Do you want to be rich?

Some people stay poor, and it is not because of money.

You may have realize that your rich friends seems to think differently to your poor friends, but you don’t exactly know what is it.

“Being poor is just a mindset.”

Here we shall look into why the rich think so differently from the poor.

Because, success can only be created by the mindset of a champion.

Your mindset will determines if you will become rich or poor.

You can too be in control of your life.

Why Knowing Mindset of the Rich and Poor is Important?

Rich mindset vs Poor mindset, aka. Growth mindset vs Fixed mindset is the main reason why some are so successful while others are not.

A person who struck the lottery can become poor and bankrupt in a matter of a years. While, a person who started with nothing can become a multimillionaire in a matter of years as well.

Rich can become poor if you have a poor mindset, while the poor can become rich with a rich mindset. 

Rich vs Poor is actually very simple.

In this article, we will look into some of the key difference in mindset that you can learn from the rich. These mindset shift to develop your rich mindset will be your first step to your journey of wealth and success.

So, the big question is:

“Do you want to be in control of your life?”

Editor’s Recommendation: Secret Traits to Success in Life

Bonus Exercise:

To help you in better knowing yourself and see what you can do to improve.

With a simple grading system of R for ‘Rich Mindset’ and P for ‘Poor Mindset’, each mindset listed below helps you to assess what are the mindset you need to improve.

Using this approach, when it is a ‘P’ Poor Mindset, write down the following:

  1. What can be changed?
  2. What is your action item to make the change?

Using this approach, when it is a ‘R’ Rich Mindset, write down the following:

  1. What can be improved?
  2. What is your action item to make the improvement?

Even with a perfect score on each category ‘R’ you need to think about ways to improve, only by continuous improvement you can get to a greater heights.

Print and do the exercise while going through each mindsets now!

PERSONAL CHECKLIST

9 Different Mindset of the ‘Rich VS Poor’

Robert Kiyosaki author of Rich Dad Poor Dad

1. Challenge Yourself

Rich mindset understands that there is no such thing as “done” or “I’ve made it”. They believe that life is defined by constant challenges and learning of new things. Look at people like Warren Buffett the legendary investors and Jeff Bezos the founder of Amazon. Constant challenges and strive to be the best is the mindset of the rich.

Poor mindset believes that one day they’ll be able to “rest”, lie around and do nothing. They work because they have to and will not challenge themselves to reach for a higher heights. Ironically this is the kind of mindset that kills the dream, and by not challenging themselves they will continue as a dreamer.

Your Challenge: If you did not have to go to work for the rest of your life, what will you do today? What is your hobby and your passion? It can be something you can focus and cultivate.

People build their business from their passion and many small businesses started as a challenge which eventually grew into something extraordinary.

Recommendation:

The $100 Startup by Chris Guillebeau is one of the few books that I read and have blow my mind. The idea of starting a 5-figure business with just $100 is not only possible but can be fun as well. You can check out our review on the book on one of our reader’s favorite articles as well Best Business Startup Books.

Elon Musk

“I think it is possible for ordinary people to choose to be extraordinary.”

2. Embrace Competition

Rich mindset embraces competition and knows that iron sharpens iron. When you see competition in the field you are working on your dreams, it means the path you have chosen is good. Only good stuff invites competition.

Poor mindset is discouraged by competition. People with a poor mindset always find excuses. They love to complains that “someone already got there first” or “it is too hard, I might as well quit now.” These people will not act on opportunity and will always tend to stay in their comfort zone.

Your Challenge: Do something that is out of your comfort zone. Learn a skill such as cooking or coding. 

Legends existed before the new legend that is born. New champions arise in every competition and one doesn’t hamper the success of the other. It is not easy to be a champion, but the first step is to show up in the arena.

Recommendation:

Check out our articles on some of the key traits to success of billionaires for some of the most insightful trait of the billionaire that you can learn from. There you will also learn the 3 simple steps to get things done and be successful.

Larry Page

“For a lot of companies, it’s useful for them to feel like they have an obvious competitor and to rally around that. I personally believe it’s better to shoot higher. You don’t want to be looking at your competitors. You want to be looking at what’s possible and how to make the world better.”

