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15 ways rich people think differently

Discussion in 'Business, Investment and Economics' started by Tyler Durden, Dec 24, 2012.

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  1. Tyler Durden

    Tyler Durden

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    Found this today, even though the article was done in September, so apologies in advance if it has been posted before.

    1. Rich people think selfishness is a virtue
    Average people feel they need to save the world and put others before themselves which is keeping them poor. Rich people take the attitude that if they don’t help themselves first they can’t help anyone else.

    2. Rich people have an action mentality
    You wouldn’t see a rich person lining up to play the lottery (even before they were rich). Average people are always waiting on someone else to help them get rich - the Lotto, Government, friend or spouse – but it only keeps them poor. Rich people take action and spend time solving problems.

    3. Rich people favour specific knowledge over formal education
    Average people believe the road to riches is through doing masters and doctorates. Rich people are generally rich because they have made money selling a specific knowledge they have acquired.

    4. Rich people dream of the future
    Rich people spend a lot of time looking into the future, setting goals and looking forward to what lies ahead. Average people dwell on the past which often holds them back by making them unhappy or depressed.

    5. Rich people think about money logically
    Average and well-educated people can fall into the trap of thinking about money emotionally and just wanting to retire comfortably. Rich people maintain a logical relationship with money viewing it as a tool that represents options and opportunities.

    6. Rich people follow their passion
    Oprah Winfrey said it – you’ve got to follow your passion and do what you love. Rich people find a way of getting paid for doing something they love. Average people earn money doing things they don’t love.

    7. Rich people aim high
    Average people set low expectations to avoid disappointment whereas rich people set huge expectations and follow their dreams.

    8. Rich people believe you have to “be” someone
    Average people on the other hand believe you have to “do” something to be rich and focus on immediate results. Rich people continuously focus on bettering themselves and learn from success and failures.

    9. Rich people use other people’s money
    Average people believe they need their own money to make money whereas rich people have no problem using other people’s.

    10. Rich people live below their means
    It seems contradictory to the above statement but rich people adopt the attitude of getting rich so you can afford to live below your means. Average people live beyond their means.

    11. Rich people teach their children how to be rich
    Average people teach their children how to survive whereas rich people teach their children from an early age about the world of haves and have nots.

    12. Rich people don’t let money stress them out
    Average people do. Rich people find peace of mind in wealth and are not afraid to admit that money can solve most problems – allowing them to make more money. Average people see money as a continuous battle and necessary evil they have to endure.

    13. Rich people would rather be educated than entertained
    Average people are the opposite. They read novels, tabloids and entertainment rather than continuously educating themselves after school.

    14. Rich people surround themselves with like-minded people
    Average people think rich people are snobs and have a negative attitude towards the super rich. Rich people steer clear of the doom and gloom attitudes and people – adding fuel to the fire of the “snob” label.

    15. Rich people focus on earning
    Average people focus on saving and miss big opportunities by trying to live frugally. Rich people constantly focus on the big picture – and how to earn the big bucks.


    http://www.news.com.au/business/wor...hink-differently/story-e6frfm9r-1226464697808

    Do you agree, disagree?
     
  2. waza1960

    waza1960

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    I would agree with all of those points however IMO other factors are more at play usually such as inheriting money,luck and timing:2twocents
     
  3. cynic

    cynic

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    When I read your posts Tyler, I get the sense that our ideas on wealth accumulation/generation are very similar.

    Item 15 is the only item with which I find myself in significant disagreement, so I'd be very interested to hear your opinion on it.
     
  4. TikoMike

    TikoMike

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    This is my favorite one. Academics are a joke. Also because of my journey to obtain CPA next to my name (hopefully the last bit of useless study I will ever have to do in my life), I feel academics are just a little behind telemarketers and parking fine inspectors on people I despise based on their chosen work.

    Yes I know my statement is a bit of a oxymoron but I'm primarily using my career as capital leverage for the future.
     
