Wanna Be Wealthy, Gotta Think Like Em’ Adopt Traits Of Wealthy People

There are many variables when it comes to building wealth.  Self-discipline, a good savings plan, a little luck, are some of the necessary traits to building wealth.  One thing is certain, you have to approach wealth building strategies by focusing your energy and thought process the same way the wealthy do.  Here are 5 typical traits of wealthy people regarding their approach to life, which differs from the not so wealthy!
Adopt Traits Of Wealthy People, being rich

Wealthy People focus on opportunity, poor people focus on obstacles.

Keep your glass half full, focusing on obstacles is a glass half-empty mentality and does little for a positive outlook.  You will become what you think about. If you focus your energy on the obstacles that stand in the way of your success, you are most likely not going to experience much success. Focus on the things that make you happy, focus on the good fortune you have, turn off the media its too negative!  Don’t obsess over material things, they are superficial and short-lived, rather gain experiences, as they are much more gratifying!

Wealthy people prefer to get paid based on results, poor people prefer to get paid based on time.

You will make more money if your pay is based on results, that is for sure.  Results are an important motivator as well, it creates incentive.  If all you are doing is trading your time for someone else’s money, then your incentive is limited and therefore your income will be.  Poor people want the “security” of a steady paycheck, they like to know that the same amount of money will be given to them for their 40 hours of work.  This is a fear based approach, poor people embrace fear as a disincentive for doing something.  One of the traits of wealthy people is they only use fear as a means of measuring an opportunity cost.  The wealthy muse ‘If I do one thing, how will that effect my opportunity cost of not being able to do another thing’?

Wealthy people manage their money well, poor people mismanage their money well.

Wealthy people buy assets, poor people buy liabilities they think are assets.  Poor people live in a gotta have, consumption world.  They watch a lot of television and spend their money (often times on credit) on consumption items which have no intrinsic value.  New iPhones, sneakers, cars, bling, tattoos, are the things that the poor spend their income on.    Wealthy people spend their money, often times with cash or with OPM (other peoples money) on things that produce income and have intrinsic value.  Stocks, Rental Property, Art, Commodities, these are things that the wealthy spend their money on.  The poor don’t understand leverage, they save very little and OPM, well that is a welfare program to many of them.

Wealthy people have their money work hard for them, poor people work hard for their money.

This goes back to the wealthy buying assets.  They spend their money on things that make them more money.  They invest in things that make money while they sleep.  The wealthy typically live at or below their means whereas poor people live above their means and are often spending unnecessary money on high interest payments.  Wealthy people don’t work for money, they employ money to work for them, they study wealth building strategies.

Wealthy people believe they create their life, poor people believe that life happens to them.

One of the most prominent traits of wealthy people is they believe in themselves, they understand the value they create.  This gives them empowerment to direct their lot in life.  The poor, on the other hand, let others create their lot for them.  They blame other’s for their failures, use excuses, rather than pick themselves up by the bootstraps and find a better way.

It is never too late to to change your thinking, if you find yourself in the ‘poor’ category, simply change your mindset and think like the wealthy do.  It is all between your ears.  You can wake up and decide that today is going to be the first day of my new mindset.  From now on, I am going to approach life in a positive manner, I am going to associate with like-minded people.  Use the power of peer influence to feed your sense of optimism.

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Recent Posts

10 Comments

  1. The penultimate point in your list is the major one in my opinion. Once you discover that money can be used to make money, you’re almost guaranteed to become rich. After this point it’s really just a question of rate based on savings rate and investment returns.

    • Jim says:

      Well said MFIJ, sad that so many folks have no idea how to make money with money, that is what they should teach in schools.

  2. krantcents says:

    Great Points! I always focus on having my money working for me!

  3. Right on the mark, Jim! Thanks for a clear and concise article on the difference between the true “haves” and “have nots”.

    • Jim says:

      My pleasure, unfortunately the divide between the haves and the have nots seems to be growing. We will be a country of Rich or Poor, middle class is getting squeezed!

  4. Good clear points and agree that money should work for you and not reverse. Also money makes money.

    • Jim says:

      Well said Rita, the wealthy have a knack for having money make more for them, very important point! In order to do that you need assets and sometimes people buy liabilities that they think are assets.

Leave a Comment

*

May the 4th Be with You: Star Wars Swag on Amazon

May the 4th Be With You: Star Wars Day Swag

It began as the punniest holiday ever but quickly grew into an earnest (if somewhat random) celebration of the long-running (and still... more →
People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
travel deals, winter discounts, travel promos

Winter Travel Deals

Traveling in the winter is a great option for many people. There are deals to be had, the weather at home is usually bleak, and many... more →