5 Reasons Why Mindset is the Enemy of the poor.
secrets of the millionaire mind summary and takeaways from the book.
Darling? Why do you always cut the edges of the ham? Well, that's how my mom used to cook it, honey!
I'll call her and ask her why she did it.
🖁Hello?🗣
Hi mom! Why did you always cut the edges of the ham again?
Well, I don't know dear. Because your grandmother used to do so for me, I guess.
I'll call her and ask her why she did it.
🖁Yes?🗣 Who is this?
Hi mom! I remember you cutting off the edges of the ham for me when I was a kid.
Can you remember why you did that perhaps?
Oh, darling! I remember that as clear as day. That was because my pan was too small you see.
“Monkey-see monkey-do”
Most of us learn how to handle wealth and money from our parents, or from very influential close friends.
Does that mean that it's always the correct advice to follow?
Only if your father was Warren Buffett, your mother was Vicki Robin and your BFF was Bill Gates, otherwise no probably not!
Now it's time to unlearn those habits.
In secrets of the millionaire mind, T Harv Eker presents 17 characteristics that separate the rich from the poor. I will now present my top 5 from the book.
Takeaway number 1
Rich people believe "I create my life", poor people believe "life happens to me".
Who do you think is more likely or playing the lottery, a rich or a poor person? You guessed it! It's a poor man's habit. Poor people actually believe that the only way they can possibly become rich is if someone else draws their name out of a hat. Instead of taking responsibility, there are three other activities that the poor love to do: blaming, justifying and complaining."The blame game" is the favourite game of the poor. Or perhaps it's a tie with a lottery.
The blame game has one primary objective: to see how many people and circumstances you can point your finger at without ever looking at yourself. If there's nothing to blame, you'll often hear the poor person rationalizing instead.
"Well, money isn't really important anyway!" That this attitude is a problem should be obvious. Would your girlfriend hang around for long if you keep telling her that she isn't really important anyway?
Nope and neither will money!
What you focus on expands. If you complain, you focus on what's bad and you'll therefore get more of…..what's bad.
This is a terrible strategy, both for your purse and your mental health.
Instead, do what a rich person would - take full responsibility and own your financial situation.
The next time you catch yourself blaming, justifying or complaining, correct yourself loud and clear. For instance,
if you catch yourself saying:
"No wonder I'm not rich! My parents never even owned a car!" correct yourself at once by saying: "But I'm not my parents, and besides, there are plenty of self-made millionaires out there! I'm just as good as them, therefore I can become wealthy like them!
Takeaway number 2
Rich people are willing to promote themselves and their value. Poor people think negatively about selling and promotion.
Resenting promotion is one of the greatest obstacles to wealth and success. If you are not willing to promote yourself, your service and/or your product, someone else will promote theirs and bypass you. That goes for business owners as well as those focusing on climbing the corporate ladder.
Promotion is looked down upon in the eyes of many people because of one of the following:
You may have had a bad experience with people promoting to you inappropriately before. Perhaps in the form of someone trying to do a hard sell on you.
In any case, you should recognize that this experience is in the past and that it may not be serving you to think about it today.
You may have been totally rejected in the past when you tried to sell someone.
You may have been taught that self-promotion is bad and that praising others is nobler than tooting your own horn.
You may feel that promotion is "beneath" you.
"Ha! I don't need promotions! My product is so good that people should kneel before me just to get a glimpse of it!"
Instead of looking down at promotion, use it to your advantage and see how you'll bypass those around you who don't.
Take away number 3
Rich people are excellent receivers. Poor people are poor receivers.
According to Harv Eker, the number one reason why people don't achieve their full financial potential is:
They are poor receivers.
And because they are poor at receiving, they don't! People are lacking in this skill because the dangerous substance "I'm-not-good enough" is running through their veins. People who are affected by this must realize that being worthy of being good enough is 100% subjective.
Do you think that Donald Trump is worthy of being the President of the United States?
Well, a lot of people do! And a lot of people don't.
Do you think that Donald Trump himself thinks that he's worthy of being the president?
Of course, he does! He would never have received the opportunity hadn't he thought so.
Another reason why people find it hard to receive is because of the old saying that it's better to give than to receive. Whoever said this must have been bad at math. For every giver, there must be a receiver!
If it would be sinful to receive, what kind of douche are you to force someone else into being a sinner, just so that you can be the noble giver? No, giving and receiving are two sides of the same coin and none of them is more blessed than the other. You can practice becoming an excellent receiver financially by being it in other areas of your life too.
For example:
When someone throws a compliment your way, practice just saying a simple "thank you". This way you accept the gift of kind words and you practice becoming a great receiver simultaneously.
Takeaway number 4
Rich people choose to get paid based on results. Poor people choose to get paid based on time.
Poor people prefer being paid a steady monthly or hourly wage. Why? Because they are afraid of earning according to their performance and to test their true value in the marketplace. But this security of a guaranteed monthly or hourly salary comes with a price - and that price is their wealth. The fact that they are trading their time for money at a fixed rate, and that time is limited, set a ceiling on their income.
Never have a ceiling on your income! Rich people, on the other hand, have income streams such as businesses, commission's, stock options and profit-sharing. Notice that these incomes don't have ceilings.
Rich people believe in themselves.
They believe in their value and their ability to deliver. Poor people don't, and that's why they need guarantees in the form of fixed monthly salaries. I highly encourage you to put this into practice as soon as possible. Try to get at least a part of your income to be dependent on one of the previously mentioned income streams of the rich. Strive for turning your income into being 100% performance-based in the coming years.
Takeaway number 5
Rich people think both. Poor people think either/or.
Which one would you choose - a low risk or high reward?
Both!
Having the cake or eating it? Definitely both.
Your money or your life? I'll take both thank you.
Rich people live in a world of abundance while poor people live in a world of limitations and scarcity. Of course, the physical world surrounding both of the groups is the same, but it's all about their mindsets. A poor person thinks that there's never enough to go around. They say things like "I can't afford that!"
"There's never enough!" "You can't have everything!"
The problem with this mindset is that it stops all creativity. Instead of thinking or saying such things to yourself try asking: "How can I have both?" More often than not, you'll find a way!
Repetition is king so let's go over the takeaways again.
You create your own life. Don't be afraid or look down on promoting yourself. Practice becoming an excellent receiver, for if you're not good at receiving, you won't. Choose to be paid based on results. And think both!
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Happy Reading Buddy! Thank you🙏
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