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11 ways to think like a millionaire.

Trying to think like a millionaire does not make you a millionaire

By Cosmin ChildPublished 6 months ago 4 min read
11 ways to think like a millionaire.
Photo by Tyler Harris on Unsplash

In Australia, the rich are getting richer, while the poor are getting poorer.

There’s a limit to how much the wealthy can accumulate relative to the rest of us.

It has long been assumed that Australia is a middle-class country, but new data shows that isn’t the case, at least when it comes to wealth and income.

Households in Australia’s “comfortable middle” control 38% of the country’s private wealth, while the poorest 60% — who are disproportionately young — own only 16% of the country’s total.

Furthermore, COVID has only served to exacerbate the chasm.

Property, pension, stock, and business investments make up 46 percent of household wealth owned by the wealthiest ten percent, according to a new analysis, Inequality in Australia 2020: Who is affected and why?

It’s now clear that “real wealth” does not depend on how much money you have or how many properties you own; yet, Steve Siebold’s book How Rich People Think provides some insights into what it takes to become one.

Let’s take a look at 11 ways wealthy people rise above mediocrity so you may achieve the same now before the wealth gap widens even further.

It’s important to remember that Siebold found wealthy people and that this is not a personal judgment of them.

1. Belief that poverty is the foundation of all evil.

Most of us have been socialized to believe that injustice in the world is rooted in the accumulation of wealth.

When it comes to money, it’s just good or bad based on how we see it.

Though cash cannot buy happiness, it can make life a lot simpler for those in the upper echelons of society.

2. Assume that selfishness is a virtue

A lot of people who focus solely on altruistic gestures wind up having a hard time making ends meet.

Siebold claims this is because “if you’re not taking care of yourself, you’re not in a position to help anyone else. “You can’t give away what you don’t have,”

The wealthy believe they must increase their income to make a greater contribution.

3. Instead of hoping for the best, get to work.

Aspired for greatness, while the “ordinary Joe” sits back and waits for his lottery numbers to come up, is busy solving issues.

More money can be made by solving life’s problems rather than waiting for a bailout.

Rather than relying on luck, wealthy people are proactive and daring in their quest for money.

4. The importance of self-study.

Unexpectedly, a large percentage of the world’s richest people did not complete high school.

For the most part, they set out to become experts in the fields in which they wanted to work.

With their eyes firmly fixed on their goal, the wealthy don’t get sidetracked by how long it takes them to get there.

5. Have a vision for the future.

In contrast to the working class, the rich do not waste time thinking about the “what-if” scenarios or reminiscing about “the good old days.”

“Self-made billionaires make money because they’re ready to bet on themselves and project their hopes, goals, and ideas into the future,” adds Siebold.

6. Using logic and emotion in the appropriate proportion is essential.

Anxious about losing money, people make financial decisions based on a deficit mentality rather than abundance.

As a result, the rich use their emotions as the foundation for their activities before making rational decisions to establish a big asset base.

Those who find their calling and enjoy what they do are more likely to succeed.

7. The rich work because they love it, not because they are obligated to do so.

They’ve discovered their life’s passion through self-education, and then they do what they love and earn a living as a result.

8. Take advantage of other people’s cash.

The well-off aren’t afraid to borrow money. Knowing how to use other people’s money is one of the quickest and most effective ways to increase your financial resources.

9. Believe in yourself, not in what you’re doing.

Most people are content to simply ‘do’, moving from one duty to the next without giving much attention to where they’ll end up.

Rich and powerful people, on the other hand, benefit from both successes and failures in the pursuit of personal growth.

As a result, they don’t become distracted by the here and now but remain focused on the long-term.

10. Recognize the human condition.

Moneyed individuals are well aware of how the markets are driven, and they take advantage of this.

Others, on the other hand, focus on finding logical explanations for cyclical movements rather than acknowledging that human behavior and human nature play a significant role.

11. Know that you can have it all

Most people feel that if you want something, you have to give something up to get it.

You can’t have both health and happiness, love and money, or happiness and money.

For years, people have been taught to think in terms of either/or, according to Siebold.

Contrary to this belief, “the rich know they are capable of having anything they desire as long as they face the issue with a mindset founded in love and plenty.”

It’s up to you, now that you know what separates the ultra-wealthy from the rest of the global population.

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