Mindset Ideas and some Differences between the Rich and the Poor
Have you ever wondered why some people are rich and others are not? Both the rich and the poor may even have come from the same general background. I not talking about the person that happened to be from a rich family.
Here are some things to consider, some mindset ideas. They may sound simple. Nevertheless, depending on the person, such ideas and concepts could prove to be difficult for the poor or even average person to follow or apply.
Less take a look or listen to some clues as to why some people are rich and others may be struggling.
10 Things The Rich Do That The Poor Don’t – Why You Are Still Broke
by Practical Wisdom
Published on Youtube on Jan 8, 2018
Explaining 10 things that rich people do that poor people don’t that determines each one’s financial success
Don’t Do These 5 Things With Your Money
by Minority Mindset
Published on Youtube on Aug 2, 2017
So you just got paid! Woo – well, here are 5 things NOT to do with your money so you don’t end up like the majority. Remember, it’s not how much money you make but how much money you keep.
Creating a Wealth Mindset to Breakaway from Mediocrity
There is a poor mindset and a wealthy one. The wealthy think differently. This is true and an inescapable fact. The rich have a different approach to life. They plan, risk and manage their money in a different manner.
They also have a positive attitude towards life and opportunities. The first and most important step to true financial freedom is creating this mindset for yourself. This also involves a no-holds barred, honest look at your life and assets.
Creating a starting place is as important as moving forward, so it does not matter if you start with $1 or $1,000,000. It is all about the mindset. You need the will to move forward in creating your wealth.
Learn to Cut Corners Where it Matters
An important factor when it comes to wealth generation is “living within your means.” For many, if not most people, living in debt has become the norm. It is common for the average person to be buried in debt before they reach the age of 25.
A consumer-driven economy based on credit also creates the impression that wealth means more products. It does not! After taking a hard look at your assets and income, you have to check your lifestyle. See where you can cut down on expenses.
8 Things Wealthy People Do Differently
by The Financial Diet
Published on Youtube on Dec 12, 2017
Chelsea decodes the secret language and behaviors of wealthy people to use in your own (budget-friendly!) life.
Some things You need to Know or Do
Redefine what wealth means for you. Technically, wealth or being wealthy is defined as having an abundance of resources or possessions. The high life does not equal wealth. Having a beautiful home with a gigantic mortgage is not wealth. Neither does having an expensive car with huge car payments.
Here are some other considerations.
- Your definition of wealth goes a long way towards setting your goals.
- An important step when it comes to managing your wealth is to set goals.
- Manifest your financial destiny – set your subconscious mind towards specific goals.
- Write your goal down. Seeing and getting what you want involves seeing it written and in your mind.
- Wealthy people tend to invest in themselves first, especially in education.
- Assess your income. 80% of modern millionaires got there on incomes of $55,000 or less.
- Find alternative ways to generate income if you are unhappy about your current level of earnings.
- Create forms of passive income, the type of income you receive with little/no effort.
- Be diverse. Create streams of income, do not rely on one large river.
- Never be frightened of failure.
- Be realistic. Growth and wealth do not appear overnight, unless you are lucky.
I like passive income. Here’s what Good Financial Cents says about that:
9. Write an ebook
This can be a lot of work upfront, but once the ebook is created and marketed it can provide you with a passive revenue stream for years. You can either sell the ebook on your own website or offer it as an affiliate arrangement with other websites that provide content related to your ebook.
After speaking to several ebook authors, many of the tell me that the time spent putting these books together feels like finding free money by the passive stream of income they have today.
Eliminate Unnecessary Expenses
Take a hard look at your assets and income. Then check your lifestyle and see where you can cut down on expenses. Write down your expenses. Don’t lie to yourself. There is nothing like seeing it in black and white (or red). It gives you a concrete idea of where you are spending too much and where you are spending too little.
Here are a few things to consider about expenses.
- Cut those credit cards. The average number you need to sustain a good to great credit score is one or two.
- Ruthlessly cut out all services you do not need and monitor those you do.
- Get a free copy of your credit report. Dispute any outdated or incorrect items.
- PAY DEBT OFF ASAP. Pay more than the minimum on loans.
- Keep records of any and all transactions over the Internet or phone.
- Separate your accounts to keep track of your money.
- Create an emergency fund or funds which contain the equivalent of 3 to 6 months salary.
Some insights on the Mindset of the Wealthy
12 Habits of Millionaires – Money Making Habits and Mindset of the Wealthy
by Practical Psychology
Published on Youtube on Aug 27, 2017
The Habit Harvester Book (includes 12 Money Making Habits): https://amzn.to/2qWMm4b
Some thoughts to Consider about Investments and Wealth
The average comfortably wealthy person or millionaire works for himself or owns a business. This is something that is hard to follow. A million things can go wrong, but on the flip side a million things can also go right.
The wealth mindset is one that works for itself. It allows you to cash in on your own ideas and labor. The poor mindset works for others, laboring for a minimum cut of the profit. The idea of working for yourself can be scary.
Many first-time business owners fail. One reason is because they sink everything they have into one venture. They never recommit when the road to success gets rocky. The wealthy and the rich stick with their business plan. They move forward regardless of events, confident in their success.
Some other Ideas about Money and You.
- Do something that you love, because you will never feel like it is work.
- Alternatively, find a need for something you love and fill it.
- Make sure your business fits your lifestyle. If you hate computers don’t start a cybersecurity business.
- Those who cannot run a business, invest in one. It removes the management headache and gives you profit without the effort.
- Your business is defined by its employees especially in a service industry. Hire for attitude, train for skill.
- Always strive to be the best. Provide the best service, fastest delivery, highest quality, the newest products.
Do you have other ideas about the mindset of the wealthy and the poor?