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10 Ways in Which Wealthy People Think Differently About Money

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10 Ways in Which Wealthy People Think Differently About Money

Do you want to become rich? The first step is to know how the wealthy think about money differently than you do and to start thinking like that. The next step is to take action, and to let the action become natural by thinking the way wealthy people think.

1. The wealthy are okay with risk

“Millionaires are willing to take risks and have the emotional strength to handle failure if a business or idea fails.” – Millionaire Entrepreneur, Robert Smith

Everything you do won’t be successful. The wealthy know that and refuse to let the inevitable possibility of failure stop them from being successful. They go ahead and fail, get back up and keep going. Don’t let fear of failing stop you from taking action.

2. The wealthy think investing is fun

“If you don’t already have an investment account, open one. It’s one of the most luxurious things you can do for yourself.” – Self-Made Entrepreneur, Elle Kaplan

The wealthy enjoy the process of making money. They’re excited to invest money into something that will bring  them more money. In fact, that gets them more excited than a vacation, a new car or a diamond-studded cat food bowl. They still enjoy those things, but they do so after they have invested a set amount of their earnings. Pick a percentage of your earnings to invest and do it as faithfully and with as much excitement as you buy your double caramel macchiato.

3. The wealthy live below their means

The wealthy enjoy luxury and impulse purchases, but never at the expense of the larger financial picture. They live below their means. They know that living beyond their means puts a strain on their finances and moves them away from their financial goals. If you want more stuff, don’t go into debt or spent savings, think like the wealthy think about money so you can make more money and raise your means, so that living within it is more fun.

4. The wealthy pay attention

The wealthy pay attention to where their money is going, where it’s coming from and if it’s getting bigger or smaller. They watch it like you watch a toddler at the mall. They know what’s going on with it and if they veer off course, they make changes. Keep your eye on your money. Look at account balances, income and expenses regularly and become more aware of your daily habits.

5. The wealthy know that money grows on trees

Well, not literally, but the wealthy know they can always make more money. There is always more to be had and it is in infinite supply. Money is just a representation of value. When value is created, money moves around – more money, more value. Add value to people’s lives and you will get money. It’s that simple.

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6. The wealthy don’t chase money

The wealthy don’t do what they do for the money. They know that money is a great tool to help people, change the world, make more money and have a lot of fun in your limited time on earth. But they don’t see it as a goal in itself. They strive to achieve something bigger than money. Don’t make money your goal. Make your goal something more important and use money as a vehicle to get there and a reward for achieving it. 

7. The wealthy know money is not evil

Average people say they want more money, but deep down they believe it is an evil force that will make them do bad things. The wealthy know that money is just a tool that will amplify whatever you already are – good or evil. Think of money as a simple tool like a hammer. With a hammer, you can build someone a house or seriously injure them. The hammer isn’t good nor bad, it’s what you do with it. Quit believing the lie that money is the root of all evil.

8. The wealthy do what they are passionate about

“I had no idea that being my authentic self could make me as rich as I’ve become. If I had, I’d have done it a lot earlier.” – Oprah Winfrey

The wealthy know that the best way to make money is to follow your passions and pursue what genuinely interests you. Do what you care about. Getting rich is a lot of work and you better enjoy what you do to get there – in fact, you must enjoy it.

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9. The wealthy think long-term

“When you make your first million, be proud. Then put it away in sound investments so it can multiply and act like you don’t have it.” – Millionaire model and entrepreneur, Stephanie Adams

The wealthy know that they must plan for tomorrow. They know that the decisions they make today determines their financial future. They delay gratification and live below their means (remember number 3) in order to be even wealthier tomorrow. Every time you make a financial decision, consider how it will affect your wealth in the future.

10. The wealthy think big

The most important way in which the wealthy think about money differently is that they think big.

“If you’re going to be thinking anything, you might as well think big.” – Donald Trump

When you focus on just surviving through retirement or paying the mortgage, you will just survive through retirement or pay the mortgage. Your brain needs something big to dream about. You must aspire to be something huge. Stop dreaming of only a million bucks. Write down the biggest dream you can think of and multiply it by 10. That’s thinking big.

