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15 Surprising Ways Rich People Think Differently

15 Surprising Ways Rich People Think Differently

Rich people don’t think like average people. That’s the world we live in.

Being able to maintain a massive wealth over a long period of time is not something easy if you don’t have the right mentality. How would you explain that a large number of lottery winners who go broke after a few years?

They don’t have the rich people mentality.

When you look at the way rich people think, you will notice some intriguing similarities.

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They think about themselves first.

Before giving large sums of money to charities, they make sure they help themselves first. They did not get rich and stay rich by helping everybody carelessly. When they do something, they know what’s in it for them. It’s not selfishness, it’s staying rich.

They are constantly thinking about the future.

The future is only the present waiting to happen. Wealthy people know that if they want to keep their lifestyle, they have to think about the long-term. Globalization, financial crisis, and world conflicts are opportunities or threats for the rich individual. Not seizing long-term opportunities and ignoring potential threats is a recipe for becoming average.

They are action-oriented.

They don’t just relax and wait for interest to come in. In an ever-changing world, rich people think about the future, but have the means to act now. Good investors know how to make a quick decision to seize a fleeting opportunity.

They are passionate.

Their passions can vary, but rich people have the money and the time to fulfill their passions. If they don’t like to do something, they can always find somebody else to do it for them and then spend more time hunting deers if that’s what they like.

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They prefer specific knowledge over formal education.

Since they are action-oriented, they prefer an education that serves a concrete goal. Education is important, but becoming excellent in a specific area is more important. Rich people become extremely rich by being excellent at doing something or at doing something nobody has dared to do. College drop-outs following their start-up dreams to become billionaires are a long-lasting cliché, but the truth is that developing specific expertise early on will give them an edge.

They are outrageously ambitious.

And they need to be. If they were not, they would settle with “richer than average.” Very rich people will never be satisfied with the amount of wealth they have. They have an internal compass that directs towards “more money,” which means bigger projects.

They are not afraid to invest.

Rich people have been presented with countless get-rich-quick scams, and they know what it takes to be where there are: effort, time, or money. Since they got to a point where the biggest leverage they have is money, and that’s what they have more of than the others, they know they will have to invest to earn. You win some, you lose some.

They know how to leverage other people’s money.

Even if they have a lot of money, they know how to use other people’s money to get what they want. Bank loans, strategic partnerships… a global vision will allow them to find other people’s money to make their investment worthwhile.

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They surround themselves with like-minded people.

Having the lifestyle of rich people is very peculiar… they don’t share the same interests as other people, and there are not many people with whom you can share your concerns about having to pay millions in income taxes. They will flock together in similar gatherings and enjoy being together anywhere in the world.

They choose the best employees.

They know that their success lies upon the people that work for them. Rich people know what they want, have very little time for administrative stuff, and rely enormously on their employees. Since there is a lot at stake, they will choose the best and pay accordingly.

They can size anybody up in an instant.

Rich people are always solicited by average people, who always come to ask them for something. After a while, it becomes easy for them to evaluate people. It’s a matter of practice!

They have a very accurate detector.

They will ask few questions, but they will learn a lot from you. Since they have a global vision, they will challenge your proposals with their experience or outside-the-box comparisons. They will see if you are faking expertise, even if they don’t know your field.

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They don’t care about what you think of them.

They don’t have anything to prove any more. They won’t feel the need to show off their money or to show some kind of status. They will be very subtle in showing that they belong to a higher social class.

They think of the world as a small place.

The super wealthy are not stuck in a specific country. They are buying the best places around the world and consider the world as being a small place. Being in three different countries in one day is not surprising for them, and they will get a feel of where the world’s pulse is.

They raise their children to be rich.

Their children will handle a huge fortune as well. It is quite a sad prospect to think that your children will dilapidate the money you or your parents made with hard work. They will try to teach them the value of money so that they learn to take nothing for granted.

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Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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