Updated: Jun 10, 2019
This introductory article discusses 15 mentalities that rich people have and poor people have and the steps to take to change your negative beliefs about yourself and the world around you and improve your life over time to achieve a wealthy mentality about your life and stop fears controlling you to acquire courage to achieve your goals you set for your life or your business.
We came into the world unaware of our surrounding and self we discover and learn things as we grow and become clear on what we don't like and what we do like however, in the process of growth some of us acquire rich behaviours which turn into beliefs, good habits and a good result. Some of us acquire poor behaviour which turn into beliefs, bad habits and bad result both of these mentalities are difficult but not impossible to change and require discipline and dedication to achieve either of them.
How to reverse your thought and change the behaviour
You only do what you believe to be true in this life therefore you have a reason to do what you do often and if you do thing that you think needs to change them change it into a new beliefs and new good habits to improve your life or business.
1) Eating fast food
if you eat fast food all the time you become slow, and unhealthy over time due to lack of energy and you may develop an addiction them complain. It is the mentality of poor people, rich people will eat a varied diet, healthy food, do exercise to take care of their body and mind.
If you do exercise and eat healthy food, a varied diet, cook for yourself you find that you have more energy, that you want to do more, you feel good about yourself, embrace life and are more pleasant to others too.
2) Buying on sale all the time
if you too frugal you may thing you good at negotiating but in effect all you do is buying low quality goods or services and there is a saying is this life you get what you pay for and you may thing you saving money over time but you only saving a little amount as you tend to buy the same thing over and over again because it breaks and become useless very quickly, hence all that money you saved is spend to purchase the same thing again therefore it become expensive. this is the mentality of poor people.
Rich people will invest into expensive thing which last therefore make a saving over time has they do not need to purchase it all the time and make wise investment which will bring them a return in turn increase their income.
if you purchase thing you need at a reasonable cost, good quality, sturdy and you take care of it. the result is it will last longer and it is useful to you for a longer time therefore valuable, you make a saving because you do not need to purchase it over and over again.
3.) Waking up late
You wake up late because you stay out late or work long hours or you see the sun come up enjoy yourself or you think you can burn the candle both way you will acquire more money. You convince yourself you not a morning person and that you enjoy lying in your bed sleeping. This is the mentality of poor people. Rich people wake up early and seize the opportunity in life they go and do early morning exercise meditate eat a good breakfast to set themselves for the day ahead and are more able to deal with situation or problem and also rest when needed.
If you find yourself sleeping late all the time to change it go to bed early and you will wake early, go and do exercise early morning and meditate you will feel better about yourself too and notice more thing therefore access early opportunity and you can do exercise after your working day it helps you unwind the stresses of the day instead of sitting in front of your TV or computer for hours until you drift asleep. Take regular break and have days off to do whatever you want to do.
4.) Blaming other
you can blame other for your bad result or misfortune or miss out on something, this is the mentality of poor people as they do not take responsibility, ownership and accountability for their actions and prefer to blame others. Rich people take responsibility, ownership and are accountable for their actions even if it sucks. "Great spirit have always encountered violent opposition from mediocre minds" Albert Einstein
Take responsibility and accountability for your actions it is only your fault if you got a bad outcomes it is not the fault of somebody else even if it feels this way on occasion and not your fault per se. You feel better about yourself and able to change the outcome in your favour.
5.) Don't save
You complain that you do not have any money and all your money goes on bills that because you do not save you spend all your money or you do not have enough money to get by to meet your needs. this is the mentality of poor people. Rich people even if they do not have a huge income will save 20% of their income regularly and built up their fortune and live off the rest of their income overtime they acquire a fortune because they will invest 20% of their saving in scheme which will double or increase their money saved over time and still live off the rest.
Save a bit of your income even if your are experiencing hardship as if you save over time you will reverse the situation and even if your financial situation is better keep the good habit and save at least 20% of your income.
6.) using credit card and loan
Having a credit card or a loan is not necessarily a bad thing, as it is part of borrowing money for growth but you have to repay the money borrowed. Poor people mentality will have many loans and credit cards or a combination of both and spend the money and repay the money and soon find out they never have any money as all money earned is spend to repay the loans or the credit cards falling in a vicious circle as more you repay the money they will give you more money and you use that money on thing you do not needs but after a while you realise that you do not have any money which belong to you all your hard work to gain this money in the first place goes to repay the loans or credit cards and the day you cannot repay you build massive bad debt. Rich people they have one loans to benefits them and repay the loans therefore building good debt.
