Topic: Rich Mindset vs Poor Mindset : 6 key differences - page 11. (Read 3753 times)
As a financial advisor who deals with peoples finances all day every day long, I can def agree with most everything stated here. One of the biggest mistakes I see people with less money make is the lack of properly investing and overall care for their money. Take a look at people who buy lotto tickets. I’m not saying there aren’t wealthy /successful people buying them, but overall it’s a strong majority of people who don’t have much money that is. If they were smart they would invest it in something with a bigger chance of winning like say cheap marijuana stocks , or some “hot” altcoins. Moral of the story is wealthy people make themselves that way often times. You’ve just got to have that mindset to save, use coupons, sign up for apps that give points/rewards, buy items in bulk for discounts etc.
most people don't even save much to invest?
Many are just saving their money to buy things and not actually to save for investment staff.I’ve read the book rich dad and poor dad and there’s indeed a big difference between this two. You can notice that many are still into a poor mindset where they are too attached to materials things and their wants, we cannot force them to invest of course because we all have our own timeline. If you want yourself to succeed in life, investment decision is a big factor on that.
most people don't even save much to invest?
We know that savings arent really just for the means or investment but rather for emergencies and other means or simply people do only just love to have more fiat into their bank accounts that had been saved.Rich mindset will really be always prefer on making more money via investment and since they are financially capable then they do always have the advantage since they could really make those actions
since they do have money to be spent unlike into those poor ones who doesnt have or limited which it would really be a difference but being poor doesnt mean that it would really be
a hindrance on making yourself improved.Its up on personal choice!
on the other hand there are people who manages their finances very well - and they are the winners both in personal and professional life.
To me rich mindset is managing your finances well and maintain a balance in spending and earning
most people don't even save much to invest?
We know that savings arent really just for the means or investment but rather for emergencies and other means or simply people do only just love to have more fiat into their bank accounts that had been saved.Rich mindset will really be always prefer on making more money via investment and since they are financially capable then they do always have the advantage since they could really make those actions
since they do have money to be spent unlike into those poor ones who doesnt have or limited which it would really be a difference but being poor doesnt mean that it would really be
a hindrance on making yourself improved.Its up on personal choice!
most people don't even save much to invest?
You shouldn't compare the status of the rich and poor because the former has access to everything while the latter has restrictions on what he may achieve, including fame and money. Rich people have all the resources they need to be educated, to earn more money, and to spend it wisely however they see fit. As a result, they can learn anything there is to know about money.
Your answer is a perfect confirmation of the topic topic. You are looking for an excuse, and you present the situation like this: the poor are always poor from birth and have no opportunity, because they are poor and they have no opportunity to change anything. And the rich - he is immediately rich, he has everything, it is easy for him, and he always pours in money, because he is rich
You know the statistics - how many% of millionaires, for example, the last 50 years, had a good financial ladder, and how many percent did not have ? Look it up and you will immediately realize how wrong you are. It is always easier to find explanations for failure than to look for a path to success and achievements!negative and some is somewhat in the middle.
Who doesnt really like to live out a lavish life or financially free kind of living? For sure we are all thriving for that goal but somehow to those who do have inherited huge money and properties
does always have the advantage and this is what we should accept in speaking with reality.
You shouldn't compare the status of the rich and poor because the former has access to everything while the latter has restrictions on what he may achieve, including fame and money. Rich people have all the resources they need to be educated, to earn more money, and to spend it wisely however they see fit. As a result, they can learn anything there is to know about money.
Your answer is a perfect confirmation of the topic topic. You are looking for an excuse, and you present the situation like this: the poor are always poor from birth and have no opportunity, because they are poor and they have no opportunity to change anything. And the rich - he is immediately rich, he has everything, it is easy for him, and he always pours in money, because he is rich
You know the statistics - how many% of millionaires, for example, the last 50 years, had a good financial ladder, and how many percent did not have ? Look it up and you will immediately realize how wrong you are. It is always easier to find explanations for failure than to look for a path to success and achievements! 
Another big difference between the rich and the poor is that rich people have several streams of income unlike the poor man who depends only on one for his entire life even when the output isn't sufficient enough to carter for his needs and that of his family members, hoping that someday it will get better which never comes. And just like what the famous book "Rich Dad Poor Dad" written by Robert Kiyosaki, makes us to understand that the concept through which rich & poor dads teaches their kids varies, as one teaches about the life of investing and that having much money isn't a crime the other vice versa
🗝️🗝️ Rich people tend to be risk takers but poor person is more likely to be risk averse. For example, when given an opportunity to invest in a startup, poor people are more likely to immediately turn this down. They do not see this as a chance to increase wealth. They see this as a reduction of their disposable income. 🗝️🗝️
The reason is rich people will still have enough wealth even if the startup won't become successful. They are more aggressive in their investments because they have many streams of income. Meanwhile poor people are very careful with their investments because their financial capability is not the same to those rich people.
