Mastering the Inner Game of Wealth
Secrets of the Millionaire Mind Video Summary by Fight Mediocrity & the Swedish Investor
Key Takeaways
Monkey-see monkey-do. Most of us learn how to handle wealth and money from our parents, or from very influential close friends. Does that mean that it’s always the correct advice to follow? Only if your father was Warren Buffett, your mother was Vicki Robin and your BFF was Bill Gates, otherwise no probably not! Now it’s time to unlearn those habits.
We all have a personal money blueprint ingrained in our subconscious minds, and it is this blueprint, more than anything, that will determine our financial lives.
You can know everything about marketing, sales, negotiations, stocks, real estate, and the world of finance, but if your money blueprint is not set for a high level of success, you will never have a lot of money—and if somehow you do, you will most likely lose it! You can actually reset your money blueprint to create natural and automatic success.
If you are not doing as well financially as you would like, you will have to change your money blueprint. Unfortunately your current money blueprint will tend to stay with you for the rest of your life, unless you identify and revise it.
If you think like rich people. Think and do what rich people do, chances are you’ll get rich too!
Poor Person Mentality: if you think like a poor person, you’re always going to be a poor. You need to change your mindset.
1. Rich people think big. Poor people think small.
What does a rich person think? Cultivating their value so an hour of time can be worth $1,000 instead of $15.
2. Rich people focus on OPPORTUNITIES. Poor people focus on OBSTACLES.
A poor person thinks “I would start this business, but there’s too much competition and it probably wouldn’t work.”
A rich person would acknowledge the competition but at the same time focus on how they can bring unique value to the market that’s currently not there?
3. Rich people ADMIRE other rich and successful people. Poor people RESENT rich and successful people.
Instead of complaining about what other people have, pick up a book and learn how to do it. This doesn’t have to be money specifically, poor people have a broken life ideology in general, and not having money is just one manifestation of that.
4. Rich people are willing to PROMOTE themselves and their value. Poor people THINK NEGATIVELY about selling and promotion.
Selling something or making money isn’t something that you should look down on.
Resenting promotion is one of the greatest obstacles to wealth and success. If you are not willing to promote yourself, your service and/or your product, someone else will promote theirs and bypass you. That goes for business owners as well as those focusing on climbing the corporate ladder.
Promotion is looked down upon in the eyes of many people because of one of the following: You may have had a bad experience with people promoting to you inappropriately before. Perhaps in the form of someone trying to do a hard sell on you. In any case, you should recognize that this experience is in the past and that it may not be serving you to think about it today.
You may have been totally rejected in the past when you tried to sell someone. You may have been taught that self-promotion is bad and that praising others is more noble than tooting your own horn. You may feel that promotion is “beneath” you. “Ha! I don’t need promotions! My product is so good that people should kneel before me just to get a glimpse of it!”
Instead of looking down at promotion, use it to your advantage and see how you’ll bypass those around you who don’t.
5. Rich people choose to get paid based on RESULTS. Poor people choose to get paid based on TIME.
No one cares about how much time you can put into anything. The real question is can you deliver real results and real value?
Poor people prefer being paid a steady monthly or hourly wage. Why? Because they are afraid of earning according to their performance and to test their true value in the marketplace.
But this security of a guaranteed monthly or hourly salary comes with a price – and that price is their wealth. The fact that they are trading their time for money at a fixed rate, and that time is limited, sets a ceiling on their income. Never have a ceiling on your income!
Rich people, on the other hand, have income streams such as businesses, commissions, stock options and profit sharing. Notice that these incomes don’t have ceilings.
Rich people believe in themselves. They believe in their value and their ability to deliver. Poor people don’t, and that’s why they need guarantees in the form of fixed monthly salaries.
I highly encourage you to put this into practice as soon as possible. Try to get at least a part of your income to be dependent on one of the previously mentioned income streams of the rich. Strive for turning your income into being 100% performance-based in the coming years.
6. Rich people MANAGE their money well. Poor people MISMANAGE their money well.
If you have no idea how to manage money, instead of complaining about what other people have, pick up a book and learn about the basics and investing.
7. Rich people have their money work hard FOR THEM. Poor people work hard FOR THEIR MONEY.
It doesn’t matter how hard you work, it matters how efficient you work.
8. Rich people constantly LEARN and grow. Poor people think they ALREADY know.
Most people who are poor, already think they know everything and that’s why they’ll always be poor.
9. Rich People Believe “I Create My Life.” Poor People Believe “Life Happens to Me.”
Who do you think is more likely of playing the lottery, a rich or a poor person? You guessed it! It’s a poor man’s habit. Poor people actually believe that the only way they can possibly become rich is if someone else draws their name out of a hat.
Instead of taking responsibility, there are three other activities that the poor loves to do: blaming, justifying and complaining.
1. Blaming “The blame game” is the favorite game of the poor. Or perhaps it’s a tie with a lottery … The blame game has one primary objective: to see how many people and circumstances you can point your finger at without ever looking at yourself.
2. Justifying If there’s nothing to blame, you’ll often hear the poor person rationalizing instead. “Well money isn’t really important anyways!” That this attitude is a problem should be obvious. Would your girlfriend hang around for long if you keep telling her that she isn’t really important anyways? Nope, and neither will money!
3. Complaining What you focus on expands. If you complain, you focus on what’s bad and you’ll therefore get more of …what’s bad. This is a terrible strategy, both for your wallet and your mental health.
Instead, do what a rich person would – take full responsibility and own your financial situation. The next time you catch yourself blaming, justifying or complaining, correct yourself loud and clear.
- For instance, if you catch yourself saying: “No wonder I’m not rich! My parents never even owned a car!” correct yourself at once by saying: “But I’m not my parents, and besides, there are plenty of self-made millionaires out there! I’m just as good as them, therefore I can become wealthy like them!
10. Rich People are Excellent Receivers. Poor People are Poor Receivers.
According to Harv Eker, the number one reason why people don’t achieve their full financial potential is this: They are poor receivers. And because they are poor at receiving, they don’t!
People are lacking in this skill because the dangerous substance “I’m-not-good enough” is running through their veins. People who are affected by this must realize that being worthy or being good enough is 100% subjective.
Do you think that Donald Trump is worthy of being the President of the United States? Well a lot of people do! And a lot of people don’t. Do you think that Donald Trump himself thinks that he’s worthy of being the president? Of course he does! He would never have received the opportunity hadn’t he thought so.
Another reason why people find it hard to receive is because of the old saying that it’s better to give than to receive. Whoever said this must have been bad at math. For every giver, there must be a receiver!
IF it would be sinful to receive, what kind of person are you to force someone else into being a sinner, just so that you can be the noble giver? No, giving and receiving are two sides of the same coin and none of them are more blessed than the other. You can practice becoming an excellent receiver financially by being it in other areas of your life too.
- For example, when someone throws a compliment your way, practice just saying a simple “thank you”. This way you accept the gift of the kind words and you practice becoming a great receiver simultaneously.
11. Rich People Think Both. Poor People Think Either/Or.
Which one would you choose – low risk or high reward? Both! Having the cake or eating it? Definitely both. Your money or your life? I’ll take both thank you.
Rich people live in a world of abundance, while poor people live in a world of limitations and scarcity. Of course the physical world surrounding both of the groups is the same, but it’s all about their mindsets.
A poor person thinks that there’s never enough to go around. They say things like “I can’t afford that!” “There’s never enough!” “You can’t have everything!” The problem with this mindset is that it stops all creativity.
Instead of thinking or saying such things to yourself try asking: “How can I have both?” More often than not, you’ll find a way!