Purchasing things you don't need create unnecessary debt.
7.) spending money before you get it
Spending money before you get it is when you do payday loans and you thing it is a help but in fact it's not a help because you cannot manage your money wisely therefore you need payday loans to get by until the end of the month and you repay that amount borrowed to make end meet creating unnecessary debt which do not help you but hinder you. This is a poor people mentality who believe the money is available I must get it. Rich people do not do payday loans they live within their mean and manage their income.
Live within your mean by budgeting your money and prioritising do not go over budget and save 20% of your income every months if you are paid monthly, weekly or fortnightly the same process apply or if you run your own business same thing save some income and pay yourself 20% of what your business is making. You can use our calculators to help you manage your income.
8.) never falling through an idea
You have a great idea go through with it fully do not procrastinate because what happened it is never executed because something else come up and you think your original idea is not good and you see something better in your eyes and one day you full of regret and start saying I could have been this and that but it is because of this and that why I never did. That is a poor people mentality. Rich people follow through with their idea and see where they land and can determine what was good and what was bad therefore learning through experience.
If you never follow through with your idea do not complain about it stop procrastinating and fearing and start believing in yourself (skills, knowledge and ability) you will acquire self confidence and start living your life as you have acknowledge your power and you will soon find out that your life is better and you are wiser.
9.) Quitting when thing get hard
You doing something and as soon as it become hard you quit because you do not find the solution or it is difficulty to understand the information or what you need to do so the easy cope out is to quit. Well things which are new will always appear hard at first and when you learn its become easy and even second nature as are you so use to doing it and you are passing on your knowledge to other so in turn they can learn. Poor people quit at the first hurdle and remain ignorant or have very limited knowledge and do not confuse knowing something and understand it. Rich people do not quit when thing get hard but continue until they reach their goals, succeed and failure is part of the process of growing as if you do not fail you do not learn what not do and if you quit you'll never know the solution.
Persistence, patience, organisation, discipline and consistency are the key to success.
here a quote of Albert Einstein “If we knew what it was we were doing, it would not be called research, would it?” meaning if you do not know the answer conduct some research to help you find the answer
10.) Entitlement mentality
I have listened to a video who resonate with my belief and the people where referring to a childhood character in a Disney movie Goofy was going around singing "the world own me a living". I have met people which are like that who thinks the world owe them a living or they are entitled to get it.
I never felt like this so I cannot give an example as such but what I can say is the world do not owe you anything as you came in the world with nothing and will leave with nothing so how on earth during your journey through life you feel that people owe you and you are entitled to thing. all I say to this Two things are infinite: the universe and human stupidity; and I'm not sure about the universe.” ― Albert Einstein I agree with him
Poor people think like this and feels that they are owed something I think it is because they been given everything from birth to early adulthood and along the way they have not learn that you need to work hard for what you get and cannot expect people to give you all the time. Rich people work hard for everything they possess and feel good about it.
With this I am not saying bad thing because they are some cases where you are entitled to thing it is your legal right and it is written in your parents will or the law say you are entitled to claim welfare benefit if your circumstances requires it. But the entitlement that I am referring too is when people think they owed or allowed and have a high unreasonable expectations about what they are entitled to.
Stop feeling entitled realise the world or people does owe you nothing and work hard for what you get you soon notice you get more as you have another approach toward life.
11.) Do the maths of life
You need to do the maths of life by this I mean calculating how much money you could make through out your life as an example if you earning £30 000 per years (variable income) and you are in your are twenty year old then you will do £30 000 x 12 = 360 000 for a year take away your cost of living (which is a variable cost) which include rent or mortgage plus any bills, taxes, borrowed money and pension let say for a year you pay £23 000 so your total available income is £7000 you time this by your working life expectancy which currently in the UK age 65 - you them do retirement age 65-45 (years of work) and the income you could save until retirement is £315 000.
You definitely need a life plan and stick to it as you move through life so save a £20% of your income to have some money when you retire as well as your pension so you could live without financial hardship and see if it will be advantageous for you to invest the money leftover to increase your income as the year goes by and make sure your plan is realistic.
I know it not something young people think about but at some stage whatever age you are think about it as your life changes as you grow and getting older take a pen and paper and adjust the numbers income and cost of living plus your age and year of work.
Doing this give you a rough idea on how you can navigate through life up and down. The maths I am talking about is simple multiplication, addition, and subtraction them the result.
