The way millionaires view money is different from everyone else

Great article from Financial Post

 

The way millionaires view money is different from everyone else

Steve Siebold, Contributor, Business Insider | July 15, 2014 6:05 AM ET

Donald Trump, president and chief executive officer of Trump Organization Inc.                                    Andrew Harrer/Bloomberg

Doesn’t it seem like the rich keep getting richer while the middle class is stuck in the same old spot?

Economic inequality is a hot topic right now, and many people go as far as accusing the wealthy of having some sort of unfair advantage. Those are easy accusations to make, and they resonate well with some people. But the truth is, there are no unfair advantages.

Everyone has the same opportunity to acquire wealth.

The biggest thing holding back most people from striking it big are their thoughts, beliefs and philosophies about money. The differences between how the wealthy and the middle class look at money are as extreme as they are numerous. It’s as if the two groups are living on completely different planets.

So what are the money-making secrets of millionaires?

1. The wealthy focus on earning.

The masses focus on how to protect and hoard their money. The wealthy also know saving is important. But they know earning money is even more important. Most people are more concerned with the modest gains they accumulate from their savings and investments than they are with using their billion-dollar minds to create a fortune. Instead of focusing on clipping coupons and living frugally, the wealthy reject the nickel-and-dime thinking of the masses and focus their mental energy where it belongs: on the big money.

2. The wealthy use leverage.

In the minds of millionaires, leverage is everything. The wealthy strategically focus their efforts on the most profitable areas of their businesses while leveraging their contacts, credibility, and resources to maximize the results of every action they take. The middle class sees hard work as a badge of honor. The wealthy sees success as a more important badge of honor.

Think about what you were taught about hard work growing up. If you’re not exactly raking in the money, make a decision to let go of any limiting beliefs you have about hard work, and start thinking about how you can use leverage to become more successful.

3. The wealthy think about money in non-linear terms.

The masses trade time for money. This creates the belief that making money is a linear process directly connected to time. The average person believes the only way to earn more money — with the exception of raises and bonuses — is to work more hours.

Millionaires know big money requires thinking about it in non-linear terms. They are masters at generating money through ideas that solve problems. They realize there is no limit to ideas; therefore, there is no limit to how much money they can earn. Fortunes can be created almost overnight with the right idea at the right time, but only if the creator understands this non-linear phenomenon.

4. The wealthy see money through the eyes of logic.

The wealthy see money for what it is and what it’s not, all through the eyes of logic. Unfortunately, few people are able to think about money without clouding the subject with negative emotions, which come from dozens of middle-class beliefs that are ingrained in our minds when we are young. Emotions have a useful place in our lives.

But when it comes to thinking about money, put your emotions on the shelf and let reason be your guide. When you stop thinking about money through the eyes of emotion, you are free of the psychological chains binding you and free to earn all you can. Decide today to use logic to dictate your financial strategies and emotion to motivate yourself to stick to it.

5. The wealthy believe being rich is a right.

The average person believes being rich is a privilege awarded only to lucky people. World-class thinkers know in a capitalist country they have the right to be rich if they’re willing to create massive value for others. They believe if they make life better or easier for others, it’s their right to be rich. They’re always thinking of new ways to build a mousetrap — and are often scorned by the masses for being materialistic, self-absorbed and greedy.

The great ones believe they have the right to be as rich as the value they create. Stop believing self-made millionaires are just lucky. Start believing you are worth every dollar you earn and more.

The most important thing to remember about money is that regardless of your education level, IQ score, or performance in school, you have everything it takes to become a millionaire and earn all your desire. Stop thinking about money in terms of fear and scarcity, and start thinking about it through the eyes of freedom, possibility, opportunity and abundance.

If you’re rich, keep thinking the way you’re thinking. If not, maybe it’s time to change the way you think about money.

Steve Siebold is author of “How Rich People Think” and a self-made multi-millionaire who has interviewed 1,200 of the world’s wealthiest people during the past 30 years.

 

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