What's the millionaire mindset?

[nvictor]

Hi,
I heard it a lot on this forum. Some people even say that you must not think about money. They said you must think about the product you're offering and money will come.

I must say that right now I need a lot of money, so I think about it everyday. I also dont have any product to sell. The law forbids me to create a business...

So, the millionaire mindset what is it exactly?

[Freelancer]

Walking around in life feeling like your already a millionaire.

[Zukin]

According to the book Secrets of the Millionaire Mind, these are the specific secrets (from the Get Rich Slowly blog):

1. Rich people believe: “I create my life.” Poor people believe: “Life happens to me.”
2. Rich people play the money game to win. Poor people play the money game to not lose.
3. Rich people are committed to being rich. Poor people want to be rich.
4. Rich people think big. Poor people think small.
5. Rich people focus on opportunities. Poor people focus on obstacles.
6. Rich people admire other rich and successful people. Poor people resent rich and successful people.
7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people.
8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.
9. Rich people are bigger than their problems. Poor people are smaller than their problems.
10. Rich people are excellent receivers. Poor people are poor receivers.
11. Rich people choose to get paid based on results. Poor people choose to get paid based on time.
12. Rich people think “both”. Poor people think “either/or”.
13. Rich people focus on their net worth. Poor people focus on their working income.
14. Rich people manage their money well. Poor people mismanage their money well.
15. Rich people have their money work hard for them. Poor people work hard for their money.
16. Rich people act in spite of fear. Poor people let fear stop them.
17. Rich people constantly learn and grow. Poor people think they already know.

[Shamou]

Originally Posted by nvictor
the millionaire mindset what is it exactly?

It is how you perceive yourself to be… what you see as your personal identity…

If you truly see yourself as someone who will become a millionaire… you will become one… if you see yourself as the little guy who will have to struggle all his life to make ends meet… that is also exactly what will happen…

We perform exactly how we perceive ourselves to be… but, this is not game playing… saying one thing and believing the other simply will not work…

You want to change your identity… get the book, “Psycho-cybernetic” by Maxwell Malts… (see here) …and you are on your way to become and have almost anything you want…

Good luck to you…

.

[nvictor]

Wow! Zukin you are quite new to the forum but your reply is one of the best I've ever seen.

I need clarification on some points though:

2. Rich people play the money game to win. Poor people play the money game to not lose.

What is the money game? Is it the same as lottery?

8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.

Can you give example of when one thinks negatively about selling and self-promotion?

11. Rich people choose to get paid based on results. Poor people choose to get paid based on time.

I belong to the IT industry. And we care a lot about time. If we don't, we lose our customers. So, I don't see how to apply this one.

13. Rich people focus on their net worth. Poor people focus on their working income.

What's the difference between net worth and working income?

14. Rich people manage their money well. Poor people mismanage their money well.

What do you mean by "mismanage their money"?

I'm going to recite this each night before bed and each morning as I wake up.

[JohnB23]

That's a great list zukin.

For #2, poor people tend to work just to pay the bills. The rich work to build net worth and asset value. They build brands.

#8, you shouldn't be afraid to promote yourself and "sell".

#11, I would change it a little bit. Poor people only focus on hourly pay. The rich (say oprah), make money based on results, it's not tied to something hourly. It's an ownership mentality. They own stocks, brands, companies.

#13, poor people tend to focus on just getting by.

#14, Mismanaging their money well is harsh but true. Buying on impluse, getting into debt, not understanding money or interest.

#10 is great, but subtle. The rich take advantage opportunities and openings. The poor don't.

[RT Wolf]

nvictor, you might benefit from a copy of The Millionaire Next Door. check it out at your local library.

John did a great job of explaining the points and i'd just like to add to number 13. Your net worth is all your assets(what you own) minus your liabilities(what you owe), while your working income is how much you make. You might imagine it like this: Working income is what comes in the door, but net worth is what stays in the house after the money that needs to go out has left. If you're making 50,000 dollars a month but spending every penny, then you have a 0 net worth at the end of the month. Google net worth.

