Why is it that some people break out of their boundaries when it comes to financial success when others stay stuck? This is not about people who are already rich or poor. There are those that we all know who are brilliant and have a rich mindset, but are financially poor due to circumstances that have occurred throughout their lives, but they carry on.
And there are others who have won the lottery or inherited a small fortune only to be out of money in a span of a few years due to having a poor mindset or lack of desire to learn how to use it wisely. The common underlying factor for both groups is a specific mindset.
How Do You Spell Success When Creating A Wealthy Mindset vs. A Poor Mindset? 7 Ideas
1. S stands for SURPLUS.
Wealthy people understand that surplus is not for immediate consumption; rather, it is to speed up the process of getting the factors in life that will help create cashflow. It is spent with the realization that a payoff will come later, and the intent is that later we may have a choice because of the sacrifice now to not have to trade time for money. Things like education, buying tools that are needed to earn money, and building a business and its systems are where any surplus should go first.
Those with a poor mindset see any surplus as an opportunity to consume more immediately or in the near future. Once the surplus is gone in this situation, the money is unable to produce more in the future because of the choices that were made on how to spend the surplus. These purchases are usually the instant gratification kinds.
Things like going out for dinner or buying the shoes you have had your eye on for months. These expenditures provide immediate satisfaction with no waiting period.Now that the money is spent and not invested, one can be sure that there will be no monetary rewards in the future because of these purchases.
2. The letter U stands for UTILIZE.
Those with a wealthy mindset utilize valuable extra time now so that the intent of using this time will create value later. This translates into the continuous production of fruit years after the time is spent.
Utilize time wisely now so that later, while you sleep, while you are on vacation, or doing something more enjoyable, the time you spend now is helping to multiply your earnings by building momentum that will produce later. Wealthy people are grateful and motivated to use their time at this stage to achieve more quality of life later.
This commitment of time is often difficult and requires commitment because the rewards are often nowhere in sight when one is just beginning their venture.
TIP: It can’t be stressed enough that watching TV, sports, shows, movies, and reality shows is never or rarely going to give you any viable return on your valuable time. Most successful people in life have turned off the TV long ago. They have found better ways to relax that are healthier in many ways. Entertainment in general is a pastime that can be refined to bring a better quality of life to the family.
Wealthy people understand on a deeper level that living a better quality life does not include watching anything on the major networks that come from TV.
Do not confuse this with watching strategic videos on improving your skills or learning from mentors through videos. This is much different and a very good use of time if you are trying to achieve certain goals.
Millionaire Mindset: The Simple Habits And Thinking Behind Money, Wealth, and Success
We highly recommend this classic book by Paul J. Stanley, which addresses getting your mind into the right thought processes. This will help you on your journey towards more abundance, as it all starts in the mind.
This is an excellent book to reframe your mindset and get you thinking more like the wealthy person you already are inside.
You will learn more about
- How to acquire a millionaire mindset
- Habits to establish
- Slow and steady
- Seek good counsel
- Many golden nuggets of advice and much more
A poor mindset doesn’t see value in doing something that is not compensated for immediately, as their mindset is stuck in a trading hours for time model. For example, an educational event that costs a fee and time is not seen as a valuable opportunity to someone with a poor mindset, as they look at the upfront cost of time and money and may scoff at it in their mind, unable to see its potential value in the future.
Have you ever noticed that those who are struggling to pay their bills often have the biggest, newest TVs? Sure, we need entertainment from time to time, but is this really necessary, especially if it has to be put on a payment plan to purchase it? And then much of their time is spent watching it. TV has a frequency that captures your mind, and not in a good way. This is a whole other topic, but know this: the more you shut the TV off, the better your life will be. Promise!
1. C stands for CELEBRATE.
A rich mindset CELEBRATES when those around them win. They celebrate the success of friends and other fellow businesses. They see competition as a healthy component that makes their business better and encourages them to evaluate their business offerings and keep improving.
Wealthy mindsest people are always striving to serve their clients and customers the best way they can, and keeping on top of the success of those around them keeps them sharp and helps them stay relevant.
A poor mindset looks at the wins of others with bitterness and perhaps jealousy. This is a subconscious or even conscious mind block that doesn’t allow them to get inspired to improve their own lives. These negative feelings towards the success of others give them an excuse to stay in the same circumstance and not make any effort to change or be better.
2. C stands for CULTIVATE.
A rich mindset looks to CULTIVATE relationships as a core value for their success. They take a genuine interest in others. They truly listen to customers, clients, friends, and community members, usually listening more than they talk.
Wealthy mindset People cultivate these relationships by sharing values based on trust and mutual respect and understanding that success is built on quality relationships. People are important at many levels. They truly want to help make others’ lives better, and not necessarily by making an immediate sale. These people understand that goodwill is rewarded and it feels good to them to give of themselves with no expectation of any return favor.
