Think Rich – 12 Ways Rich People Think
Being a seminars and corporate training’s organizer and working with very successful entrepreneurs, speakers and people who were not born into money, but have build very successful global businesses and massive wealth starting from scratch, I have observed common pattern in the way these people think and act differently than everyone else, which produces these results. Here are 12 ways in which rich people think differently than everyone else, which are part of a fundamental belief system that people who succeed financially adopt:
#1: Create your Own Economy
Don’t depend on the government or on anyone else to support you, take control of your own destiny and create your own economy, become self-reliant. This of course implies that you must be entrepreneurial. Find something that you love to do, something that you are passionate about and won’t easily give up on when faced with challenges and find ways to monetize that passion.
#2: There’s Wealth Created in any Economy
People can become rich in any economy and there are always opportunities to build wealth, even during the worst economic recession. Building wealth has nothing to do with the local or global economy; it has to do with what service you provide at that particular time period and what needs you are filling in the market. Rich people don’t sit around feeling miserable when the economy is going through a crisis. They figure out new ways to build wealth, adapting to changing situations and economic trends, taking advantage of every financial situation to serve new needs in society.
3#: Multiple Sources of Income
Rich people never depend on a single source of income. They know how to create multiple, diversified sources of income. Even if one of their income sources stops paying them, they always have cash flow from multiple other sources.
4# Don’t subscribe to Localnomics
Don’t be dependent on the economy of one country or the town, city, state you live in. Expand your activities to other cities and other countries and make sure that you are working with the global economy, so that you are not severely affected by any fluctuation in the local economy. With the development of the internet and online entrepreneurship, this has become easier than ever, whatever your age or background.
5# Learn how to Delegate
Don’t try to do everything on your own, you don’t have enough time and its not possible that you have all the specialized skills necessary to make a business succeed. Intelligent entrepreneurs are not the smartest people on the planet, they just know how hire and partner up with other highly intelligent people who play at things they need to work at and form teams with a diversified skills pool. They also know how important it is delegate time consuming activities to assistants and other people in their team, so that they can focus on working on their business and not waste precious time working in their business. Delegating is a fundamental component of successful time management.
6# Form a Diversified Investment Portfolio
Always save a portion of your income (even if you are paying off debt) and create a diversified investment portfolio that builds your wealth and produces cashflow. Use the cashflow generated from your investments to pay for your lifestyle and reinvest.
7# Strive to be the Best in your Niche
Find a niche where there is a need in the market and focus on becoming the best in that niche, don’t try to be the best in everything, that will probably make you average.
8# Don’t try to Reinvent the Wheel
Find people who have succeeded in what you are looking to achieve and get mentoring from them. It will save you a lot of time and trial-error mistakes. Rich people always have mentors that they have followed before becoming successful and always observe what other successful people do, as success leaves clues.
9# Disconnect from Controlled Thought Patterns
Don’t subscribe to the system which creates controlled thought patterns, which includes the media, the government and political leaders. The only way to get different results than everyone else, is to disconnect from the common thought pattern and do the opposite of what the masses are doing.
10# Take Calculated Risks
Risk will always be a part of building successful businesses and creating wealth. However, don’t be on the side of gamblers, but on the side of people who create the market. Research and minimize your risk by choosing wisely your business ventures, your investments and your team.
11# Financial Education
Make sure you are financially educated by people who have succeeded in creating wealth – their knowledge is available in many books and seminars and is not found so often in university lecture rooms. Stay on top of the game by continuous study and education and teach your kids financial education from an early age so that they are raised with the right mindset to be financially independent whatever the circumstances they encounter.
12 # Have Discipline & Focus
Rich people are successful entrepreneurs who have discipline and focus and learn to minimize distractions and procrastination. They form their goals and they focus with discipline and hard work to achieve those goals, eliminating distractions.
Note: This article is based exclusively on my personal observations when working with successful people and studying their work and teachings. There are more steps that a person needs to take to build big wealth, which have to do mainly with the way they build their businesses and investment portfolios. However my observation is that the steps described in this article, represent a common fundamental thinking pattern that people who become rich in today’s environment adopt.