe it's an either/or equation," he writes. "The rich know you can have anything you want if you approach the challenge with a mindset rooted in love and abundance." 
From Steve Siebold, author of "How Rich People Think."

Not everyone believes in the power of wealth....
21 Ways Rich People Think Differently Not-everyone-believes-in-the-power-of-wealth

BBC

This man gave up everything ten years ago to live money-free in Utah's wilderness



Read more: http://www.businessinsider.com/how-rich-people-think-differently-from-the-poor-2012-8?op=1#ixzz2WLEVhUPe

221 Ways Rich People Think Differently Empty Re: 21 Ways Rich People Think Differently Sat Jun 15, 2013 11:42 pm

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Thanks mate.
http://forum.srilankaequity.com/t29204-21-ways-rich-people-think-differently?highlight=rich

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