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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 March 4, 2019

How to Use Credit Cards While Staying Out of Debt

How to Use Credit Cards While Staying Out of Debt

Many people will suggest that the best thing to do with your credit cards during these tough economic times is to cut them up with a pair of scissors. Indeed, if you are already in huge debt, you probably should stop using them and begin a payback strategy immediately. However, if you are not currently in trouble with your credit cards, there are wise ways to use them.

I happen to really love my credit cards so I will share with you my approach to how I use mine without getting into deep financial trouble.

Ever since about 1983 when I got my first Visa card, I continue to charge as many of my purchases as possible on credit. Everything from gas, groceries and monthly payments for services like my cable and home security monitoring are charged on credit. Despite my heavy usage, I have maintained the joy of never paying any interest fees at all on any of my credit cards.

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Here are some tips on how best to use your credit cards without falling into the trap of paying those nasty double-digit interest fees.

Do Not Treat Credit Cards as Your Funding Sources

Too many people treat their credit cards as funding sources for major purchases. Do not do this if you want to stay out of trouble. I use my credit cards as convenient financial instruments so I do not have to carry around much cash. In fact, I hate carrying cash, especially coins. When you buy things on credit, the purchases are clean and you will not get annoying coins back as change.

I do not rely on my Visa, MasterCard or American Express to fund any of my purchases, large or small. This brings me to my golden rule when it comes to whether I will pull out any of my credit cards either at a retail or online store.

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I never purchase anything with my credit cards if I do not have the actual cash on hand in my bank account.

If I really cannot pay for the item or service with cash that I already have at the bank, then I simply will not make the purchase. Remember, my credit cards are not used as funding sources. They are just convenient alternatives to actual cash in my pocket.

Make Sure to Always Pay Off Balances in Full Each Month

The next very important part of my overall strategy is to make absolutely sure that I pay the balances in full each and every month no matter how large they are. This should never be a problem if the cash has been budgeted for my purchases and secured in the bank. I have always paid my full balances each month ever since my very first credit card and this is why I never pay interest charges.

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Using Credit Cards with Rewards

Most of my credit cards are of the “no annual fees” type, including one MasterCard on a separate account I keep at home as a spare in case I lose my wallet or incur any fraudulent charges. However, I do use a main Visa card which does have an annual fee because all purchases on that card reward me with airline frequent flyer points. For me, the annual fee is worth it since I do travel and I get enough points to redeem many free flights.

You have to decide for yourself if you will charge enough purchases on credit each year without paying interest charges to warrant a credit card that rewards you with airline points (or other rewards). In my case, the answer is “yes” but that might not be the case for you.

I occasionally use a MasterCard or American Express card on small purchases just to keep those accounts active. Also, I have been to the odd retailer that accepted only a certain type of credit card, so I find that having one from each major company is quite handy. Aside from my main Visa card which earns the airline points, the rest of my cards are of the “no annual fees” variety.

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So this is how I use my credit cards without getting into any financial trouble with them. This strategy is recommended only if you are not in debt, of course. In fact, it is worth keeping in mind once you’re out of debt so that you can keep your credit cards active and treat them responsibly.

What are your credit card usage strategies? Let me know in the comments — I’d love to hear what methods you use.

Featured photo credit: Artem Bali via unsplash.com

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