Do the rich think differently from the poor? Yes. Are the rich different from the poor? No. Rich people are just like everyone else. Some have gone to school, many have not. Some have rich parents, many have not. Some drink and do drugs and again many do not.
Why the heck do they have so much money then? Luck? No, they have an outlook on life that helps them get, keep and accumulate money. I never believed in any of this stuff until I became wealthy and spent time with my friends who did not have a great financial picture. You see we all still look the same but some of us do not think the same anymore and that makes all the difference in the world.
What kind of mumbo-gumbo counseling talk is this you ask? Well if you asked that then likely you are broke. Sorry to put it so bluntly and I suggest you keep reading. The rich range from tow truck drivers to corporate office executives. The only common thing these people share is a mindset. They might not realize they think the same but give them some time together and they would realize they share a lot of common values.
What are they? Well the most important one is they spend less than they make. If you cannot do that you cannot be rich. You may have some money for a while but long or short-term you will spend it all. Having some money left over at the end of the month is a habit that can take time to perfect but you can do it.
How do you get that type of thinking? It, like all habits, takes some time and practice, and most importantly the ability to continue on after you have done it wrong for the hundredth time. There is a famous story of Thomas Edison making the light bulb. He failed to make a bulb that worked 9999 times and then it worked. Asked how he managed to continue in the face of all that failure. He simply stated, “I never failed even once, I merely learned 9999 ways not to make a light bulb. " An amazing example of what you may have to go though on your journey to wealth, I can only say it is worth it.
Another way the wealthy think is, how can I make this less expensive for me? It is a very common misconception that the rich seem cheap. We are not cheap, we just want the best deal we can get. You see a lot of wealthy people think it is not about how much you make, it is about how much you can keep. Any costs they can reduce they do. I have done it myself and a few minutes of negotiations can save you a little bit of money to a lot of money. Either way it is money you get to keep. In effect the money you save is really money you just earned and any time you can earn money is a good time.
The wealthy are also always on the lookout for a way to make money. I have seen it many times, a wealthy person is at a function and starts up a conversation. The next thing you know they are doing a deal on something. The more times you get a chance to bat in baseball the more likely you will get some hits. It is a skill you develop, the same with being open to investments. The more you look at the more likely you will find some you are willing to participate in. The key is being open to talking to people and investigating any mutually beneficial business arrangements.
I will finish with one that most poor people do backwards. The wealth use debt to their advantage. I purchase everything possible on my credit card. The reason is the collector points. I did some research and found the one I think is best for what I plan on doing with the points. The key, and I mean the key is I pay off the credit card one day before the payment is due. I never, ever leave a balance on a credit card. It is so important to get these mindsets into your habits. They can be hard a first but once you’ve adopted them you’ll know why the rich call it the “Good Life. " Be smart to be wealthy.
Did you find those tips on debt elimination useful? You can learn a lot more about how debt elimination can help you reduce debt here.