Do The Rich Think Differently?

Going to use this blog post to share some of the knowledge I have gleaned from books such as "Rich Dad's Retire Young Retire Rich" by Robert T. Kiyosaki and "The Millionaire Next Door" by Thomas J. Stanley and William D. Danko as well as articles online and some of my own observations of how the rich think and why are it is different from the middle-class thinking.
“Watch your thoughts, they become words;
watch your words, they become actions;
watch your actions, they become habits;
watch your habits, they become character;
watch your character, for it becomes your destiny.”

They understand that everyone can be rich
Understanding that wealth does not come from a stroke of luck, inheritance or any other divine reason is the first step to being rich. As long as you are able to provide value to others, be it through apps, services or products, so long as you are able to add value to the process, you deserve to have a piece of the value generated. But as an individual you can only do so much, so set up businesses which increase the number of people that you can help and increase the value that you generate and you will be on your way to riches.

They have an abundance mentality

Coupled with the understanding the everyone can be rich, understanding that the world is abundant with opportunities can help to broaden your vision and increase your chance of becoming rich. While many opportunities may be presented to you, the onus is on you to act on them and utilize them to their full potential which can help you to increase the value that you're providing to others. They also believe that the world has an abundance of money which they can earn as long as they provide value to people

They are comfortable in their own skin
When you are able to be comfortable in your own skin, you don't need to go out and buy the latest Chanel bag or drive a Masserati just to show off to others. Instead, take your focus away from these status symbols and try to be more confident in yourself. By hinging your self-worth on these objects, you not only injure your wallet, but you also set yourself up to be sorely disappointed when you cannot maintain that lifestyle.

They look for mentors
Especially if you are aiming to be rich early, it is good to find a mentor who is already successful and is willing to help and offer guidance. Having someone to mentor you not only provides you with new ideas, but also gives you other perspectives to look at problems as well as a benchmark to align your successes to.

They take joy in saving and budgeting
Let's face it, not all of us can be overnight millionaires. Most of the wealthy also do not become wealthy overnight, they become rich by constantly scrimping, saving and investing their money carefully to allow it to grow, instead of spending it all on status symbols which leads us back to being comfortable in your own skin. With many years of saving and compounding (Read: Key to Growing Wealth) behind them, they are able to become rich.

They set concrete goals
It's hard to start doing something without having anything to work towards. How do you start doing something without the end in mind? You would just be running around like a headless chicken. So, start with concrete numbers in mind that are a stretch, but still achievable. Don't give goals such as save as much as I can or earn as much money as possible. Set a fixed number and work towards it.

Measuring the progress of these goals also has to be concrete. Coming up with numbers in your head will always seem rosier than the actual situation. So, set some time aside to set your goals as well as measure them at regular intervals, preferably with a trusted someone.

Summary

Some of these changes will enable you to open your perspective on things and see things the way that the rich see it. Hopefully they will also be able to put you on your way to riches through the paradigm shift. Though no one is born forever rich or poor, the mindset that we adopt would invariably affect our wealth.

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