What is the difference between the rich vs poor mindset? How do the successful differ from the rest of us?
So many people do not obtain financial freedom because they do not have one thing: the right mindset. Everything starts with how you think about money, wealth, and success. It is not a matter of luck, birth, or connections.
The biggest differences between rich and poor people can be traced back to mindset, outlook, and behavior. The rich and the poor don’t only differ in how much they have in their pocket, but also in how they think. Rich people have a way of thinking that is different from poor and middle-class people.
They think differently about money, wealth, themselves, other people, and life . By doing so, you will have some alternative beliefs in your mind from which to choose. In this way, you can catch yourself thinking as poor people do and quickly switch over to how rich people think.
A positive attitude, focusing on doing the right thing overlooking good, becoming a continual learner and careful risk management are all differences between the rich and poor. This reduces their odds of becoming poor after disaster strikes, and it helps them achieve their financial goals over the long-term.
A rich mindset will tell you to be self-sufficient & build multiple streams of income. It will tell you to build a team of smarter people than you to leverage the efforts of talented people. The mindset of the rich is the most decisive reason why “the rich keep getting richer, while the poor get poorer.” Bill Gates has been quoted as saying, “If we weren't still hiring great people and pushing ahead at full speed, it would be easy to fall behind and become some mediocre company.”
So, which mindset do you have?
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I have what you call a rich mindset, and it serves me well. Though you can't look at the monetary system that we've built in the western world and acknowledge that it doesn't favour the already wealthy by enormous degrees. Those that have excess income to invest in assets that retain there proportion of the overall economy are always going to do better than those that are not able to invest, and instead either store their wealth in cash, which is losing value, or live pay check to pay check. Whether you're able to do that or not is largely determined by birth. Put it another way, whether you have a rich mindset or not is more than likely determined by where you're born, and what position in life you start in. Thinking anything else is nothing short of giving yourself a pat on the back that is undeserved in my opinion.
Convertor
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@DeflationL I personally don’t agree with location or what roots you start from defining success (which is measured in many ways) I like the mindset idea, people of all origins(well at least most) need to drive themselves to succeed which isn’t just financial . I personally work to a formula (without actually thinking about it) to achieve whatever. VPMe2 = Vision, Planning, Maximum effort(squared) The ‘effort’ is ‘squared’ as that’s the hardest part!! Cheers for the post
Bagnuss
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@Convertor, I don't disagree with you. Using your formula though. I'm from working class part of the western world. For your formula, I would say I'm high on vision, planning and effort. Lets say I'm an 8 out of 10 on each. I think using that formula in the West, we're very likely to do well, all other things being equal. If you're 8 out of 10 on all of those, and you live in rural India, you're not going to be able to have the same returns. I see it like a multiplier. Using your VPMe2 - it multiplies the things that you start with. I started with very little from a western standard, and I'm doing better than most that were born with the silver spoon - but I'm sure there are people with better vision, planning and effort that won't enjoy my success, due to elements of luck out of their control.
Honestly though, I don't really disagree with you, it's just that those kind of ideas can lead to people thinking that poor people are just lazy or stupid, which is often not the case, they just had that multiplier effect against a low starting number.
Cheekiong51
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The catch phrase is "The Right Mind-Set"...in order to have the right mind-set. First thing 1st, we must have the right skills and knowledge, right attitude and confidence
and last but not the lease is CASH...CASH IS KING.
adeolayusuff02
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@Cheekiong51 yes cash is king.this will transform ur idea into reality.
what_a_nice_cereal_box
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This is ridiculous. Many studies have shown that familial wealth and connections at birth have far more impact on end of life wealth than anything else. It is easier to be born poor, succeed at everything in life and still have your family fall into the trap of generational poverty than to be born rich, fail at everything at life and still have your descendants benefit from generational wealth. Where you start in terms of capital matters most in a society that prioritizes accumulation of capital above all else.
The saying “act broke, stack notes” comes to mind 👍🏼💯
Captain_Walker
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I absolutely enjoyed your post and the ideas. It doesn't matter to me what mindset you have - that's not important. Some have missed the important points you make. They shall remain unenriched by your sound ideas. They deserve all that they don't get. Please keep on doing this great sort of work. I don't follow many people on TradingView but I'm now following posts like the above.