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Thu 23 Apr 2015 10:21 AM

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Revealed: How a millionaire’s mind-set is different than an average person’s

Few know that getting the big bucks has more to do with your mentality than anything else

Revealed: How a millionaire’s mind-set is different than an average person’s

Few would pass off the chance to become a millionaire. People sing about it, write about it, and dream about it. Yet few know that getting the big bucks has more to do with your mentality than anything else.

According to the World Wealth Report, there were 12 million millionaires in the world in 2013, most of whom were self-made.

Oprah, for example, who’s worth $3 billion, grew up in rural poverty.

Howard Schultz, chairman and CEO of Starbucks, was raised in the projects in Brooklyn. He now has a net worth of $2.5 billion.

So how did these people do it? And what makes them so different from the countless non-millionaires out there?

To figure it out, Arabian Business put together ten ways in which millionaires think differently than the masses.

1. Millionaires believe you have to BE SOMEONE in order to get rich. Average people think you have to DO SOMETHING to get rich: According to Steve Siebold, author of “How Rich People Think,” average people focus on the immediate results of their actions. Rich people concentrate on learning and growing from every experience. Founder of IKEA, Ingvar Kamprad, said that only those who are asleep make no mistakes. Siebold points out that's why people like Donald Trump go from being millionaires to having a nine billion dollar debt, and then come back richer than ever.

2. Millionaire like getting uncomfortable, it allows them to progress: In the words of the late Peter McWilliams, “Be comfortable being uncomfortable. It may get tough, but it’s a small price to pay for living a dream.” Taking risks is a big part of being a millionaire, according to Siebold, an idea that average people are not comfortable living with. Physical, psychological, and emotional comfort is the primary goal of the middle class, he said. While “world class thinkers learn early on that becoming a millionaire isn't easy and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty,” he explained. Richard Branson was quoted as saying: “We’re going where no one has gone before. There’s no model to follow, nothing to copy. That is what makes this so exciting.”

3. Rich people focus on earning money, average people focus on saving it: “The masses are so focused on clipping coupons and living frugally, they miss major opportunities,” Siebold explained. “Even in the midst of a cash flow crisis, the rich reject the nickel and dime thinking of the masses. They are the masters of focusing their mental energy where it belongs: on the big money,” he said.

4. Millionaires see money as a positive thing, average people see it as a source of evil: Wealthy people believe that money can solve problems, according to Siebold. The middle class believe money is a source of evil, and that it must be “endured as part of life.” “[Millionaires see] money as the great liberator, and with enough of it, they are able to purchase financial peace of mind,” said the author.

5. They teach their children to get rich: Siebold believes that rich people teach their children to see reality as it is, to recognise that there are those who are rich and CAN have many things, and those who are poor and CAN’T have many things. Though this theory might sound offensive to the masses, the author says it is mere reality. He told Business Insider that if children understand wealth early on, they'll probably strive for it later in life.

6. Low expectations are not on a millionaire’s agenda: According to Siebold, it’s quite simple: “No one would ever strike it rich and live their dreams without huge expectations,” he said.

7. Rich people follow their passion: American footballer Victor Cruz once said, “I never dreamed about being a millionaire, I dreamed about being a football player.” “To the average person, it looks like the rich are working all the time," Siebold explained. "But one of the smartest strategies of the world class is doing what they love and finding a way to get paid for it." The author explains that the average person takes on a job they don’t enjoy because, "they need the money and they've been trained in school and conditioned by society to live in a linear thinking world that equates earning money with physical or mental effort,” he further explained in his book.

8. They’re unashamedly selfish: Siebold told Business Insider that the rich try to make themselves happy, instead of pretending to save the world. Average people see that as a negative, and that’s part of what’s keeping them “average.” "If you're not taking care of you, you're not in a position to help anyone else,” said Siebold. “You can't give what you don't have,” he added.

9. Millionaires believe being rich is their right: According to Business Insider, the middle class believes that being rich is based on privilege and luck. Rich people believe in making their own luck. They know that if they have something to offer to the world, then it’s their right to be rich.

10. Millionaires don’t become millionaires by being loners: Though many millionaires are self-made, they did so by finding connections and resources. They don’t try to be independent and "lone wolves," according to the Huffington Post. Instead, they search for like-minded entrepreneurs to share ideas with and help deal with challenges. Sam Walton, founder of Walmart, once said, “We’re all working together, that’s the secret.”

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Joe 5 years ago

The article is incredibly shallow & misguided, I hope none of the younger people take it seriously, especially the 1st point about not having to DO something to become successful...incredible.

I think my IQ went down after reading it.

Angelika Lancsak 5 years ago

Excellent article and sooo true!

Muhammad Tariq 5 years ago

To be millionair the person should be one in the millions as millions people think how to be a millionaire while few people become millionair due to their unique way of thinking. As the proverb a rolling stone gather no mass is a good example if the person move and struggle for to become a millionair he would achieve his target but in another way if a person just sit and thinking how to be become millionair he would spend all his life by just thinking rather then to move forward.In movment there is power while at idle there is nothing for example if the generator start will give power and if it is stop it wont give energy so the theme from the above is work work and work thats what founder of Pakistan Quaid e Azam said.

ahmed 5 years ago

good one to read and understand

FAhmed 5 years ago

this is an offensive argument with little or no basis on empirical evidence or forethought, let alone being truthful. i would ask the writer to cite one source which could point to a study or analysis produced by a credible institution or unaffiliated individual which would prove ONE, just ONE of the points made in the article.

SA1 5 years ago

what about those who inherit the wealth? Most millionaries are not self made but only very few of them.

So what is said in the article is just but a good reading....

And please in this age of QEs can we now talk about Billionaires....I mean whats the worth of "A Millionarie"

Raasul Gul 5 years ago

Excellent article. I agree with #1 that millionaire mindset discussed by the writer believe you have to be someone rather than something. For example, you have to be in the top 2% - aim for it and get there by hook or crook, or die trying.

#8 is also so true for the filthy rich. Be selfish and build your health, by extortion or coercion.

Once again, excellent article. We need more of that in UAE.