After more than 26 years of interviewing some of the world’s wealthiest individuals, self-made millionaire and author Steve Siebold compiled his findings into the widely acclaimed book “How Rich People Think.” By exploring the mental attitudes and strategies of successful individuals, Siebold’s book has helped countless readers unlock their own potential for financial success.
Studies reveal how rich people’s mindset differs from those who are not wealthy and how this contributes to their financial success. One such study conducted by researchers at Brigham Young University in 2019 found that wealthy people tend to have a more positive and optimistic view of the world, while those who are less wealthy tend to have a more negative and pessimistic view.
For world-class thinkers, creating massive value for others is the key to becoming rich. They also believe that starting a business is the fastest way to make money, while the average person sees it as too risky. Siebold contends that having a job is no safer than owning a business, and those who work for themselves have the power to proactively seek out business and increase revenue at will.
Another belief of the wealthy is that the ability to amass wealth has more to do with street smarts and savvy than the ability to memorize information and excel on exams. They also believe that building wealth takes a team effort, while the average person sees it as an individual effort. Who you surround yourself with has more of an effect on your net worth than you may think.
The wealthy see making money as simple, but not necessarily easy. Money flows from ideas and problem-solving, which are skills that can be learned and developed. They also believe that creative thinking is the highest-paid skill in the world.
Studies have shown that wealthy people tend to have a different mindset when it comes to investing, with a long-term view and a focus on creating diversified portfolios that generate consistent returns over time.
Wealthy people view money as a positive tool that has the power to create freedom and opportunity for themselves and their families. They work for fulfillment rather than solely for money, knowing that focusing on work with the most fulfillment potential is the best strategy for building wealth.
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One of the core tenets of a rich mindset is self-sufficiency and building multiple streams of income. The wealthy understand that relying on a single source of income is a risky proposition because it leaves them vulnerable to economic downturns or industry disruptions.
For wealthy people, time is considered to be their most valuable asset because it is a finite resource that cannot be replenished or created. Rich people understand that they have a limited amount of time to achieve their goals, and they make every moment count. They are constantly looking for ways to optimize their time and focus on the things that matter most to them. It’s no secret that successful people often have an early bird mentality, and this is especially true for the rich.
Many "regular" people have a file in their minds that includes both the positives and negatives of being wealthy. Rich people, on the other hand, have a clear and unwavering desire for wealth. They are fully committed to creating and maintaining their wealth and will do whatever it takes to achieve this goal, as long as it is legal, ethical and moral.
While there is no one-size-fits-all approach to wealth generation, adopting some of these ways of thinking could help people on their path toward financial freedom and success.
Invest alongside the world’s millionaires
One common investment type that has not only minted many of the world’s billionaires, but is also common among millionaires, is startup investing. While many have a diversified portfolio of stocks, bonds, real estate and startups, the latter has effectively been closed to retail investors for nearly eighty years. Now, thanks to changes in federal law, anyone can invest in startups on platforms like StartEngine, including investing in StartEngine itself. For example, startups like Gameflip has seen significant traction among retail investors after raising $10 million from venture capital.
See more on startup investing from Benzinga.
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