3. Do it All

Rich mindset understands that he/she cannot do everything on their own. A jack of all traits is the master of none. Rich mindset are generalist and employees specialist to do what they wants. People with rich mindset know their job is not to do everything, but to get the best talent for the role. They are people who focus on things that matters. They create the best team for the job to be done.

Poor mindset believes that they can do everything by themselves as long as they work hard enough. These people may not be lazy, but they don’t understands the concept of the right team is greater than the sum of its parts. Thus, these are usually people who are reluctant to hire the right person for the job and remains as small business.

Your Challenge: What are the things you have been doing which you can delicate to someone else?

Recommendation:

Read Essentialism. Just because something needs to be done, doesn’t mean you need to do it yourself. The Way of the Essentialist is a way of life, it isn’t about getting more done in less time. It’s about getting only the right things done.

Steve Jobs

“It doesn’t make sense to hire smart people and then tell them what to do; we hire smart people so they can tell us what to do.”

4. HUMBLE

Rich mindset understands that you can never know everything. There are always something to learn from everyone. We all have our strength and weaknesses. Only by acknowledging our weaknesses, we can do something about it. This is what people with rich mindset do.

Poor mindset believing that they knows about everything. Opposing perspectives are wrong before even hearing them. They close off from ideas and perspective from others. They are the know-it-all and do not seek help from others. Most importantly, no one love to be with a know-it-all.

Your Challenge: Learn about things with a different perspective and read about it. Think and understand their reasoning before you make your conclusion. If you are for gun control, go read some well thought out arguments against gun control.

Train and allow yourself to build a broad perspective of life and allow yourself to understand their reasoning. The most successful people in history are unafraid of changing their opinions based on new information. They are humble to learn.

Recommendation:

Self-development is one of the best investment on yourself and reading is the cheapest and easiest way to do so. Check out some of the Best Books you should read to help develop yourself into a even better self.

Zig Ziglar

“Humility will open more doors than arrogance ever will.”

5. Celebrate Success

Rich mindset celebrates successes reached by others. They are the people that embraces the competition and often welcomes it with open arms. Because it is an opportunity to learn and to improve yourself. In success, you will only be given two simple choices, scorn at other’s success, or be inspired by the example and perform better. Those with Rich Mindset choose the later.

Poor mindset feels jealousy and bitterness about the success of others. They look at other’s success as an insult to themselves. They will do things to harm or create fake news to hurt their competitors. They are the people we should stay away from. Because they are the people without ethics and are those that back stab their partners, or friends when required. To them, everything is a zero-sum game.

Your Challenge: Look around and you will see many people who have accomplished more and most likely done it better than you. Approach them with a humble heart and ask them to be your mentor. Celebrate success of others and success will come find you.

Recommendation:

Great environment makes great people, and great people makes great life. Check out these amazing powerful Quotes you may want to place in your room or your office.

Albert Einstein

“Try not to become a man of success. Rather become a man of value.”

6. Opportunity

Rich mindset knows that the world owns you nothing. The world isn’t always fair and the universe is indifferent to your existence. But people with a rich mindset is able to be prepared for the day of opportunity and deal with reality swiftly, humbly, and practically. Opportunity is for those who are prepared and blind to those who are not. All success starts from the ability to appreciate opportunity.

Poor mindset is consumed by the hundred and one unfairness of the world. These people loves to complaining about the government, their colleagues, their neighbors, their friends. They feels that the world owes them something. Instead of doing something to change the situation they are in, they waste their time complaining. They are the whiners of the community.

Your Challenge: Write down your top 3 goals. List them down from the most important to the least. Draw out a plan on how should you achieve the goal. Prepare yourself so when the opportunity comes, you can see it and can act on it.

Recommendation:

Want to learn where to look for opportunities? One of the best ways is to learn from the best mentors and reading is the cheapest and easiest way to do so. Check out some of the Best Books you should read to help you in having a life changing experience.

Henry Ford

“Failure is simply the opportunity to begin again, this time more intelligently.”