🗝️🗝️ Rich people are eager to learn but the poor people are not eager to learn. Most millionaires in the United States were not born millionaires, they learnt how to build wealth. The more they learn, the more they understand the world. 🗝️🗝️
How sure are you that poor people aren't eager to learn. There are many poor who are very eager to learn something but they can't because they can't afford it, just look at people at 3rd world countries. You'll see many smart people in poverty that have better knowledge to those rich people but can't become successful because of their financial status.
👉👉Recognize where you stand and how you would like to move forward. Having a poor mindset may made your poor forever. The mindset you have will determine the level of your achievement.
Some poor people have big dreams but their financial capability is what's stopping them to achieve those. A poor person with rich mindset can still be poor forever if not presented the right opportunity. While a rich person with poor mindset can still be rich because he is born in a privileged society.
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To understand the difference - just listen to a poor man and a rich man (who is self-successful) as they talk about money!
The poor will constantly whine that there is not enough MONEY, everything is bad, I am poor, I have nothing, etc. But at the same time, he gets into loans and buys a new iPhone in order to create for himself the illusion of some "normal standard of living."
Rich will be interesting to tell that he found a new direction for investment, found a new "topic" for making money, talks about how he found the opportunity to spend less, especially in the field of regular payments, etc.
Total:
The poor man says that he is a SLAVE of money, and his OWNER does not respect him much as a slave.
The rich man talks about money as his good helper!
The poor will constantly whine that there is not enough MONEY, everything is bad, I am poor, I have nothing, etc. But at the same time, he gets into loans and buys a new iPhone in order to create for himself the illusion of some "normal standard of living."
Rich will be interesting to tell that he found a new direction for investment, found a new "topic" for making money, talks about how he found the opportunity to spend less, especially in the field of regular payments, etc.
Total:
The poor man says that he is a SLAVE of money, and his OWNER does not respect him much as a slave.
The rich man talks about money as his good helper!
I agree. At some point I heard of a study according to which people who became rich, i.e. those who came from poor and middle-class families, believed almost 100% that destiny was in their hands. While in the middle class the percentage went down and in the poor it went down even more. I am speaking from memory but it was roughly like this.
After all, if you see money as evil, if you think the rich are evil, you won't want to get rich. Even if you would like to win the lottery, deep down you don't want to be evil, so you will never build a business or invest enough to get rich. Better to spend your money on immediate gratification, like the Iphone as you say, than to hurt your finances in the long run.
You shouldn't compare the status of the rich and poor because the former has access to everything while the latter has restrictions on what he may achieve, including fame and money. Rich people have all the resources they need to be educated, to earn more money, and to spend it wisely however they see fit. As a result, they can learn anything there is to know about money.
I believe too much emphasis and credit is being given to being rich and also rich is being defined myopically in terms of material/money. Yes, in a lot of cases their is a difference in mindset but the biggest difference between rich and poor is circumstances, meaning if you you change the circumstances of either, the "mindset" also changes too due adjusting to circumstances and they will be typically be respectively worse or better off. Also, consider, most money is old money or begotten from such and new money may perhaps refer more to the rich mindset in the OP.
🗝️🗝️ Rich people are eager to learn but the poor people are not eager to learn. Most millionaires in the United States were not born millionaires, they learnt how to build wealth. The more they learn, the more they understand the world. 🗝️🗝️
I am not so sure about this one. It is true that money can buy a better education than you will able to get from the public school and university system. Having the best teachers and support is one thing, you still need to bring in the effort and motivation to actually learn. For someone born into a rich family who already has everything it's very different to someone who has to work if he wants to get far in life. I agree with you that there is a difference in general education and learning how to invest money and how to become financially independent. There are good books like "Rich Dad, Poor Dad" which help a lot to get a different perspective and a more wealth focused mindset. The important thing in my opinion is to save money each month and invest it cleverly. Like you wrote, rich people like to invest instead of consuming today. If you can delay your consumption in the future to take it out of the interest and profit you get from your investment it's much more sustainable for long term wealth growth.
Rich people makes money in more than one ways which should also has to be pointed out, if someone relies on particular thing for their earnings then their whole life is under risk if its gone someday whereas rich just keep exploring new way and more ways so they reduce the risk factors by accumulate cash flow with different risk sectors.
Actually, rich people take more risks because they loan money and then they put all that money to possibly grow out their business. Also, their earnings on their business will be re-invested again on that same business or on other types of business that they will like to add/venture. This is something that can't be done by a poor people or people with poor mindset.They think it is too risky, hard or simply they are only lazy, that is why they only stick on their comfort zones. That was still fine as long as they will learn to save up so that when they get fired or their contract ends, they will have something to get before they can find another job again.
To understand the difference - just listen to a poor man and a rich man (who is self-successful) as they talk about money!
The poor will constantly whine that there is not enough MONEY, everything is bad, I am poor, I have nothing, etc. But at the same time, he gets into loans and buys a new iPhone in order to create for himself the illusion of some "normal standard of living."
Rich will be interesting to tell that he found a new direction for investment, found a new "topic" for making money, talks about how he found the opportunity to spend less, especially in the field of regular payments, etc.
Total:
The poor man says that he is a SLAVE of money, and his OWNER does not respect him much as a slave.
The rich man talks about money as his good helper!
The poor will constantly whine that there is not enough MONEY, everything is bad, I am poor, I have nothing, etc. But at the same time, he gets into loans and buys a new iPhone in order to create for himself the illusion of some "normal standard of living."
Rich will be interesting to tell that he found a new direction for investment, found a new "topic" for making money, talks about how he found the opportunity to spend less, especially in the field of regular payments, etc.
Total:
The poor man says that he is a SLAVE of money, and his OWNER does not respect him much as a slave.
The rich man talks about money as his good helper!
A person can have all the wealth but still poor
How is that possible? I mean they already have all the wealth in the world and they cannot earn anymore. I think what you mean to say is there are rich people who are not yet contented on what they have but they didn't deny their wealth. They don't consider their selves poor. 
-snip-
Rich people tend to be risk takers but poor person is more likely to be risk averse. For example, when given an opportunity to invest in a startup, poor people are more likely to immediately turn this down. They do not see this as a chance to increase wealth. They see this as a reduction of their disposable income.
Rich people tend to be risk takers but poor person is more likely to be risk averse. For example, when given an opportunity to invest in a startup, poor people are more likely to immediately turn this down. They do not see this as a chance to increase wealth. They see this as a reduction of their disposable income.
This is true, but you gave the wrong example. Investing actually does not care about socioeconomic status, the obligation to avoid risk must also be considered. Rich people are mostly able to take risks because they can measure the level of risk.
The old quote, "Even a brave man will not blindly jump into the ravine, but enter slowly with his eyes open and first measure the depth."
There is a wide gap between the rich and the poor. They both have different mindset.
🗝️🗝️ The rich believe that money makes money. They see money as an opportunity but the poor people see it as something to be earned. 🗝️🗝️
🗝️🗝️ Rich people make money work for them. Instead of just working and relying on income, a rich person would take a proportion of their income and invest it but the poor people are said to work for money. A poor person sees $1000 as just $1000. A poor person works paycheque to paycheque for the rest of their life. They neither save nor invest any part of their income. 🗝️🗝️
Poor people are fully aware that money brings more money but they do not have the opportunity to make money from they have. Poor people earn little income and sometimes because of financial responsibility they are not able to invest part of of the income they earn because it is not even enough to sort out financial situation that is at hand. The truth is that if everyone have the opportunity to get money, they will make plans to generate more money from it. Money makes the rich man to think as an investor but when a man is poor people feels he can't think well to make money not knowing that he is helpless. 🗝️🗝️ The rich believe that money makes money. They see money as an opportunity but the poor people see it as something to be earned. 🗝️🗝️
🗝️🗝️ Rich people make money work for them. Instead of just working and relying on income, a rich person would take a proportion of their income and invest it but the poor people are said to work for money. A poor person sees $1000 as just $1000. A poor person works paycheque to paycheque for the rest of their life. They neither save nor invest any part of their income. 🗝️🗝️
A person can have all the wealth but still poor
How is that possible? I mean they already have all the wealth in the world and they cannot earn anymore. I think what you mean to say is there are rich people who are not yet contented on what they have but they didn't deny their wealth. They don't consider their selves poor. and a someone who looks hungry can be open to opportunities and information that will transform their lives for ever.
That's great. Not only that they are literally hungry and want's a food to eat but they are also hungry for opportunities therefore they seek for information. Many rich people do also start like this but their attitude is slightly different to the kind of rich people that we talked about earlier. They don't work for their selves but they work so that they can give their family a better life and they donate most of their money to the people that are in need. 
You forgot to mention the most important skill of almost every rich person-knowing how to sell.
We live in a market economy and knowing how to sell a product or service is the ultimate skill. Creating a great product and providing a great service is really important, but it's not enough for scaling the business. That's why marketing and writing sales copy are so in demand in the modern day world.
The poor usually don't have that skill and they don't want to develop it.
Another really important skill is persistence. Many poor people can't achieve success simply because they dive up too early.
I really successful person would persist until achieving his goals and dreams. He or she would even fail a couple times before achieving the desired goal. Poor people are too afraid of failure.
One distinction I have realized between the poor and the rich mindset is Education. Not all education sums up to paper degrees, but being educated in the aspect of marketable skills; personal discovery of a passion that can be honed, mastery of the skill one already has, consistent pursuit or realization of a worthy idea, can help develop the mindset that attracts money. We live in a market economy and knowing how to sell a product or service is the ultimate skill. Creating a great product and providing a great service is really important, but it's not enough for scaling the business. That's why marketing and writing sales copy are so in demand in the modern day world.
The poor usually don't have that skill and they don't want to develop it.
Another really important skill is persistence. Many poor people can't achieve success simply because they dive up too early.
I really successful person would persist until achieving his goals and dreams. He or she would even fail a couple times before achieving the desired goal. Poor people are too afraid of failure.
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