The more I work in the finance space, the more I realize how rich people think differently than the Average Joe.
I’m lucky enough to be surrounded by very intelligent people on a daily basis thanks to my work. I interview them for my podcast, read their stuff and interview them for my content marketing clients. I also purposely put myself in rooms with them, like when I attended Tony Robbins: Unleash The Power Within a Few Months Ago. Some of the people I met there were making millions in personal income each year.
It’s like I’ve given myself a self-education in finance and it’s definitely giving me a return on my investment – especially as it pertains to my money mindset.
They focus on how they can earn more
One thing I’ve noticed is how rich people think differently and are always finding ways to earn more money. In fact, while I was researching the subject for my column at Inc, I found that 65 percent of self-made millionaires have three streams of income.
Here are some of the ways you can start focusing on earning more:
- Ask for more money for work you already do. A student in my Persuade to Profit program recently negotiated a 30% increase in her rates with her clients.
- Invest in programs that will help you earn more money. I’ve been investing in classes and mentorship for years and I find that rich people do the same.
- Find ways of making extra money on the side of your current gig.
They surround themselves with people they want to learn from
Every single rich person I know either belongs to a mastermind group or puts themselves in situations where they can learn from people who are further along than they are.
The truth is who you hang out with matters. This applies to just about anything in life, but especially money.
If you’re trying to make something of yourself you’re going to start craving to hang out with people who are on the same journey. I see it happen all the time. A person decides they are finally going to get their shit together and then they look around and realize that the current company they keep isn’t going to help them do that.
Here’s an example. If you’re trying to earn more money and your current company keeps telling you all the reasons it can’t be done, you need to find some new friends. Or, at the very least, you don’t need to share your goals with them. Instead, share them with people who get it or will encourage you.
This is around the time when people start seeking out bloggers, mentors and experts to learn from. It’s also when they start showing up to events in search of like-minded people who also want to improve their situations.
- How to Start a Blog
- January Income Report
- Make Money Your Honey With Freelance Writing
- Persuade To Profit
They bounce back quickly from disappointment
Rich people bounce back quickly from disappointment. They see the situation for what it was, find the lessons and move on to the next thing. Meanwhile, the Average Joe uses a bad experience as evidence as to why something can’t be done.
We all experience disappointment, the difference lies in how you choose to perceive it.
They believe in abundance
Rarely do I meet a financially savvy person who is overly worried about their competition. On the contrary, the rich people I know are some of the most laid back, generous and humble people I know.
They aren’t worried about someone stealing their thunder. They also aren’t worried about stealing someone else’s thunder.
The reason is because rich people think differently and know there’s more than enough success, money, followers and wealth to go around.
They respect themselves
It’s far too often that I work with coaching clients and students who are underearners. I, myself, am a recovering underearner so I get it.
Underearners tend to put more emphasis on being liked than being respected. They are afraid that if they are assertive then they will turn someone off. At the end of the day, they usually end up bending over backwards for people and have nothing to show for it. Eventually they become resentful because they feel like people are taking advantage of them.
Rich people don’t give a shit about being liked. At the end of the day, it’s about respect and finding a fair situation for everyone involved. They see everyone – including themselves – as equal players.
P.S. If you are struggling with underearning, I highly recommend reading “Overcoming Underearning” by Barabara Stanny (affiliate link). I recommend it to all my students and coaching clients. It also made a massive impact in my own life.
They take risks
I haven’t met a single rich person who hasn’t done something risky. Granted, the risks are calculated and they consider return on investment. Either way, they know they can’t really control everything and may lose money.
Here’s an example of how I see people avoiding risk all the time.
- An amazing opportunity comes their way and they don’t take it because they are afraid.
- They don’t invest in a course that can help them earn more money because they don’t believe it’s possible for them.
- They don’t take opportunities because they don’t know where the money to pay for it is going to come from.
While I don’t advocate getting into debt over stuff (I’ve never carried over a credit card balance), I’d be lying if I said I always had the cash sitting in the bank when opportunities came up. The fact is it rarely ever happens that way.
Here are a couple of more recent examples:
- I slapped the cost of a business retreat in Puerto Rico on a credit card. Figured out how to pay for it by the end of the month, attended the retreat and am now on track to have a six-figure business thanks to what I learned.
- Also slapped my ticket for Tony Robbins: Unleash The Power Within on a credit card because a random opportunity came my way. Did I know where I was going to get the extra money from at the time? Nope. Did I find it? Yes. UPW was one of the best experiences of my entire life.
The reason I am able to do this is because I believe in myself to find the money. The credit card just gives me some time to find it is all. That’s one of the reasons you’ll never hear me being anti-credit card. In my mind, it’s just a tool you can leverage.
This is a massive mindset shift than that of a few years ago where I was too afraid to take risks. I was also still broke back then. A lot of it had to do with the fact that I just didn’t believe in myself to earn whatever I wanted. Now I do.
(P.S. I’m very disciplined with credit cards and don’t go overboard. I know it’s not free money. That’s why I’m able to do this. If you feel like you have the personality type where this isn’t possible, I would advise against it. Then again, I know plenty of people who used to get into trouble with credit cards and now use them responsibly. It’s up to you.)
Living an abundant life requires shifting your mindset about money. Period. Throughout my journey healing my own financial life, I have found that society and culture has fed us a ton of bullshit about money. Rich people think differently. They don’t buy into it.