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10 Mindsets About Wealth All Billionaires Share

10 Mindsets About Wealth All Billionaires Share

What is it that truly separates the wealthy from the poor? What about super wealthy? And by super wealthy I mean people who have accumulated a level of wealth that seems almost beyond most ordinary people.

It is a very old psychological sleight of hand that the way you think, the thoughts you experience on a daily basis are crucial to accumulating wealth. Without the specific mindsets and beliefs that are designed for creating wealth you’ll never create any wealth. This is the foundation that separates all wealthy people from the rest. The foundation that begins in the mind is always the first step.

Now I’m not saying that if you simply develop these mindsets you are going to become a billionaire or accumulate any sort of wealth because action also needs to be taken for this to happen. For wealth conducive activities to occur, there needs to be a solid foundation set in place that begins in the mind first.

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Here specific mindsets about wealth that all billionaires share.

1. Not viewing failure as failure

Billionaires and other wealthy people do not view failure as failure and that it’s game over. Alternatively, they simply see it as a stumbling block to success and one that provides opportunities to learn from. All billionaires failed numerous times in their quest to accumulate their wealth but they viewed it as a learning opportunity to help them achieve their dreams and their goals. Henry Ford sums it up best, “Failure is just a resting place. It is an opportunity to begin again more intelligently.”

2. They don’t believe in giving up

All billionaires are incredibly persistent probably to the point of being almost obsessive and crazy – but it’s this mindset that helps them get to where they are today. They are committed to achieving their vision and their goals and won’t give up until they accomplish them. Here is Steve Jobs thoughts on persistence,”I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.”

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3. They think and dream big

If you don’t set yourself a big dream then you are never going to achieve it. It’s that simple. If you want to become a billionaire you need to set your sights high, work hard and smart to make your dreams a reality. In the words of Donald Trump,”I like thinking big. If you’re going to be thinking anything then you might as well think big.”

4. They have empowering mindsets about wealth

As has already been alluded to in this post, the mindset you have about money in the foundation for accumulating wealth. Anyone who is wealthy has an empowering mindset about money. They believe that being wealthy is a good thing. They are comfortable with money. They are comfortable spending it. In fact, they love money. If you don’t develop an empowering mindset about wealth you’ll never accumulate it.

5. They believe they create their destiny

A billionaire believes that they can create their future using a combination of their thoughts followed by massive action. This is a big difference to the ordinary citizen who meanders through life with the belief that life just happens to them and that they should just ‘accept their lot in life.’

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6. They take responsibility for their results

No matter whether it’s failure or success billionaires take responsibility for their results. Even when they experience failures and setbacks they do and they don’t do it because they like it. They do it because psychologically, it acknowledges to the mind that they also have the power to turn a negative result around.

7. They don’t believe in playing it safe

Billionaires play the money game to win. Do you? This certainly doesn’t mean they are reckless with their money but they aren’t approaching opportunities with a mindset of not losing what they have or being comfortable with what they have but rather trying to find ways to become rich.

8. They know and believe there is an abundance of wealth

They know that their is wealth everywhere in the universe and that you can accumulate it only if you provide massive value to other people. They believe that there is enough for everyone and this is stark in contrast to the ordinary person who believes money is hard to come by.

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9. They believe and know that your IQ and education means nothing

Money doesn’t care about educational qualifications, credentials, or IQ. Money comes to those who find opportunities and create value and all billionaires know and believe that this is how to accumulate wealth. They know it’s the market that determines where the wealth goes and if you can tap into that opportunity then you can create wealth.

10. They believe wealth comes to you if you help other people

If you can help enough people solve a specific problem that they are having and you can do it on a large enough scale then you can create more wealth. Billionaires know and believe that if you can help enough people get what they want then you can create massive wealth. Zig Ziglar sums this mindset up best,

“You can get everything in life you want if you will just help enough other people get what they want.”

We know that billionaires are a unique type of people. All billionaires in the world share these specific mindsets about wealth that ordinary people don’t. While adopting these mindsets doesn’t imply you’ll become a billionaire in your lifetime, it will certainly create for you a foundation in your own mind from where you can begin accumulating wealth and that can make all the difference. Ultimately, it is up to you to change your circumstances.

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Published on September 17, 2018

How Being Smart With Your Money Leads to Financial Success

How Being Smart With Your Money Leads to Financial Success

Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

1. Avoid being “penny wise but pound foolish”

It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

2. When you want something big, wait

Impulsivity can get you in trouble in most aspects of life. Finances are no different.

It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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So, you get the itch.

You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

Here’s where you have to take a step back.

Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

The impulse faded. And you just saved yourself a ton of money.

3. Live smaller than you can afford

You finally get that big raise. And you want to celebrate – and why not?

You’ve been looking forward to this forever. And after all, it was all due to your hard work.

That’s fine, splurge a little. However, make it a one-time deal and be done.

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Don’t get caught in the trap that just because you’re now making more money, you should spend more.

Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

4. Practice smart grocery shopping

Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

Create a grocery budget

Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

Make a list… and never deviate

Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

These impulse decisions will lead to overspending, which will derail your grocery budget.

Eat before going grocery shopping

It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

This makes it much easier to stick to your grocery plan.

5. Cancel your gym membership

Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

The average gym membership costs around $60 per month. That’s $720 a year.

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Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

It’s baby steps… And baby steps can start now!

I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

Featured photo credit: Unsplash via unsplash.com

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