Topic: Rich Mindset vs Poor Mindset : 6 key differences - page 12. (Read 3753 times)
I do agree with most of your points but being rich also need people to be very mean these days. A lot od good honest hard working people end up being poor, but a lot of people get rich by taiking advantage of the naive poor fellows. So in todays world we swldom see people getting rich just by their virtues, many a time vices also play part
Poor mindset always think about some important things that they can do now they will do it but they decide to pass and do the job tomorrow. And also spending habits is so bad and always rely that they have money will come again on next month and this is one poor decision to made.
While having rich mindset avoid any unnecessary things which is not needed and they always spend according to what they earn and stay inside without exceeding the limits and also they always think about saving because they always make sure to have extra money to use for emergency. Not only that rich minded people always think about business and other things that can generate them a good income flow and this is good to follow because for this we may have good future to follow.
While having rich mindset avoid any unnecessary things which is not needed and they always spend according to what they earn and stay inside without exceeding the limits and also they always think about saving because they always make sure to have extra money to use for emergency. Not only that rich minded people always think about business and other things that can generate them a good income flow and this is good to follow because for this we may have good future to follow.
The gap between the poor and the rich is a thin line that demarcate how the respond to opportunities and also the extent to which they are open to information. A person can have all the wealth but still poor and a someone who looks hungry can be open to opportunities and information that will transform their lives for ever. Money is not a measure of wealth its only symbolises comfort riches begins from how much information an individual gathers and how the respond to those informations
Poor people see bear season as an opportunity for them to purchase coins and hold until the bull season come before they can sell....
Even in bear market most poor people don't have the guts to take advantage, their mindset is always the price can go lower and they will lose money, they don't have a long term vision as stated above. They are the type that like to fomo into the market during ath and later cry when the market goes down.
Rich on the other hand, knows how to take advantage of both bull and bear market because majority are long term players, they are daring when others are fearful. Right now btc is cheap but most poor people won't buy because they can't stand to lose a scent out of their money.
I don't have anything against the lists from the OP's point of view towards the 2 different mindset. However, this is gonna be the reality of the world. We can't just be all rich, and we can't be all have the same mindset and personality.
We have businessmen and we have the consumers. These rich people can't be rich without the consumers. These consumers or poor people might either be contented with how little they have or that they don't have enough capacity to understand the business world.
So, we cant just shame poor people for being poor. If you're fortunate enough to be living comfortably because you're rich, just be thankful for that.
We have businessmen and we have the consumers. These rich people can't be rich without the consumers. These consumers or poor people might either be contented with how little they have or that they don't have enough capacity to understand the business world.
So, we cant just shame poor people for being poor. If you're fortunate enough to be living comfortably because you're rich, just be thankful for that.
heres a good financial example of mistakes poor people make
imagine there is a car worth $20k, on a 4 year loan with 0%
a poor person pays $5k a year. $416 a month(AFTER TAXES). and its in their name. but not their property until final settlement payment. after 4 years even on a 0% interest. that poor person has actually paid $22k of their pretax salary, for a car they might get to own that becomes $10k value if you then sold
thus minus $12k loss
a rich person hires a car for $200 a month.. which over 4 years is $9.6k
but they claim the payments as a tax deductible meaning they only actually paid $9.6k that period.
thus saving $12.4k they didnt need to spend in that first period.
..
poor people like to "own" things that break down, need repair and end up costing them more then they realise.
rich people plan to avoid owning things that can break/cost them more long term.
imagine there is a car worth $20k, on a 4 year loan with 0%
a poor person pays $5k a year. $416 a month(AFTER TAXES). and its in their name. but not their property until final settlement payment. after 4 years even on a 0% interest. that poor person has actually paid $22k of their pretax salary, for a car they might get to own that becomes $10k value if you then sold
thus minus $12k loss
a rich person hires a car for $200 a month.. which over 4 years is $9.6k
but they claim the payments as a tax deductible meaning they only actually paid $9.6k that period.
thus saving $12.4k they didnt need to spend in that first period.
..
poor people like to "own" things that break down, need repair and end up costing them more then they realise.
rich people plan to avoid owning things that can break/cost them more long term.
Yes, some people tend to acquire liabilities rather than assets. A car can be considered as a liability cause you would definitely spend money to maintain and keep it running in good condition. People with little to no income who rush to acquire luxury goods are living hand to mouth yet feel the need to acquire such goods. With such mindset, the individual would probably remain poor.