  5. tech/a

    tech/a No Ordinary Duck

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    Yes all of including 15
    But I also agree strongly with WAZA on luck.
    Not TGA all rich people become rich due to luck
    But they recognize opportunity which when acted
    Upon and benefit gained seem that they are the luckiest
    People on the planet.

    Difference between them and most others is they
    DO SOMETHING!
     
  6. Garpal Gumnut

    Garpal Gumnut

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    The mark of a person is adversity, and the corollary to richness is poverty.

    I find many rich people to be good and productive people and unfazed by wealth or the possibility of it's loss.

    Then you have the others, acquisitive alone, and alone bastards.

    To quote from JP Sartre, and apologies for a repeat of a post of mine on Bob Ellis' blog.

    gg
     
  7. Julia

    Julia In Memoriam

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    This is an important distinction. People destined to do well financially (I'm not sure about the term "rich people") will seek out opportunities and act on them. Those destined to be left behind will stick with what they know, always being afraid to venture beyond their comfort zone.

    This from the list:
    I've seen this to be true so often. Genuinely well off people feel no obligation to flaunt their wealth, often living quite modest lifestyles.

    Interesting set of parameters, Tyler. Thank you.
     
  8. TikoMike

    TikoMike

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    Sticking to what you know is not always a bad thing. A wise investor once advised that one of the keys to success is to stay within your circle of competence when making investing decisions or even decisions outside of investing.
     
  9. Julia

    Julia In Memoriam

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    It's probably a statement that's subject to wide interpretation.
    I remember when I was buying my first IP my mother warned me that I'd get into trouble because I'd never done it before and neither had she before me. She vowed I'd be better to just stick money in the bank.

    I doubt too many of us here would go along with that advice. But she was sticking within what she knew.
    Those IPs went on to close to double in price in a short time, had a constant list of waiting tenants and provided ever increasing rents to offset the high mortage rates of the time.

    Heavens, if we all stuck with what we'd already experienced and proved ourselves to be competent at, we'd never advance at all.
     
  10. TikoMike

    TikoMike

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    Maybe I misunderstood your post. I was thinking you meant that people should take action outside of what they know or their comfort zone. I originally disagreed as I've seen and read enough where a lot of people have lost a lot of money this way.

    Perhaps you are saying that average people limit their knowledge and should learn - via research and experience - to go beyond that current knowledge? eg where your mother should have researched a little more about IPs before giving that warning or alternatively not give one at all. If that's the case then I agree.
     
  11. Garpal Gumnut

    Garpal Gumnut

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    I would ask you all "potential rich people" to consider how resilient rich people cope with poverty, and rise out of that or recover from it..

    It is easy to be rich.

    This is becoming a Tony Robbins thread.

    Think outside the box.

    gg
     
  12. burglar

    burglar

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    I believe a circle of competence is different to a circle of experience.
     
  13. McLovin

    McLovin

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    16. Rich people don't read lists about what other rich people do...

    17. Rich people don't take advice from news.com.au...
     
  14. cynic

    cynic

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    18. Poor people don't either!
     
  15. McLovin

    McLovin

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    18b. They are more likely to though.

    ;)
     
  16. cynic

    cynic

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    18c. But only on their way to becoming richer.
     
  17. McLovin

    McLovin

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    18d. That's the theory at least.

    That being said, the list is ridiculously general and/or commonsense..."rich people aim high"..."rich people dream of the future"..."poor people aim low"..."poor people dwell on the past"...:D

    The poor are only poor because they want to be etc.

    Did the Summer intern write this rubbish?

    Although, it could also have been one of those "motivational" speakers.
     
  18. cynic

    cynic

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    Well then, this thread represents an excellent opportunity for your further augmentation of this "ridiculously general" list and also rectification of any perceived omissions and/or errors.

    I look forward to opining on your further input.
     
  19. McLovin

    McLovin

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    19. Family. Religion. Friendship. These are the three demons you must slay if you wish to succeed in business. When opportunity knocks, you don't want to be driving to a maternity hospital or sitting in some phony-baloney church. Or synagogue.
     
  20. cynic

    cynic

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    No problems, Mclovin. I'll be certain to include you in my prayers.
     
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