If you have read this far, you probably want to be wealthy. Every wealthy person was in the exact position you are in right now. First you have to believe it is possible. Then learn and deeply internalize these 10 ways the wealthy think differently and you’ll be on your way.

Featured photo credit: photo credit: Rodrigo Soldon via photopin via creativecommons.org

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Last Updated on January 27, 2022

5 Most Affordable Australian Cities For Students

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5 Most Affordable Australian Cities For Students

With high standards of education, a multicultural community, and laid-back lifestyle, it’s not hard to see why so many students love Australia. However, one thing Australia is also known for is being the world’s most expensive country to study in as a foreign student.

For those willing to look beyond popular cities like Sydney or Melbourne, however, study abroad doesn’t have to be unaffordable. Check out these five more economical cities that still make for great student living.

1. Gold Coast

If you’re looking for a more affordable place to buckle down and study while still enjoying glorious beaches and a vibrant nightlife, the Gold Coast is an excellent choice. While it has no shortage of restaurants, cafes, bars, and natural attractions, the city is also well-known for its quality of education.

Gold Coast is home to Bond University, which has Australia’s highest rating for overall graduate satisfaction, but also some of the country’s highest tuition fees. Fortunately, it hosts campuses for Griffith University and South Cross University as well, both of which have affordable options for international students.

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When it comes to off-campus accommodation, there are plenty of choices, from shared housing to homestays. Real estate sites like Flatmates can be useful for finding options within your budget.

2. Wollongong

Wollongong’s close proximity to Sydney (80 km) makes it a popular choice for students who can’t afford the high cost of living in Australia’s largest city, but still want to experience all that it has to offer. Wollongong itself is a lively city as well, and is rated as the country’s most livable small city thanks to its gorgeous beaches and lively city centre.

The University of Wollongong is one of Australia’s top universities, with a comprehensive academic program, international research reputation, and high graduate employment rates.

Due to a lack of on-campus parking, most students prefer to walk, cycle, or use the free bus service that operates between the university and city centre. Living costs are quite reasonable in Wollongong, and sites like Gumtree can come in handy if you’re looking to split housing costs or even score some second-hand furniture on arrival.

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3. Hobart

Hobart is the capital of Tasmania, the second oldest city in Australia, and also the cheapest city for university students to live in. While it might not be as happening as cities like Gold Coast or Brisbane, its striking natural beauty and slower pace of life make it a great place to block out distractions and focus on studying.

The Hobart Universities sector is based on a single institution, the University of Tasmania, which is consistently rated among the top ten universities in Australia and has a large population of students from abroad, with more than one in five students being international.

Although public transport in Hobart isn’t as convenient as could be, there is plenty of student accommodation available to make up for it. Students often live in shared houses near the university so they can simply walk to class. If you’re looking to rent a shared house or room in the area, Easy Roommate can be a good place to start your search.

4. Adelaide

Of Australia’s major cities, Adelaide is the cheapest to live in. That, along with its spacious layout, clean and green atmosphere, and beachside attractions make it a great place to live and study. It’s also regarded as the food and wine capital of Australia.

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Adelaide has three universities, including the University of Adelaide, which is ranked in the top 1% of universities worldwide; the University of South Australia; and Flinders University. Its integrated bus, train, and tram transportation system connect all parts of the city and make it easy for students to get around.

Naturally, the cost of accommodation is lower outside the city centre, and depending on which university you’re studying with, the outer suburbs could be more convenient as well. Check Study Adelaide for information on a range of student accommodation options, from independent living to homestays.

5.  Brisbane

Brisbane is the capital of Queensland and Australia’s third largest city. Unlike Sydney and Melbourne, it’s known for being one of the most affordable cities in Australia, which makes it a good choice for students. It’s also known for its pleasant subtropical climate and wide range of entertainment options.

Brisbane has three major universities: the Queensland University of Technology, the University of Queensland, and Griffith University (which accepts the most study abroad undergraduates). The inner city is well-connected by public transportation, although cycling is popular as well, and there are plenty of cycle paths that make it easy for students to get around this way.

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Students typically live in and around the inner suburbs, where the bulk of Brisbane’s teaching facilities are located. If you’re looking for convenient accommodation off-campus, you can check sites like Urbanest or The Pad.

Featured photo credit: Bhavesh Patel via unsplash.com

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