7. Reputation

Rich mindset understands that no one wants to work with a crook. Your reputation is everything, it is priceless and should always be protected. Trust and respect are earned slowly with through many hardships. Both trust and respect can be lost in an instant if you ruin your reputation. 

Poor mindset believes that anyone can get away with compromising their reputation to make a quick buck. Lying and cheating can be justified if enough money is involved. They may have gotten away with some luck, but their actions will soon haunt them. They are always those who suspect those around them. Many suffer sleepless nights because they fear people around them will somehow harm them like how they harm others.

Your Challenge: Before you do anything, imagine this, ‘what you do will be known by the public and will seen by your sons and daughters, will you still do it?’ This is the media test created by Warren Buffett, he tell to his employees to ask themselves if they will be proud to let their loved ones know what they did today. If not, don’t do it.

Recommendation:

Check out our articles on some of the key traits to success of billionaires for some of the most insightful trait of the billionaire that you can learn from. There you will also learn the 3 simple steps to get things done and be successful.

Warren Buffett

“I want employees to ask themselves whether they are willing to have any contemplated act appear the next day on the front page of their local paper to be read by their spouses, children and friends with the reporting done by an informed and critical reporter.”

8. Relationships

Rich mindset seeks to build relationships with people whom always seek ways to improve their lives as well as the lives of others around them. They find people whom shared a common values of mutual respect. These people with the rich mindset think about ways to help others and cultivate mutually beneficial relationships with the people around them with no expectation of anything in return. Just pure true friendship.

Poor mindset are more self-centered and mostly think of a relationship as tool where the relationship is build on getting something in return. These people will not be able to find people whom they trust and are always suspicious about the people around them. “I scratch your back, you scratch mine”.

Your Challenge: According to research, you are the average of the 5 people you spend the most time with. If you find you are with people with a poor mindset, start making new friends who have a rich mindset, people whom you can trust. It is better with people who are less self-centered, you will be both happier and have the peace of mind that they will always be there for you when you needed them. 

Recommendation:

Check out Secrets of the Millionaire Mind by T. Harv Eker. It talks about the mindset of abundance and the mindset of scarcity. You will also learn how to identify your own money blueprint and “revise” it to not only create success but, more important, to keep and continually grow it.

Michael Jordan

“Talent win games, but teamwork and intelligence win championships”

9. Resource

Rich mindset knows the secrets of wealth is to gain a surplus of resources. Then, use that resource to get assets which in return are able to get more resources. If they want something, they work hard to get the asset to help them achieve it. Because they understand the power of compounding.

Poor mindset whenever they see a surplus of resource as an opportunity for consumption and in some other cases an inflate lifestyle. These people instead of getting more assets, they get liabilities which force them to work even harder to pay off their liabilities.

Your Challenge: If you want to buy something, stop! Decided if the things you want to buy is a need or a want. If it is a want. Don’t buy it yet. Use the money for investment of an asset instead, and let the asset buy it for you. Try it, it will be worth the wait.

Recommendation:

This is the most important mindset of the rich and we have a few books that you will definitely love to read and to learn more. Rich Dad Poor Dad by Robert Kiyosaki is the first book I read and it totally changed my Life.

Here are few of the books I do Recommend a read:

Robert Kiyosaki

“It’s not how much you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.”

RICH Mindset VS POOR Mindset

Rich Mindset List

  1. Challenge Yourself
  2. Embrace Competition
  3. Do It All
  4. Be Humble
  5. Celebrate Success
  6. Grabs Opportunity
  7. Reputation
  8. Relationships
  9. Resourcefulness

Just reading about the mindset of the rich will not make you wealthy, you will have to follow through and act. Remember your road to success is in your hands.

There are also some amazing traits of billionaire that you may want to learn and be successful.

Here are some resources what will help in guiding you to your success.

What guides me in my journey are some of the many books I read for the past years. There also many words of wisdom said by those who have achieve what we want to achieve and to learn from them is the shortcut to our goals.

Here are some of the Best Quotes You may want to put at your bedside and remind yourself.

Taking your First Step is always hardest, But it is the Most Important Step to Greatness

Smarter Everyday Books Reviews

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