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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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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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