A car is a liability if it's not needed or if getting more car than you need or can afford. In many situations, a car is a necessity as it may be your way to work and establishing a career. Not only this, but it may be your way to a better job, opportunity, or moving up the career ladder should you need to commute a little further. And of course you're going to need a reliable vehicle to maintain employment and remain gainfully employed, until you get to a point that owning car is no longer necessary.
(...)Conclusion
👉👉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.
👉👉Never get confused about your recent status. Confusion brings distracted and lack of focus. It never to late for a change in mindset. Work on yourself, think positively, be focus, have a dream and work towards your dream to achieve great success.
I am thinking about the material issues that are controlling the consciousness of people, and they are distinguishing between material wealth and poverty to talk about a bunch of different issues. I understand and agree with many of the problems going on in society every day when we are all subject to material constraints, unless you really see it as just a tool for the better functioning of life. Because what I realized in life is that happiness is not suffering. Even if you are rich or poor, it is still something you lack, have excess of or are looking for. 👉👉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.
👉👉Never get confused about your recent status. Confusion brings distracted and lack of focus. It never to late for a change in mindset. Work on yourself, think positively, be focus, have a dream and work towards your dream to achieve great success.
The mindset you have will determine the level of your achievement.
I agree, what you have not conceived and accommodated in your mind rarely becomes a reality to you. You need a big and proper mindset to achieve a lot, and another key point, something to note about ''mindset" is that it is influenced greatly by the environment you find yourself, and the people you mingle with as friends. Make a conscious effort to always be in a good environment and entertain friends with bigger mindsets than you, so they can rob off on you. 
Also the rich and poor people do not have the same opportunities that knock on their door. While rich people can easily make money because they can just inherit the wealth of their parents and make them grow, poor people still have to find good means the hard way just to generate money. So it’s not surprising that the rich people will tend to become richer, while poor people stay poor the whole time. It’s not only because of the mindset but the inequality of opportunities matters too.
Well, I agree with you but there are some things to consider when we talk about the inequality of opportunity between the rich and the poor.
1) Not all those who are rich today inherited wealth from their parents some worked for it.
2)Most poor people today had rich parents but they were unable to learn and control the wealth of their parents.
I have seen the case of some poor people who had the opportunity to become rich by getting good skills but they chose to depend on quick money giving jobs that will only benefit them that time but they fail to conside their future but in this case of the rich, they make use of every available opportunity so long as they know that it will be beneficial to them if not then but in future so the opportunity also gets to the poor but they either miss-use it or abuse it.
The rich and poor fall on the circle of friends you keep and your exposure. Your circle will determine the kind of mindset you end up having. If you mingle with poor people, there is every tendency you will reason like one, who doesn't have the zeal to take a risk or have life-changing opportunities. The rich people mingle with their fellow rich people and they are always open to opportunities. They utilized every opportunity brought to them, while the poor backslide when the opportunity comes knocking at their door.
Also the rich and poor people do not have the same opportunities that knock on their door. While rich people can easily make money because they can just inherit the wealth of their parents and make them grow, poor people still have to find good means the hard way just to generate money. So it’s not surprising that the rich people will tend to become richer, while poor people stay poor the whole time. It’s not only because of the mindset but the inequality of opportunities matters too.
Well, I agree with you but there are some things to consider when we talk about the inequality of opportunity between the rich and the poor.
1) Not all those who are rich today inherited wealth from their parents some worked for it.
2)Most poor people today had rich parents but they were unable to learn and control the wealth of their parents.
I have seen the case of some poor people who had the opportunity to become rich by getting good skills but they chose to depend on quick money giving jobs that will only benefit them that time but they fail to conside their future but in this case of the rich, they make use of every available opportunity so long as they know that it will be beneficial to them if not then but in future so the opportunity also gets to the poor but they either miss-use it or abuse it.
Well, one can mention these differences or others. The groundwork was done by Kiyosaki, explaining the second point mentioned, that the poor work to earn money while the rich make money work for them. An essential characteristic of the middle class being that they buy liabilities, such as cars or the house they live in, thinking they are assets. Although in the case of the house, this would be more debatable.
One essential feature that I do not see in the debate is the difference in the idea of rich.
If you believe that the rich are evil and that to get rich you are going to have to cheat, swindle, and exploit, you are never going to get rich, unless it is by committing crime.
The rich instead have an idea of rich people as generous, strong-willed, focused on the long term, and so on.
If you are poor or middle class and think like this, it is easier for you to become rich in the future.
One essential feature that I do not see in the debate is the difference in the idea of rich.
