Learn to Think and Act Like the Rich
The secret to financial
success is to have a wealthy mindset and be prepared to work for it. Most
people just expect success to happen, what they fail to realise is that success
comes to those who make it happen. This doesn’t mean you need to necessarily
work harder, just smarter.
It is common knowledge
in the business world that generally the top 5% (the wealthy) have a different
mindset to the remaining 95% of the population. This is quite often referred to
as the wealthy mindset, which basically refers to the fact that wealthy people
think and act differently to the general population. The table below summarises
some of the key differences and helps to adentify how you too can have a
wealthy mindset.
The following table was
published in a book titled “Life’s Greatest Opportunity” written by Virend
Singh . It helps to highlight
some of the common cognitive differences between the rich and the poor.
The Wealthy Mindset
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The Poor Mindset
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Have a delayed
gratification mindset, settling for short-term pain for long-term gain.
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Have an immediate
gratification mindset settling for short-term gain for long-term pain. |
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A wealthy mindset is
willing to take risks with the understanding that failure/losing is part of
the process of winning. Hence, they are early adapters, taking advantage of a
new opportunity before others realise its potential.
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The general population
avoid risk because of the fear of failure or loss. They wait to see what
everybody else is doing, then do the same – by which time it is too late to
capitalise on a new opportunity.
|
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Have a positive
attitude, using language such as:
·
"If
others can do it, so can I."
·
"What’s
it worth in the long term?"
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Have a negative
attitude, using language such as:
·
"I
can’t, it’s too hard."
·
"I
can’t afford it – it’s too expensive."
|
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Are decisive – They
are quick to decide and slow to change their minds. They know that their
destinies are shaped in their moments of decision. Indecision leads to
in-action which, in turn, leads to unfavourable results.
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Are indecisive - they
are slow to decide and quick to change their minds because, once they have
decided, they start to worry if they have made the right decision. Fear,
uncertainty and doubt are inherent in their personality
|
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Seek opportunity. They
want to develop, achieve and excel. They do what the majority are unwilling
(not unable, just unwilling) to do. They realise that people who play it safe
continually miss opportunities and seldom make progress.
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Seek security. They
desire a safe, secure profession / job, but such a thing is virtually
non-existent today, and even if it was, it would provide little chance of
attaining financial independence.
|
|
Take responsibility
for their circumstances. They know that "when you choose the behaviour,
you choose the circumstances". Hence they create their own circumstances
by choosing actions that support their goals. The wealthy mindset attitude is
“if it is to be, it’s up to me.”
|
Do not always take
responsibility for their circumstances. When things aren’t as they would like
them to be, they sometimes try to justify their situation. Some even blame
others – the government, their employer, their teachers, parents/children
etc.
|
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Those with a wealthy
mindset make it happen. They know that success must be
summoned; it won’t come unbidden. They have plans. They can tell you where
they are going and how they are going to get there.
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The general population let it happen. Many have no definite plans for the future or they
simply don’t execute their plans, hence they fit into someone else’s plans.
|
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Understand and apply
the law of 'Cause and Effect' – as you sow, so shall you reap. They know they
must give to receive - e.g. one must give respect before they receive
respect. One must give value to receive value.
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They expect to receive
value before they will give value.
|
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Mind their own
business. They build businesses and use the power of compounding / leverage
to earn residual income.
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Mind somebody else’s
business. They work hard for somebody else trading hours for dollars by
earning a linear income, paying up to 50% of their income in taxes.
|
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See with their minds
what others miss with their eyes, hence recognising potential where others
don’t.
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See only with their
eyes, often missing opportunities for improving their circumstances in life.
|
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Have a sense of
urgency. All successful people are driven by sense of urgency to produce
results.
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They tend to
procrastinate. They wait until all the conditions are right before taking
action.
|
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Have a sense of team
and a common purpose. They believe in synergy – combining and sharing the
work effort.
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They do it all
themselves, hence they don’t often achieve the big outcomes they aspire to.
|
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Persist until they
succeed. Like a child learning to walk, every time they fall down, they get
up quickly and keep trying until they get it right.
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Quit at the first sign
of defeat. As soon as they encounter setbacks, they give up. They say “it’s
too hard. It hurts too much. I give up”
|
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They are results
orientated and perform activities that produce the results they desire,
resulting in a high quality of life. They plan their work and then execute
this plan.
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They are activity
orientated, confusing being busy with progress. They are so busy being busy,
that they lose sight of what they are trying to accomplish.
|
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Have more money at the
end of the month, i.e. they have money left over at the end of the month that
they can invest or spend as they wish.
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They live from pay
cheque to pay cheque. More often than not their money runs out before the end
of the month.
|
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Focus on ‘quality of
life’. They will retire in comfort, maintaining their standard of living and
generally enjoying more free time and better then average health.
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Focus on ‘standard of
living’. Some will work their entire life. The majority will find that their
standard of living will drop by 40-75%. When they retire they will struggle
to make ends meet, depending on welfare or the goodwill of others for their
existence.
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Do u have the Wealthy MINDSET?
Are you willing to
change your mindset so that in the years to follow you become one of the top
5%? If so,now is the time to act. Having a wealthy mindset is one thing,
acting on it is another. Go back to the person who introduced you to network
marketing and ask them how you can take the next step.
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