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The Wealthy Mindset

Wealthy Mindset

Learn to Think and Act Like the Rich

The secret to financial success is to have a wealthy mindset and be prepared to work for it. Most people just expect success to happen, what they fail to realise is that success comes to those who make it happen. This doesn’t mean you need to necessarily work harder, just smarter.

It is common knowledge in the business world that generally the top 5% (the wealthy) have a different mindset to the remaining 95% of the population. This is quite often referred to as the wealthy mindset, which basically refers to the fact that wealthy people think and act differently to the general population. The table below summarises some of the key differences and helps to adentify how you too can have a wealthy mindset.

The following table was published in a book titled “Life’s Greatest Opportunity” written by Virend Singh who is a successful diamond director in a well known network marketing company who teaches the concept of the wealthy mindset. It helps to highlight some of the common cognitive differences between the rich and the poor.

The Wealthy MindsetThe Poor Mindset
Have a delayed gratification mindset, settling for short-term pain for long-term gain. Have an immediate gratification mindset settling for short-term gain for long-term pain.
A wealthy mindset is willing to take risks with the understanding that failure/losing is part of the process of winning. Hence, they are early adapters, taking advantage of a new opportunity before others realise its potential.The general population avoid risk because of the fear of failure or loss. They wait to see what everybody else is doing, then do the same – by which time it is too late to capitalise on a new opportunity.
Have a positive attitude, using language such as:
  • "If others can do it, so can I."
  • "I’ll make time."
  • "What’s it worth in the long term?"
Have a negative attitude, using language such as:
  • "I can’t, it’s too hard."
  • "I don’t have time."
  • "I can’t afford it – it’s too expensive."
Are decisive – They are quick to decide and slow to change their minds. They know that their destinies are shaped in their moments of decision. Indecision leads to in-action which, in turn, leads to unfavourable results. Are indecisive - they are slow to decide and quick to change their minds because, once they have decided, they start to worry if they have made the right decision. Fear, uncertainty and doubt are inherent in their personality
Seek opportunity. They want to develop, achieve and excel. They do what the majority are unwilling (not unable, just unwilling) to do. They realise that people who play it safe continually miss opportunities and seldom make progress.Seek security. They desire a safe, secure profession / job, but such a thing is virtually non-existent today, and even if it was, it would provide little chance of attaining financial independence.
Take responsibility for their circumstances. They know that "when you choose the behaviour, you choose the circumstances". Hence they create their own circumstances by choosing actions that support their goals. The wealthy mindset attitude is “if it is to be, it’s up to me.” Do not always take responsibility for their circumstances. When things aren’t as they would like them to be, they sometimes try to justify their situation. Some even blame others – the government, their employer, their teachers, parents/children etc.
Those with a wealthy mindset make it happen. They know that success must be summoned; it won’t come unbidden. They have plans. They can tell you where they are going and how they are going to get there.The general population let it happen. Many have no definite plans for the future or they simply don’t execute their plans, hence they fit into someone else’s plans.
Understand and apply the law of 'Cause and Effect' – as you sow, so shall you reap. They know they must give to receive - e.g. one must give respect before they receive respect. One must give value to receive value. They expect to receive value before they will give value.
Mind their own business. They build businesses and use the power of compounding / leverage to earn residual income. Mind somebody else’s business. They work hard for somebody else trading hours for dollars by earning a linear income, paying up to 50% of their income in taxes.
See with their minds what others miss with their eyes, hence recognising potential where others don’t. See only with their eyes, often missing opportunities for improving their circumstances in life.
Have a sense of urgency. All successful people are driven by sense of urgency to produce results. They tend to procrastinate. They wait until all the conditions are right before taking action.
Have a sense of team and a common purpose. They believe in synergy – combining and sharing the work effort. They do it all themselves, hence they don’t often achieve the big outcomes they aspire to.
Persist until they succeed. Like a child learning to walk, every time they fall down, they get up quickly and keep trying until they get it right. Quit at the first sign of defeat. As soon as they encounter setbacks, they give up. They say “it’s too hard. It hurts too much. I give up”
They are results orientated and perform activities that produce the results they desire, resulting in a high quality of life. They plan their work and then execute this plan. They are activity orientated, confusing being busy with progress. They are so busy being busy, that they lose sight of what they are trying to accomplish.
Have more money at the end of the month, i.e. they have money left over at the end of the month that they can invest or spend as they wish. They live from pay cheque to pay cheque. More often than not their money runs out before the end of the month.
Focus on ‘quality of life’. They will retire in comfort, maintaining their standard of living and generally enjoying more free time and better then average health.Focus on ‘standard of living’. Some will work their entire life. The majority will find that their standard of living will drop by 40-75%. When they retire they will struggle to make ends meet, depending on welfare or the goodwill of others for their existence.


Do you have the wealthy mindset?

Are you willing to change your mindset so that in the years to follow you become one of the top 5%? If so, now is the time to act. Having a wealthy mindset is one thing, acting on it is another. Go back to the person who introduced you to network marketing and ask them how you can take the next step.

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