If you aren’t rich or where you want to be in life is because the way you think. Rich people think similarly, that’s the reason they are successful and hang out together. Do you think rich?
I know that is sound pretty straightforward, but often people are stacked in their routines unable to change their poor habits holding them back in life. According to RichHabits.com, 40% of all of our daily activities are habits. This means that 40% of the time we are all on auto pilot.
That’s why poor people are poor and rich people are rich because of the way they habitually think.
So what is my experience? Where am I coming from? Was I always successful? I wish!
Like many of you, I supposedly had a lot of potential but had little to show for it.
I worked by butt off but kept coming up short. How come others were succeeding around me? What happened to “Mr. Potential?”
I didn’t know what the problem was, so I couldn’t make a positive change. But once I understood that by simply change my poor way of thinking, my life completed changed for the better.
Do you want to live a rich life? Do you feel like your life isn’t going the way you want?
No matter where you’re in life, I believe that everyone is in charge of their own destiny and that everyone can learn how to think and live rich.
So in today post, I’m going to talk about my best and most actionable tips so that you can change your life for the better.
But first, you might wonder how I got hold of the “rich thinking.”
Well, fortunately, I was a Fine Dining Chef for a restaurant with a rich clientele. I become a good friend with one particular customer who is incredibly rich, most probably the richest of all.
Believe me, when I first started to go out with him I didn’t know he was so rich because he was wearing casual jeans, sports shoes and driving a Toyota. He looked like the typical middle-class guy, also, he wasn’t a snob (Yeah, the myth of rich people being snob ).
He loved good food and wines, and I was more than happy to make great dishes for him while drinking with him the best labels we had in the cellar. On his hand, he was sharing is thinking and business success experiences while I was sucking up every word like a sponge.
I began to transform my way of thinking, and so change my habits and actions. That’s when my life change for the better.
Now, it’s your turn.
Here my tips that change my way of thinking so my life:
1# MONEY IS NOT IMPORTANT AS TIME
If you’re trading your time for money, you will never be rich. In other words, start your own business and fire your boss.
Time is the most important asset you have because is limited to 24 hours per day for about 80 years of life expectancy. Once your time is over, your life is over.
On the other hand, money is plentiful. In today world the government is printing more of that stuff. Believe me, there is no shortage of currency. There are no excuses for not having plentiful of money.
2# MULTIPLE INCOMES
Can you find me one rich man that has one source of income?
To carry on point one, having a job as the main source of income is too risky, because you aren’t in control.
Possible scenarios that you can’t control:
- You get fired because your boss doesn’t like you.
- The company goes bankrupt (and your pension plan goes too).
- Take over? You are out.
- A long time disability or nasty accident. Can’t you work? No paycheck for you.
Basically, your paycheck is linked to your ability to work. That’s very risky.
That’s why I’ve got multiple streaming of income from my online business, long-term investments and trading. If something happens to one of my stream of income, the others can carry the weight so I can pay the bills.
The more income streams you have, the better.
3# DO WHAT YOU LOVE AND GET PAID FOR IT
If you hate your job, you will never be either rich or happy. Life is too short to be wasted doing something that you don’t love. Plus, as said earlier, it’s never a good idea exchange your time for a pay-cheque.
Follow your passion, love what you do and get paid it.
4# RICH PEOPLE KNOW THAT MARKETS ARE DRIVEN BY EMOTION
I’m sure you know that the market stock is an excellent vehicle for wealth. But there are two tremendous different ways to go about it:
- Poor people think the market stock is driven by logic and strategy. So they invest with the belief that stocks always go up in the long term.
- Instead, rich people understand that the market is driven by emotions (greed and fear), and they factor this into all trades and trends they observe.
I “trend invest” in sectors which are in an early up-trend stage while getting out when the average investors get in that coincide with the top of the market. The result is simple; I make money while the average investors scratch his head thinking why is losing money.
Take seriously to learn about markets and stocks, it pays very well.
5# LEAVE BELOW YOUR MEANS
Doesn’t matter how much you make, but how much you can save.
