Everybody has the potential to become a millionaire, says self-made millionaire Steve Siebold.
In “How Rich People Think,” he asserts that improving one’s ability to attract money is similar to improving one’s abilities in other areas of life, such as golfing, reducing weight, or learning a foreign language.
Success also takes work, like most things in life. It’s likely that you will need to alter your lifestyle and make some sacrifices if you want to become a billionaire. Here are 11 things that wealthy people have forgone.
The majority of people’s financial objectives, according to Siebold, are to retire at age 65 and, ideally, have sufficient savings to last them until death. The wealthy put their eyes on changing the world with their fortune, even if they are frequently no more ambitious.
Don’t be hesitant to think broadly, advises Siebold. In the end, “everything people need to create more money than they can spend” is available to the typical person. Start asking yourself, “If not you, then who?” like the wealthy do.
Putting too much emphasis on saving
While affluent people understand the advantages of saving and investing, they also understand that the secret to becoming really wealthy is to concentrate on earning.
According to Siebold, “the people are so preoccupied with clipping coupons and living cheaply that they miss significant chances.” “The wealthy reject the nickel-and-dime mindset of the people, even in the midst of a cash flow crisis. They are experts at concentrating their mental attention on the large sums of money, which is where it belongs.
The steady paycheck
According to Siebold, the majority of people prefer to be paid an hourly rate or a consistent salary. Rich people, on the other hand, often work for themselves and like to be paid according to performance.
It’s not that there aren’t world-class performers who clock in and out for a living; rather, Siebold writes that for the majority, this is the slowest and safest route to riches. “The great ones know that the quickest way to wealth is through self-employment.”
Money doesn’t just show up. You need to have a definite plan, a clear aim, and strict deadlines if you want to accumulate wealth.
The average individual, according to Siebold, “wants a lot of things half-heartedly.” On the other hand, wealthy people “establish a deadline for its attainment” and “wholeheartedly focus on one big aim at a time. Self-made millionaires are produced in this manner.
Buying things you can’t afford
According to Siebold, “the middle class is notorious for living over their means.” They don’t spend freely, but because their income is so low, they must spend it all to get by.
The wealthy have several sources of income and pay themselves first rather than squandering everything they make. Instead of concentrating on spending and saving, Siebold advises concentrating on how to generate more money, investing a portion, and using the remaining funds as you like.
According to Siebold, the wealthy “would rather be educated than entertained.”
“Walk into a wealthy person’s home and one of the first things you’ll find is a huge collection of books they’ve used to educate themselves on how to become more successful,” he says. “They understand the power of learning long after college or other official schooling is ended. Novels, tabloids, and amusement periodicals are read by the middle class.
It’s more important than you might imagine who you hang out with. In fact, Siebold claims that the people you choose to be with may even have an impact on your wealth.
According to successful people, “awareness is contagious, and exposure to successful people has the ability to broaden your thinking and accelerate your income,” he adds. “Because we emulate those we surround ourselves with, success attracts success,”
According to Siebold, the majority of people yearn for the good old days. Rich people are busy planning for the future and are upbeat about what will happen.
He adds that these people “few become wealthy and frequently battle with sadness and melancholy” because they “think their finest days are behind them.” “Self-made millionaires become wealthy because they are ready to stake their reputation on their own abilities and project their aspirations into the unknowable future.”
Most people want to feel comfortable. Contrarily, uncertainty stimulates wealthy people.
Comfort on a physical, psychological, and emotional level is the main objective of the middle class attitude, according to Siebold. “World class minds discover early on that accumulating wealth is difficult and that the need for comfort can be fatal. They gain the ability to function in a constant state of uncertainty.
According to Siebold, “the great ones are operating at a level of consciousness where fear doesn’t exist.” “At this mental level, anything is conceivable. Every dream that the general public thinks is impossible appears unexpectedly feasible.
You have to be willing to step outside of your comfort zone to perform at this level, and that’s exactly what the wealthiest individuals do.
The rich set their expectations very high and are eager for any challenge, whereas the middle class sets their expectations modestly so they are never let down.