GMR 149: Developing A Wealthy Mindset
No doubt you’ve heard the saying, “The rich get richer and the poor get poorer.” Well, there’s a good reason for this, and it comes down to mindset. What you believe about money, and how you think about it will lead to your actions, and eventually your results. In this episode, we discuss six specific ways the wealthy think differently so you can learn and develop your own wealthy mindset.
Show Notes
Robert Kiyosaki - The Cashflow Quadrant
ESBI
Employee - You have a job (time is money)
Self-Employed - You own a job (time is money)
Business Owner - You own a system (other people’s time increases your money)
Investor - You own investments - Your investments grow on their own producing you more money (your income doesn’t depend on your work)
You can’t become wealthy without a wealth mindset. Skills you can add, but the mindset you have to change.
6 Ways to Develop A Wealthy Mindset
Wealthy mindset people believe they create their own life
Their success is fully dependent on them.
They don’t look at the opposition as something that can stop them.
They take responsibility.
Instead of taking responsibility, those with a poor mindset play the role of victim. This stops them from achieving any sustainable level of success.
Wealthy mindset people are committed to being wealthy
They believe wealth will make life better - no negative beliefs about wealth.
Money is the root of all evil - wrong! The Love of Money is the root of all evil.
They are fully committed to creating wealth.
They will do “whatever it takes” to have wealth as long as it's moral, legal, and ethical.
Wealthy mindset people think BIG.
How many people do you want to serve, 100, 1000, 10,000, 1 Mil?
If you’re thinking small it may be because you’re still doing this for you. It’s not about you, it’s about adding value to other people’s lives.
If what you’re offering is so valuable you should desire to share it with the whole world.
Wealthy mindsets are bigger than their problems
Building wealth is hard and plagued with problems and headwinds
Those with a wealthy mindset accept that there is resistance and opposition and choose to push through it.
Those with a poor mindset will do almost anything to avoid problems.
The secret of the wealthy is they learn from their problems so that they can overcome and be bigger than their problems.
Wealthy mindset people value education
Lifelong learners
Maximize their time to learn and grow - Read, listen to podcasts, etc.
Willing to pay for education through coaching that gets them the information and experience faster (value).
Wealthy mindset people create multiple streams of income.
Devote time to planning their financial future
Invest so they have passive income before retiring
Buy and hold real estate
Hold a job and consult on the side
Invest to generate dividends or cashflow
What the wealthy do that the poor don’t
63% of the wealthy listen to audiobooks during the commute to work vs. 5% of poor people.
81% of the wealthy maintain a to-do list vs. 19% of the poor.
67% of wealthy write down their goals vs. 17% of poor.
63% of wealthy parents make their children read two or more non-fiction books a month vs. 3% of the poor.
70% of wealthy parents make their children volunteer 10 hours or more a month vs. 3% of the poor.
70% of the wealthy eat less than 300 junk food calories per day. 97% of poor people eat more than 300 junk food calories per day.
23% of wealthy people gamble. 52% of poor people gamble.
80% of the wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.
76% of wealthy exercise aerobically four days a week. 23% of the poor do this.
80% of the wealthy make Happy Birthday calls vs. 11% of the poor.
88% of wealthy read 30 minutes or more each day for education or career reasons
79% of wealthy network five hours or more each month
67% of wealthy watch one hour or less of TV every day.
6% of the wealthy watch reality TV vs. 78% of the poor.
44% of the wealthy wake up three hours before work starts vs. 3% of the poor.
84% of wealthy believe good habits create opportunity
86% of wealthy believe in lifelong educational self-improvement
Thou Shall Prosper - Rabbi Daniel Lapin
Believe in the Dignity and Morality of Business
Meaningful relationships with others | growing network & community
Personal Self-Awareness
Constantly Change the Changeable - Steadfastly Cling to the Unchangeable
Incremental changes
Gradual changes
Embrace changes
Identify the things that shouldn’t change (Core values)
Know Your Money
Be Generous - Give away at least 10% of your income
Never Retire - Life of serving others
4 Steps to Purposeful Living
1) Spend on Purpose
2) Save Before You Spend
3) Increase Your Financial Margin
4) Invest Wisely