Savings are essential to start your own business, investing, go throughout a rough time or put your kids in college. Without savings, there isn’t going to be a bright future for you.
I manage to retire early from the corporate world because I used to save between 60% to 80% of my paycheck. I understand, I was aggressive with my savings, but a more modest saving rate will do.
The point is: Start saving!
6# LEARN LONG AFTER COLLEGE
Poor people think that learning is over after graduating. I would say that is just the beginning.
I spend 3 hours every day learning something new either to improve my business, myself or the way I invest. It’s so freaking important to improve yourself every single day. The world is changing so fast, and believe me, you don’t want to be left behind.
Look, in this internet age is never being easier to learn something. Don’t take my word for it, just “Google”; How to [ insert the thing you want to learn]
Isn’t that so easy?
7# FOCUS ON EARNING NOT SAVING
I’m not saying that saving isn’t important, but focusing on earning bring better results. The reason is simple; you can’t cut costs as much as the potential to make more money. The upside is infinite, but the downside is limited.
You still need to eat, have a shelter, and… You got the point.
For many years I focused my energy on saving hard while I was an employee. Only when I refocus myself in making more money instead of living frugally, my wealth took off.
Be aware of the frugal movement on the net which advocates “extreme frugality .” Some are extreme and unnecessary frugal ways, like cut your latte or use the same tea bag multiple times. That isn’t thinking rich.
8# COMFORT IS A BIG “NO.”
Poor and middle-class people look to live a comfortable life. Study, get a job, buy a house and sometime in the future, you are going to retire. That’s is a steady and comfortable way of living for most people, but also the best way to live a mediocre life. If you really want to live a rich life, you need to get out of your comfort zone and sometimes take risks.
If you really want to live a rich life, you need to get out of your comfort zone and sometimes take risks.
I never met rich people that didn’t take some kind of risks in their life.
9# BETTER BE RICH THAN LOOK RICH
While working as a five stars chef, I notice that the richest customers looked and dress like the average Jhon. Driving a normal car, not wearing any flashy gadget or dresses, keeping a low profile.
I used to find out these people were extremely rich by others or see them paying with their Black American Express. If you never heard about the Black American Express Card is because only the wealthiest customers upon invitation can get one.
So, instead of waste money on useless blink blink gadget, focus on creating wealth.
10# SOLVE PROBLEMS
I notice that rich people are excellent to solve problems. They create a product to solve someone else problem, and of course, they make money along the way.
Just imagine to have a product that solves a problem, and you make US$1 for each product sold. Let’s say you’re the inventor of the potato peeler. How many people use a potato peeler? Maybe one million, 10 million, or maybe 100 million. Compliment, you’re a millionaire.
On the other hand, poor people create problems for themselves and others. No wonder they stay poor.
11# THINK INVESTING, NOT SPENDING
I admit, this is my favorite tip of all and where I’ve been a master for years. Whenever I’ve spare money, I think where I can invest them.
Never pass in my mind to buy the latest phone or similar gadget that doesn’t hold any future value.
This is a simple but powerful switch that will take you to the next level. So, please, when you get your next bonus, think where you can invest that money instead to buy the latest iPhone.
12# USE GOOD CREDIT
If you can borrow money for investments, do it. Get a mortgage to buy a duplex to rent out… Or maybe to expand your business… Or use brokerage margin accounts to leverage your investments during a bull market.
These are all good ways to use credit.
Like anything good, must be a bad side to it; bad credit.
For example using your credit card to buy things that you can’t afford. Take out a mortgage to buy a house you can’t afford. Get a car loan to buy a new car.
I know, it sounds boring, but yet the message is crystal clear: “If you can’t afford it, don’t buy it!”
DO YOU HAVE A RICH MINDSET?
Becoming rich is hard work, need determination, and discipline. But don’t let that discourage you. Once you start to change your way of thinking, the path to riches is going to be a smooth ride.
Changing the way you think is the first step you should consider taking if you want to change your life for the better.
I believe in you. Start to think rich.
What other “think rich” tips do you know of? What tips do you have to share?
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