[nvictor]

Thanks a lot guys, you did helped a lot with these explanations.
One question remains: how can I, as a student, not think about how many dollars I'm going to be paid per hours I'd have worked?

And what can you suggest to manage my money well?

[Lucas]

Originally Posted by Zukin

According to the book Secrets of the Millionaire Mind, these are the specific secrets (from the Get Rich Slowly blog):

1. Rich people believe: “I create my life.” Poor people believe: “Life happens to me.”
2. Rich people play the money game to win. Poor people play the money game to not lose.
3. Rich people are committed to being rich. Poor people want to be rich.
4. Rich people think big. Poor people think small.
5. Rich people focus on opportunities. Poor people focus on obstacles.
6. Rich people admire other rich and successful people. Poor people resent rich and successful people.
7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people.
8. Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.
9. Rich people are bigger than their problems. Poor people are smaller than their problems.
10. Rich people are excellent receivers. Poor people are poor receivers.
11. Rich people choose to get paid based on results. Poor people choose to get paid based on time.
12. Rich people think “both”. Poor people think “either/or”.
13. Rich people focus on their net worth. Poor people focus on their working income.
14. Rich people manage their money well. Poor people mismanage their money well.
15. Rich people have their money work hard for them. Poor people work hard for their money.
16. Rich people act in spite of fear. Poor people let fear stop them.
17. Rich people constantly learn and grow. Poor people think they already know.

That right there is badass.

[Shamou]

Originally Posted by Zukin
According to the book Secrets of the Millionaire Mind, these are the specific secrets (from the Get Rich Slowly blog):

Great find and great post Zukin...

Loads of pertinent information there... thanks for sharing that...

.

[hotwired]

1. Rich people believe: “I create my life.” Poor people believe: “Life happens to me.”
Rich take responsibility for their lot in life, whereas poor people talk about "getting screwed, how If only so and so hadn't divorced me, if my kids hadn't wrecked the car, etc. etc." Poor people tend to come from a victim place, thereby giving up their "power". (If I am not responsible for what's happened to me, how can I be responsible for changing it?)

2. Rich people play the money game to win. Poor people play the money game to not lose.

This is a "contextual" or "where are you coming from" idea or belief. If you're "avoiding" pitfalls then your attention is on the 'pitfalls' instead of the opportunities. Obviously important to "protect" yourself somewhat, but I think it works best to get that "out of the way" so it's not on your radar. Get your insurance, estate planning, legal matters in a row then "put em' in the drawer" so they don't cloud your vision.


6. Rich people admire other rich and successful people. Poor people resent rich and successful people.

It's much more comfortable to thnk that "so and so" got rich screwing people, or never spending any time with their kids.

7. Rich people associate with positive, successful people. Poor people associate with negative or unsuccessful people.
Again with the comfort. It's MUCH more comfortable to be the "richest" poor guy in a group than to "stretch" your comfort zone and hang out with people more successful than you. Doing this gets your "mind right" though.

[RT Wolf]

nvictor, a budget might help. This website has wonderful information on how to create a simple budget for the first-timer:
Getting Finances Done » How to create a zero-based budget

I love that site.

I think someone else can answer the other point better than I can.

[nvictor]

Well it's kinda fun but right now I don't have a job so my source of personal income are my parents

[JohnB23]

That list is very, very powerful.

There are probably alot of other things to add to it. A difference in beliefs is huge.

Consider just one belief and the impact it would have on your life...."starting a new business is risky".

If that's your belief, then....

-You'd never read about or think about business.

-You'd never get any business experience (after all it's risky).

-You'd never be able to improve on the experience you have.

-You'd never see all the variance there is to business. You can open up an ebay store for $20, or you can start an airline for billions of dollars. It'd be like saying, all cars are risky. Some are Toyota's, some are modified Ferrari's.

-You don't see alternatives. Maybe staying where you are is riskier. Staying where you are and letting problems pile up is a dangerous place to be.

And overall, you're not going to get any momentum, or liftoff.

Something to think about is to examine beliefs that keep you at a standstill in life.