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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 November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

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