12.) have a plan
There is some people you just let life happening to them they are drifter and that not good it is quite detrimental in the long run. Take control of your life you have all the power to do so make a plan set goals and sticks to them find a way on how to achieve them either be your personal life or your business and do not give up see them through and you will be successful do not be afraid of failure as when you fails you learn not to do what make you fail in the first place and find a way to be successful but if you quit you will never know if you could have been successful and you are not growing mentally either. Do not be hard on yourself either if you do not succeed just breath in and out self reflect and re-start with another way until you succeed revisit your experiences write it down and see where it did not work and find the step to re-address it to be successful.
“You never fail until you stop trying.” Albert Einstein
excuses are external reason why it did not happen and people with a poor mentality are full of excuses they never take ownership for their actions and it is always the fault of something or someone. People with a rich mentality take ownership for their action even if it sucks no excuses hence taking responsibility and accountability for their actions.
Take ownership of your life be responsible and accountable for your actions either good or bad regain your power and you will feel good about it
14.) Time management
Do not waste your time and do not allow others to waste your time. We only have 24 hrs in a day and that for everybody therefore every minutes count in the time you have do what you set yourself to do in the time you allocated for yourself to complete a task or if you working for someone to complete tasks given on deadline or before the deadline. Your business plan need to have a deadline (IE: time bound) having a plan which is time bound give you a sense of urgency and direction help you to focus on achieving your goals before the deadline and if you pass the deadline review as to why you did not complete it on deadline and no excuses and truly look at why.
As an example you run a small business and was successful to get a lucrative deal which can increase your profit margin and your are required to send confirmation of information by the 09/06/2019 by email. Your staff assigned to do this task did not send the email requested to your stakeholders on time and you lost the lucrative the deal.
Well it could appear that the staff did not do their job but you will need to found out why because it could be any reasons hence before making any rash decision take responsibility and accountability for the lost deal because you're the boss and it proper sucks you lost a lucrative deal as a result of it but you can always call the stakeholders and try to salvage the deal and tell them why the email was not received on the deadline.
In my example you try to salvage the deal so you actually called the stakeholder explained and they've agree to received the email by the next day hence happy day deal saved. On reflection you realised that you did not give a deadline to the staff in writing to complete the task you just informed them verbally to send the email before the 9/06/19 or on the day to the stakeholders who were expecting to receive the confirmation of information by email on the 9/06/19 and the staff did not send the confirmation email.
You come to the conclusion that you could have given a deadline in writing to the staff to send the email way before the actual day that your stakeholders ask you for the information and checked if the staff done what asked on their deadline which is before 09/06/19. If they did not send the email for any reasons you are responsible and accountable for sending the email to the stakeholders on time and now you have enough time to send the email yourself on time meaning deal not lost, and there will be no need to salvage the deal after that you can talk to your staff about why the task delegated was not completed on time.
People with poor mentality would sack the staff without even trying to found out why and if the deals is totally lost will deflate their feeling onto the staff and blame the staff. People with a rich mentality knows they are responsible and accountable for all tasks delegated hence will apply the step above knowing that they have delegated an important tasks to their staff and thought about given them a deadline in writing to complete the task before the actual deadline the stakeholders had given to deliver the information knowing they would have had enough time for them to do it themselves just in case the staff could not complete the task on the deadline given.
Manage your time by prioritising and when delegating task which part of time management and you have delegated to other tasks make sure that the delegated task has a clear deadline and that you have enough time left to takeover the task if the staff or the company hired did not complete task delegated for any reason especially if it involves a third party because you are responsible and accountable for your action.
15.) Limiting belief
When people have limit belief and do not believe thing until it is concrete, factual or in existence successful and used. Therefore they would doubt you if you have any remote new ideas or an idea on how to do improve a system which already exist or you going through something and they believe that you never going to change or still going to be same.
This is people with a poor mentality. People with a rich mentality and an open mind embrace new idea and try to implement and see the idea through and will support other with their idea and help the person execute it.
Power mantra to reverse your thought open your mind and see the possibility and you will see all the opportunity.
In conclusion if you identify yourself with any of the above try to change something if you think it needs changing as it will ultimately improved your life and your dealing with others. I will end this article with three of Albert Einstein quotes.
“You never fail until you stop trying.” ― Albert Einstein
“The measure of intelligence is the ability to change.” ― Albert Einstein
“Try not to become a man of success. Rather become a man of value.” ― Albert Einstein