How to develop rich Mindset: 7 Habits of financially free and wealthy people
1. Believe in creating their own life and luck
Rich people create their own life, they
believe that meticulous planning and hard work results in success. They learn the rules of the game and then play it well,
not leaving anything to mere chance or
luck. Rich don’t have lottery mindset and
take massive actions to achieve success. They stay away from lotteries, get
rich quick schemes and free lunches.
2. Work hard and smart
They work super hard and consistently
improve their skills, performance, and results. They think long-term and invest
in personal development. They are much disciplined and their habits are
consistent with their goals. Their work ethics and character are far better than average people because they are in business for a
long-haul and know the value of brand name.
3. Continuously think and plan about their
businesses and investments
Wealthy people consistently think about new
opportunities and growth. They think a lot more than average people about their
wealth. Rich even think about their business when they are not working. They
review and update their plan and portfolio frequently and keep a tab on events
that may affect their business and wealth.
4. Learn and grow, instead of watching soap
operas
Wealthy use their time wisely, and use it in
productive pursuits. Research has shown time and again, that daily TV watch
time of the majority of rich people is
less than one hour. They use this time to learn new skills, read business
books, or doing other productive works. So cut your cable and avoid watching TV
while you eat. And you can save thousands of hours every year.
5. Look for real value
Wealthy and rich judge things on their
value, not on advertising, marketing or others expectations. They find out
numbers and facts about things, businesses,
and investments. For example, most of them do value investing rather than
speculative, short-term or emotional investing. They make big decisions based
on the value and cost of the options available. For example; instead of buying
an expensive luxury car, they buy fuel efficient, low maintenance and low cost
used the car (preferably 1 to 2 years
old).
6. Dreams a lot and set big goals
“Hold
fast to dreams, for if dreams die, life is a broken-winged bird that cannot
fly.”
Langston
Hughes
Rich people have concrete goals and pursue them relentlessly. They write
down their dreams and goals in a diary or a notebook, and never lose sight of
it. Rich people dream a lot about their goals. So, brainstorm your financial goals
and write them down in a journal.
7. Committed to being wealthy
Rich people do not hope, they are committed
to their goals and take massive actions. If you really want something, you do
not hope for that thing to happen, you make it happen. They do whatever it
takes to achieve their goals. So, commit to the goals that you have written in
your journal and write down an expected time of completion next to each goal.
You can read 23 more rich habits in my book "Mastering Money to Get Rich".
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