A poor mindset expects something in return for every favor or assistance given. Even if they want to give to others, often they can’t due to not having enough time or resources to do so, so they require immediate compensation if they provide a service or something that may require their resources. A poor mindset reasons, “If I do this for you, I expect you to do this for me.” This will not go far in creating long-lasting and trusting relationships, especially in business.
A quick story about a personal experience witnessing the CULTIVATE component:
I discovered this local tire shop here in Huntington Beach that I discovered because they are practicing the C in cultivating relationships very well.
About 6 months ago, I drove over a nail, and my tire was slowly losing air. I needed a patch, as the tire was still in decent shape. I wanted to save the tire to save the immediate expenditure of buying a new one.
The tire shop that we normally go to told us that they would not patch the tire due to “safety” reasons and we had to replace the tire instead. They said that the nail was in a certain place that they felt was not going to be secure enough if they patched the tire.
They said very few shops in town patch tires like these with the hole in the location they were in.
A new tire was triple the cost of a regular tire because it was a “runflat” kind of tire, the kind that can still be driven on when it is punctured for hundreds of miles. My regular tire shop was quick to produce a quote to replace the tire, and told us they were ready to do so immediately.
I told them I would let them know if we were going to go that route. Something told me to not accept this tire shop’s explanation that the tire could not be saved.
I wanted to check to see if any other tire shops would patch my tire. I called up a few and found one down the street, contrary to what the first shop told me. The new tire shop took a look at my
They showed me the punctured tire and assured me that they could repair it for FREE. They did this quickly and cheerily for me, and sent me on my way without charging me a dime. I was never a customer of theirs in the past. Suffice to say, I was very impressed with this business. And I told my neighbors and family about my surprising and great experience.
Last week, I ran into the same problem and had another puncture in the tire from a nail. I brought my car back to the place that fixed it for free the last time.
This time they showed me with a tool that the tire treads were too worn to patch, so we would have to replace them. I believed them. They had a tool that said so, but I knew they would patch it for free like they did last time if it wasn’t so worn. Not only did I buy a replacement tire, but I bought a pair of tires from them to balance out the tire treads, and now they have a customer for life.
What did this new loyal for life customer cost them? About half an hour of a technician’s time about 6 months ago, and a very generous and caring gesture of not charging for something that was valuable to the customer but likely did not take too much from their bottom line.
Patching the tire initially for free was more than made up in profits from the sale of these tires later on down the road.
This amazing tire shop is American Tire on Warner Ave here in Huntington Beach, CA. They are a franchise, and surely other locations must be trained in the same way to help out with punctured tires for free. Impressive, to say the least.
3. E stands for everything and everyone.
There is something to be learned from everything and everyone. Those with a rich mindset understand that learning is continuous and it comes from everyone around them and every situation that they find themselves in. They understand that there will never be a time where they know everything, and that learning happens each and every day.
A poor mindset convinces itself that it knows everything, and there is nothing left to learn. They shut down when an opposing viewpoint surfaces and disagree with them, often without hearing the details first.
They are closed to new ideas, especially if it takes them time or money to learn about them. They reason with themselves that they can do everything as long as they work hard enough or put in enough hours to accomplish it. They do not realize the value of others to help spread the load and grow the venture or effort.
4. S stands for SLOWLY.
Reputation is earned slowly through trust, respect, and effort. The wealthy mindset understands that it can all be lost in an instant. This is why those with amazing businesses do not compromise on quality, items, or service that give them a good reputation ever.
A poor mindset tries to get away with doing something of lesser quality, cheaper value, or spending less time to make a quick profit, not understanding that losing a good customer could be the result. Losing a good customer will cost them much more in the long run than what they profited when they lost them, but they don’t see this, or just don’t care. Someone with a poor mindset does not value a good reputation or understand the value of creating trust. This is not only true in business but in all relationships.
5. S stands for STRATEGIC.
A wealthy mindset sticks it out with consistency and is strategic. They understand the market hills and valleys and know what it takes to keep going because they expect to be rewarded, and rightfully so.
If they need to quit, they do so very strategically after analyzing if the pursuit is still worthwhile. They can strategically understand data charts when they show losses and gains. They have strategies to boost sales and bring in more customers if they need them. The rich know that life isn’t always fair, and that they are owed nothing from society, so they need to keep doing their best to earn their next payday.
A poor mindset reacts to the pain of short-term strife and disappointing results by becoming less willing to put in the hard work. They have a low tolerance for when it gets tough, and quitting is a short-term feel-good move. It takes the pressure off when they can chalk it up circumstances outside of themselves, or that life just isn’t “fair.” They usually do not have plans B, C, or D.
You are well on your way to creating your ideal life full of abundance. We commend you for your continuous learning and desire to give yourself and your family an even better life.
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