If you believe that the rich are evil and that to get rich you are going to have to cheat, swindle, and exploit, you are never going to get rich, unless it is by committing crime.
The rich instead have an idea of rich people as generous, strong-willed, focused on the long term, and so on.
If you are poor or middle class and think like this, it is easier for you to become rich in the future.
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.
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.
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.
This thread looks like it was copy & pasted out of a Robert Kiyosaki book.... because he also has the same outlook on this. The thing is, when you have money... you can take more risks... but when you are living from hand to mouth... taking risk will take food from your family. 
Also... saying Rich people will make money work for them is 100% correct, but you need that money for it to work for you. I have 3 jobs at the moment.. and I can barely pay all the bills and still have some money left for investments.
Also... saying Rich people will make money work for them is 100% correct, but you need that money for it to work for you. I have 3 jobs at the moment.. and I can barely pay all the bills and still have some money left for investments.
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.
The poor believe only special people deserve to have success, fame, money. They believe that they could never aspire to enjoy the greatness or life of luxury celebrities and stars have.
The harsh truth could be that anyone can have those things. They only need to walk through the door. The rich are always persistently trying to walk through the door that determines wealth. While the poor believe walking through that door is a fate not for them, but is reserved only for others.
Culture and values of the rich and poor reinforce these concepts. The wealthy usually encourage each other to be brave and bold. While the poor are finding new methods to oppress each other and keep each other down. The rich believe the natural state of humanity is to succeed. While the poor believe the natural state of man is failure. You can sometimes tell whether someone is rich or poor. Simply by watching the pleasure they take either in the success (wealth) or failure (poverty) of others. One demogrpahic celebrates success, while the other does the opposite. That simple choice determines their direction and future.
The harsh truth could be that anyone can have those things. They only need to walk through the door. The rich are always persistently trying to walk through the door that determines wealth. While the poor believe walking through that door is a fate not for them, but is reserved only for others.
Culture and values of the rich and poor reinforce these concepts. The wealthy usually encourage each other to be brave and bold. While the poor are finding new methods to oppress each other and keep each other down. The rich believe the natural state of humanity is to succeed. While the poor believe the natural state of man is failure. You can sometimes tell whether someone is rich or poor. Simply by watching the pleasure they take either in the success (wealth) or failure (poverty) of others. One demogrpahic celebrates success, while the other does the opposite. That simple choice determines their direction and future.
I felt rich a few times in my life and I can tell you that your whole mindset changes at that time. You feel more relaxed and less stressed because most bad things that get you down during the day can be fixed with some money. When I drive and I know I have little money I tend to look at the speed limit and worry if there isn't a cop following me but rich people don't care about these things. If something comes up they'll simply pay up and go on with their day. They don't worry if the fridge will need replacing this year, they don't worry that the roof is leaking or that they can only fill the car half way this week. All the little things that poor people think of during the day disappear for the rich and they can focus on things that matter like investing, being with their family and friends, having fun.
🗝️🗝️ 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. 🗝️🗝️
It is because rich people have reserved money in the bank and they own some businesses. So, if they fail in one investment, they don't need to frustrate because they still have other businesses and still have money to use for another investment. It is different with poor people, once they fail in one investment, they probably lose all their money. So, they cannot try more investments since they have no longer money. You need to understand that poor people have limited money, dude! That's why they are not brave to take in a too risky investment.
This is because poor people don't have access to investments. If you look at what they learn from class it's just SAVING Money for the future. While the rich have access to the stock market and real properties inherited from thier parents. The rich also look up to what their parents were doing which was investing while the poor kids look up to their parents who toil hard.
This makes them think saving will make them rich but in the end, inflation hits them because the value decreases while the value of stocks could fly.
Also the rich and poor people do not have the same opportunities that knock on their door. While rich people can easily make money because they can just inherit the wealth of their parents and make them grow, poor people still have to find good means the hard way just to generate money. So it’s not surprising that the rich people will tend to become richer, while poor people stay poor the whole time. It’s not only because of the mindset but the inequality of opportunities matters too.This makes them think saving will make them rich but in the end, inflation hits them because the value decreases while the value of stocks could fly.
Of course the opportunity will not the same, and so it just boils down to the mindset. There could be opportunity for poor people that they don't realized maybe because they thought that they will be poor for the rest of their lives. And that's why majority of them did, so again the mindset could be the biggest factor for any individual. And we wish that we know this when we are growing up, although I would say that my parents open my eyes on investing on stocks which I did when I got my first job, saving for the future and financial freedom.
Jump to: