What makes rich people different from the middle-class? Is there a difference in the thinking process of the wealthy and people like me who take themselves as middle-class?
I find this idea, pretty interesting, which is why I decided to share it with my readers. The idea alone made me wonder how we miss out on noticing small things in life that turn out to be vital for a financially successful life.
While it’s not all bad to believe that people with money are fortunate or to have connections with the right people, there might be a few differences in the way that money-minded people think as compared to your train of thoughts.
You also can’t ignore the fact that a lot of times luck, opportunity, and connections all come into play, in achieving the wealthy status. But there might be a different approach to money.
Today, I present to you the top ways which show the difference between the thinking power of the rich and the middle-class. The whole idea behind this post is to make people like myself realize the importance of gaining financial freedom in life, which is only possible by recognizing and introducing small changes in our thought process.
So without any further ado, here are some of the most interesting items for the list:
Luck vs. Action
Amongst many of those who are living in the middle, own a lottery state of mind, meaning they believe that a windfall, or their luck, will be the key to the growth (riches). This mindset can make an individual to wait around for that “big break” — basically win the lottery.
The wealthy are more likely to stay true to the fact of working hard and smart while taking an action in the right direction. They believe in making things work for them, rather than waiting for a beneficial event to happen.
Conventional Education vs. Specific Knowledge
I saw this a lot where I grew up. There’s this idea that getting a college education will make you set for life. A degree will get you a good job. While this is somewhat true, it’s also essential to understand that taking this as the only path to wealth is incorrect.
Wealthy ones leave no stone unturned to attain particular knowledge about something. It doesn’t matter whether it’s developing a profitable skill or learning to run a business efficiently, conventional education might not play a crucial role in becoming rich.
Your Funds vs. Other People’s Capital
This point fascinated me a lot. So, let me ask you one question.
Do you believe in the idea of investing your own money to make money? Well, the answer is that the rich use other’s money. This reminded me of how several times big business ventures have gone into a ditch, which is something different from going personally bankrupt.
Learning how to make use of other people’s funds to build a fortune by investing in valuable things, or using the concept of borrowing in a smart way to conduct a business, can be another way to be on the list of wealthy individuals.
Remember, it’s all about working smarter with money. This reminds me of my struggle with my commercial loan debt and how I made my way out by managing my money effectively.
Leisure vs. Learning
I remember the times when all I really want is to escape from reality and get myself entertained. However, I also recognized the fact that I can’t waste too much of my time on these kinds of activities. So I manage my time to educate myself and focus more on learning new things while learning how money works and diverse ideas for handling my resources.
Just like me, a lot of people in the middle class are more attracted towards being entertained rather than shifting their focus on learning new things. Reading history and studying the successful lives of others can be beneficial.
While there’s nothing wrong with having fun and being entertained, it’s also vital not to let the entertainment affect the opportunities that you could make for yourself by learning and educating yourself.
Earning vs. Saving
This holds the utmost importance for me. Many make a great deal on spending less in a hope to contribute towards their savings and depositing it in a low-yielding savings account. As you do want to have the top value for your every dollar, and as it is essential to save money, it’s also important to put every possible effort into earning.
Wealthy ones keep their focus more on earning money and putting that hard-earned money to actually work for them than collecting pennies. Putting your money into those things which earn money for you for a longer period of time has more chances of getting results in long-standing wealth.
So do you think there are some more differences in the way wealthy and middle-class people approach the money?