Did you guys know that eight percent of the total millionaires are self-made millionaires? It was shown by a study by Fidelity Investments in 2017. So we know that the majority of the rich people have self earned money and not the inherited wealth was their hard work. The only reason behind their success? No success consists of many factors. They must have something familiar in all of them, which makes them different from others and stands out among the masses. Yes, you got it right. They have a rich mindset that helps them increase their wealth many times that the poor people lack. If even a poor person adopts a wealthy people’s mindset, he can change his fate. Astonishingly similarly, a rich person can hit a downfall in his wealth if he has a poor mindset. In today’s video, I will explain some important aspects of the rich and poor mindset
Rich minded people make money work for them
While shoddy work or money. You may have heard this before that it is ubiquitous, Jane quoted various at various places it is borrowed from the famous book Rich Dad, Poor Dad. Rich people realise that if one has only his salary as the source of income, then he isn’t going to grow. So rich people start investing in assets, stocks, side businesses and diversifying their income source. In this way, they weren’t actively making sources that would bring them passive income. The poor have jobs while the rich have businesses, while a person having a poor mindset has their salaries as the source of income and they remain happy about it. They use their intellect, toil for hours and work their ass off to build someone else’s business to generate more revenue. But if they ignore something that is investing for themselves, they consume all of their effort to earn money. But Rich tend to invest a portion of their earned money in building assets.
Wealthy people invest, poor people save money.
One significant distinction between rich and poor is in their way of spending their extra money. If rich people have some extra sense, they will readily invest them somewhere so that cash flow increases over time as they continue to diversify their income stream. In contrast, the poor save their money in banks, which means that people don’t spend their money on elevating their lifestyles. They do so, but they do not earn money. At first, they invest and buy luxuries when they have more than enough money through their passive income sources. Well, as soon as a poor minded person gets money, you will readily spend it on buying branded clothes, jewellery, a watch, a car, a new phone and other luxuries like that. They focus on appearing wealthy while the rich mindset gets rich first and then spends on their lifestyle.
Rich mindset people never stop learning.
Warren Buffett still spends five hours a day reading books. Elon Musk listens to podcasts even while taking a bath. Rich minds of people are lifelong learners. They have a growth mindset. It doesn’t mean they spend years in universities having various degrees. They learn new things that are helpful in the practical world. They even learn from their failures and other successes. They don’t get jealous of others’ success, but learn from them. They keep an inspiring social circle, which keeps them in a good vibe and healthy environment. They learn a lot from their cross-fertilization of the ideas between their friends and identify opportunities. You have to get an idea of what the poor do. They do precisely the opposite. Their learning career ends as soon as they leave their college. They lack knowledge, and as a result, they miss many opportunities. They start improving themselves and upgrading themselves in the changing time. It will help if you remain up to date, according to the ever changing trends of the world, so that you might adapt quickly. Poor don’t have a healthy learning atmosphere around them. They don’t have friends who motivate them, inspire them, teach them, etc..
Rich mindset people look for opportunities while insufficient fears taking risks.
Rich people fight their fears and take risks bravely while or have a protective approach to their fear of failure. Don’t let them do anything. Rich focuses on the positive side and looks forward to opportunities and other benefits they will have afterward. While poor, don’t take any initiative, they just don’t want to have certain winnings and they continue to remain in their comfort zone before taking any step. Rich spends time learning, doing their research, formulating an action plan. Learning from their past experiences and failures. And then making decisions. They foresee the repercussions and take calculated risks. They are less fearful and more hopeful. For this reason, while the poor don’t have any forethought, they just blindly jump into a thing.
Rich mindset people have a clearance of mind.
They have outlined their action plan and work accordingly. They carve out their way of success, no matter what obstacle comes their way. To deal with the challenges, if a roadblock pushes them back, they again jump start their journey back, clear goals and directions in their mind. They take no blind decisions and have a battle plan ready. Rich people are solution oriented. They don’t complain or make excuses. Instead, they have the problem solving skill, which allows them to cope with any problem. If you see a poor mindset and you don’t know about their destiny in the first place, have a goal big about your plan. Deal with challenges faced hurdles. Don’t blame or complain. Be a problem solver if you want to shift from a poor mindset to a rich mindset.
Rich people focus on acquiring good soft skills.
If you have read the book Seven Habits of Highly Successful People by Stephen Colbert, you must know how much value habits hold to make you successful rich minds that people focus on their soft skills. They make lasting relations based on trust and respect. They build up new connections. You will see them focusing on their excellent reputation. They value their time and use it wisely. Time is the crown. Whoever learns to manage it will be the king. More or less discipline. They have unstable relations and connections. Their character isn’t endorsed by their colleagues. They are lazy and prefer talking about vacations, browsing on social media, surfing their time on TV. They procrastinate a lot. Investing isn’t found in any rich mindset person.
Rich minds and people think long-term and hold themselves responsible.
A future oriented person who thinks long term wins the race. Rich people invest money in assets and make long term portfolios while poorer. Think of their next meal. Maybe rich people don’t spend money on lavish lifestyles, but they focus on diversifying their income streams first. They might have uplifted their lifestyles after five years, but not instantly. Rich people don’t have a place for what ifs. Maybe they hold themselves responsible. They have their lives in their hands. In contrast, the poor people leave this upon lock bay or chance.
Rich Mine said people always look forward.
Rich minds of people never settle. They have big dreams. They constantly seek advancement while the poor remain safe in their comfort zone. Their fear of failure keeps them satisfied in their low-wage job. They don’t think big. A wealthy mindset achieves more and more while being poor. Don’t even think about coming out of their comfort zone.