Have you ever wondered from where rich people get their wealth? Or how many wealthy individuals have the same mindset as the masses? We certainly don’t want to copy them, do we?
Do you want to be a millionaire one day? Do you aspire to become a rich person? Or do you just want to learn how people think and act, and why they become millionaires? Then read this blog post. This is the first in a series of two articles about the mindset of rich people. This post covers important traits that you must develop to become like them.
Independent Thinking
Millionaires think differently. Not just about money, about everything. The time and energy everybody else spends attempting to conform, millionaires spend creating their own path.
Since thoughts impact actions, people who want to be wealthy should think in a way that will get them to that goal. Independent thinking doesn’t mean doing the opposite of what the rest of the world is doing; it means having the courage to follow what is important to you. So, the lesson here is to forge your own way. Let your success drive you to financial spoils rather than doing it the other way around and trying to chase the money.
For example, David Geffen is a self-made millionaire with $9.9 billion to his name in 2021, according to Forbes. This American record executive and film producer was a college dropout, but Geffen made millions by founding record agencies, including DreamWorks Animation SKG Inc., and signed some of the most prominent musicians of the ’70s and ’80s. Although he didn’t take what many assume to be the usual path to success, his tireless work ethic and sense of personal conviction about artists’ potential allowed him to rack up a sizable fortune.
They’re optimistic (and opportunistic)
The group’s opinion on investment return potential over the next year skews more optimistic than pessimistic, and they’re ready to invest when they see an opportunity. One in five surveyed kept more than 25 percent of their assets in cash, in large part to pounce when they see buying opportunities.
THEY ARE SINGLY FOCUSED ON THEIR CORE BUSINESS
Successful entrepreneurs may be inspired by ideas, but they always remain true to their vision. They focus on opportunities that are aligned with their business’s purpose. If you sell retail products on eBay, don’t try real estate investing the next day. They don’t lose focus. They may sell their products on eBay, write articles, focus on joint ventures, and go to marketing seminars, but all of their efforts, and FOCUS, help them move toward their main goals.
Vision
Millionaires are creative visionaries with a positive attitude. In other words, wealthy people have big dreams, and they believe they will come true. As such, wealth seekers should set lofty goals and not be afraid of uncharted territory.
Bill Gates, the world’s second-richest person in 2021 with a net worth of $124 billion, according to Forbes, did just that. The co-founder of Microsoft (NYSE: MSFT) brought personal computers to the masses. Gates jumped into the personal computers business in 1975 and held on tight, creating Microsoft Windows in 1985. When consumers began to bring computers into their homes, Gates was ready to profit from this new age.
In mid-March 2020, Gates stepped down as a board member of Microsoft. He co-chairs the Bill & Melinda Gates Foundation, the world’s largest private charitable foundation to which the couple has donated $35.8 billion worth of Microsoft stock. Gates is also now a staunch spokesperson and scholar on the subject of climate change.
They had strong examples growing up
While the wealthy do not typically come from wealthy backgrounds, the majority were raised by parents who encouraged them to pursue their interests but set firm boundaries. About four out of five said this was true about their childhood. These five values were stressed more while the wealthy were growing up: “academic achievement, financial discipline, work participation, family loyalty and civic duty.”
THEY ARE MARKETING FOCUSED
Millionaires, including such giants as Bill Gates, understand the importance of building on their core business. They hire people with specialties in marketing. They work hard at building their email lists, gaining exposure, and are constantly looking for ways to reaching a wider audience. If you want to build a decent income, you sell products and services. If you want to be insanely rich, then you create and control markets. The key to your business, and creating phenomenal success, is marketing.
Slight edge
You must have some slight advantage over the competition. Your slight edge could be anything: a superior skill, superior knowledge, better product, better service, stronger work ethic, better habits, more creativity, more powerful contacts, etc.
Apostles
You must have apostles for your cause. These could be individuals you hire (employees or contractors), or they can be fellow dreamers — individuals who share your dream and your vision. When you have a team of apostles, pushing the ball up the hill is much easier.
Skills
Writers Dennis Kimbro and Napoleon Hill interviewed successful people to determine the traits they had in common for their book, Think and Grow Rich: A Black Choice (1992). The authors found that successful people focus on their area of excellence. Millionaires also tend to partner with others to supplement their weaker skills. If you don’t know what you are good at, poll friends and family. Use training and mentors to refine your strong skills.
They’re committed at home
This group is far from single and ready to mingle. A full 86 percent of the HNW investors surveyed are married or in long-term relationships.
THEY UNDERSTAND THE IMPORTANCE OF CONTINUING EDUCATION
Successful characteristics of business-minded person people are always learning and drawing from other people’s experiences. They listen to how other people have achieved their success, especially if these people have expertise in another industry. They are constantly learning about new approaches and strategies, and thinking about how they can apply it to their own business.
Good luck
Perhaps the most important ingredient to success is good luck. Without some good luck, success is virtually impossible. Good luck only visits the relentlessly persistent. If you keep at it long enough, you will eventually get lucky.
Salesmanship
Millionaires are constantly presenting their ideas and persuading others to buy into them. Good salesmen are oblivious to critics and naysayers. In other words, they don’t take no for an answer. Millionaires also have good social skills. In fact, when writer T. Harv Eker analyzed the results of a survey of 753 millionaires for his book, Secrets of the Millionaire Mind (2005), he found social skills were more important than IQ.
The ability to communicate with people is essential to selling your idea. Contrary to the traditional view of salesmen, millionaires cite honesty as an important factor in their success. If you want to be a millionaire, be an honest salesman, and polish your social skills.
THEY ARE NOT AFRAID OF MAKING MISTAKES
Any big company online will tell you that they’ve had their share of downfalls, even such giants as eBay or Craig’s List. Mistakes are building blocks for success – by making mistakes, you learn what works, and what doesn’t. You don’t have to get it right, you just have to get it going. We all make mistakes, and one of the most powerful things you can do is glean feedback from them. Feedback is a great way to learn from your customers and colleagues. You need to look at the feedback and take it with a grain of salt – it helps you learn and grow. See your mistakes as learning lessons.
Conclusion:
Rich people tend to be more positive than their poor counterparts, studies show. For example, they tend to have a sense of humor, not take things personally and feel luckier than most people because they’re aware that wealth is just luck.