Average People vs. Rich People Part Three

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21 Major Differences In The Thinking of Average People vs. Rich People (continued)

Steve Siebold spent nearly three decades studying and interviewing millionaires to find out what unique features made them different than ordinary people. What he found was quite interesting. In almost all cases the single biggest difference other than the obvious bank accounts was the thought patterns and processes of the average people vs. rich people. He published his findings and discovery in his book titled “How Rich People Think.” These 21 major differences are points that he brings up in his book and I recommend checking it out.

In the first two parts of this series, we began looking at why there is such a disparity between average people vs. rich people. It isn’t just in the bank account. The big differences lie in the thinking and decision making that direct the actions that result in a big bank account. So it makes sense that if you want the big bank account, you have to undertake the specific actions that the rich use to create it. And first, there has to be a ‘rich thinking’ to define and guide those actions.

So let’s continue on with the 21 major differences in the thinking of Average People vs. Rich People

9. Average people believe you have to DO something to get rich. Rich people believe you have to BE something to get rich. In his book, Steve Siebold makes this point, “That’s why people like Donald Trump go from millionaire to nine billion dollars in debt and come back richer than ever,” he writes.

Most people are fixated on the actions they are doing and the immediate results (read returns) from their Average People vs. Rich Peopleactions. The wealthy people are learning and growing from every experience no matter if it is a success or a failure. They know that their true reward is in becoming consistent in being successful and producing outstanding results.

Meanwhile, average people are plodding along with their regular job and when an opportunity arises they move to start on it, but when it doesn’t produce immediate results they lose interest, and retreat back to the familiarity and boredom of their 9-5 job.

10. Average people believe you need money to make money. Rich people use other people’s money. Linear thought patterns of average people vs. rich people, and their more multi-dimensional thinking govern their thoughts in so many ways. Average thinking might tell people that in order to make more money you must earn more, but Siebold says the rich aren’t afraid to fund their future from other people’s pockets.

The wealthy don’t have a problem with using OPM (other people’s money), and don’t worry about not having enough money to personally afford an investment. The only questions that they have are ones surrounding the acquisition of the investment. Is it worth pursuing, investing in, or buying?

11. Average people believe the markets are driven by logic and strategy. Rich people know they’re driven by emotion and greed. Average people are the greatest buyers of the latest stock market investment tools. Buy when the signal turns green, sell when its red, is not going to help you to invest successfully in the stock market long term. There is more to it than just a fancy math formula. On the flip side, the rich know that the primary emotions that drive financial markets are fear and greed. They factor those two emotions into every trade and to what degree it is driving any trend that is developing. By knowing how human nature works and its impact on the market, they have a great advantage in building greater wealth through leverage.

Tomorrow we will continue on with the differences in the thinking of average people vs. rich people.  Until then think about this: What Do YOU Believe?

Till Next Time….

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Sigrid McNab

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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of sigridmcnab.com. Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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2 Responses to “Average People vs. Rich People Part Three”

  1. Peng Teo Says:

    I love your Rich and Poor people thinking comparison, especially #10.
    I once invited a friend into real estate investment. He told me he had no money and it was too risky. I told him we could find a nice project and invited a few friends to invest. I said we invested knowledge and they invested money. We gave them majority of shares and we took a small percentage since they put in the money. He said no way it would work. Well, he was wrong.
    Peng Teo recently posted…Are You Still Out Of A Job?My Profile

    [Reply]

    sigrid Reply:

    Peng, your example is a good illustration of the huge gulf between the way rich people and average people think. It is not a subtle difference.

    [Reply]

    Reply

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