12 differences between how the rich and the poor think about money

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    Differences in the rich & the poor's money thoughts
    What’s on your mind?

    Sincerely speaking what money thoughts do you have? Consider Aliko Dangote, Africa’s richest man. How is he able to build wealth  while many people are struggling from paycheck to paycheck?

    The truth is that Aliko Dangote is no different from you and I in many respects. The only difference is the money thoughts he allows into his mind. Rich people see building wealth as starting from the mind, thus conditioning themselves to attract it. The good news is that if Dangote can do it, so can you.

    Now credit must go to Steve Siebold, the author of “How rich people think,” who spent twenty-six years interviewing and studying some of the richest people in the world. Siebold discovered that if he wanted to get rich he had to learn to think like a rich person. He ended up gleaning a hundred differences between the rich and the average person’s money thoughts. Here are twelve of the most essential differences:

    The average believe that money is earned through labor…the rich believe it is earned through the right money thoughts

    Those who are not rich tend to believe that the harder they work the more money they’ll make. If this were so then laborers, factory workers and their ilk should have the most wealth. We are told to go to school, work hard and get a good job as the way to wealth. But no one achieves wealth this way.

    The rich think abundance and harness their creative thoughts to make it a reality. According to Steve Forbes, “The real source of wealth in this new era is not material things. It is the mind, the human spirit, the human imagination, and our faith in the future.”

    The average worry about money…the rich dream about money

    Worry is the order of the day in the average league when it comes to money. They constantly fret about where the next inflow is going to come from, thus living their lives on edge. The rich dream about it, laying the groundwork for their thoughts and actions to actualize wealth. They do not have any fears about money, thus giving them the freedom to succeed in creating more wealth.

    The average think about spending…the rich think about investing

    The average usually live beyond their means. They earn so little that they have to spend it all to exist. The rich also spend heavily but they put aside a portion of their income in investment vehicles. Wealth is built by investing, putting money to work to produce more.

    The rich don’t focus on spending and saving, rather they focus on earning more, and investing a percentage of it before spending the remainder.

    The average equate money with stress…the rich equate money with peace of mind

    The average person sees money as a necessary evil that must be endured as part of life. In short they see only negative things about it. The rich instead see money as the great liberator through which they can purchase financial peace of mind.

    Money makes many problems disappear, so the man who lacks it has problems he cannot handle which causes him stress.

    The average work as little as possible…the rich work as smart as possible

    The most popular strategy among the average to make wealth is by winning the lottery. This is clearly  flawed money thoughts. Sadly they believe that this is the only hope for them. They go to work daily, turn in an average effort and wonder why they are perpetually struggling financially.

    The rich instead bet on themselves, put in a world class effort and take steps towards the achievement of their goals. They seek for productive ways to get things done with and through others utilizing the best practices available thus getting mega results.

    The average just want to be comfortable…the rich are comfortable being uncomfortable

    Anyway you look at it everyone just wants to be comfortable. But comfort is dangerous because it pushes you into a false sense of security. You think that you’ve reached the pinnacle when there is still more to be done.

    The rich don’t want to stay in their comfort zone. They drive themselves on till they achieve and exceed their targets. The rich instead of relaxing keep pushing themselves on as there is a price to pay for being wealthy. You will hardly strive if you are comfortable.

    The average seek money for power…the rich seek money for control

    The rich know that money is a tool. It’s meant to be controlled. Money is a lousy master but a faithful servant. They put money under control where it is meant to be, so as not get carried away by it. The average person would like to acquire wealth for the purpose of the power it gives them over others. This is why they fail to amass it. Most of the wealthiest people in the world control money and hardly look powerful.

    The average would rather be entertained than educated…the rich would rather be educated than entertained

    Average people hardly pay the price required to build wealth, which is to continue getting educated. Walk into a wealthy person’s home and one of the first things you will see is an extensive library of books they have used to educate themselves to become more successful.

    The average person would rather read the tabloids, novels and watch all forms of entertainment on television. While the rich gather information to make them richer.

    The average believe that money will make them happier…the rich know that money has little to do with happiness

    Money won’t make you happier is not a statement the average like to believe. There are many stories of rich people being depressed and committing suicide. It’s a fact that money is not the main ingredient for happiness. The rich do not amass a fortune to be happy, rather they do so for the freedom it brings.

    The average believe in financial scarcity…the rich believe in financial abundance

    Those who are average believe the rich have cornered huge chunks of financial resources leaving little or nothing for them. They believe money is difficult to earn and is scarce. In stark contrast to the rich who believe that resources are abundant if you just know where to look. One sees scarcity thus making it a reality while the other sees abundance and it manifests. You ultimately become what you see.

    The average believe money is complicated…the rich believe money is simple

    The average person believes making money is a mystery. Money thoughts like this make it harder to amass wealth. Money making, rather is a product of ideas and creating value in the marketplace. Getting rich in a free market economy is simply a matter of trading solutions for money.

    The rich are not smarter, luckier or more educated than the average person. The latter tends to be over analytical on the subject of money. The rich approach it like a child who honestly believes he/she can do anything.

    The average focus on pleasurable activities…the rich focus on money making activities

    The average individual’s appetite for pleasure is substantial and they really focus their attention on being entertained. The rich on the other hand make money-making their focus doing things they enjoy. They turn their hobbies and passions into money making ventures. Doing what they love gives them pleasure.

    Billionaire “wannabes” are encouraged to digest these differences. You must make significant adjustments to change your money thoughts from average to rich mode. If you think the way the rich think you will eventually get the results they’re getting.

    The process of making changes to your money thoughts is not rigorous. All you need to start doing is to think and believe the exact opposite of what you currently believe. For instance replacing “It’s impossible to make money” with “It’s possible to make money” will cause a shift in your approach.

    The right money thoughts will condition your mind to see things differently. This will cascade over into your passion, attitude, beliefs and character. You will end up becoming what you believe and think about. So start today to make changes to your money thoughts and you will start to see results.

     

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