The Mindset Of Millionaires — How Their Views Can Lead To Financial Success

The Mindset Of Millionaires — How Their Views Can Lead To Financial Success

Jeannine Mancini   Mon, May 8, 2023

After more than 26 years of interviewing some of the world’s wealthiest individuals, self-made millionaire and author Steve Siebold compiled his findings into the widely acclaimed book “How Rich People Think.” By exploring the mental attitudes and strategies of successful individuals, Siebold’s book has helped countless readers unlock their own potential for financial success.

Studies reveal how rich people’s mindset differs from those who are not wealthy and how this contributes to their financial success.

One such study conducted by researchers at Brigham Young University in 2019 found that wealthy people tend to have a more positive and optimistic view of the world, while those who are less wealthy tend to have a more negative and pessimistic view.

For world-class thinkers, creating massive value for others is the key to becoming rich. They also believe that starting a business is the fastest way to make money, while the average person sees it as too risky. Siebold contends that having a job is no safer than owning a business, and those who work for themselves have the power to proactively seek out business and increase revenue at will.

Another belief of the wealthy is that the ability to amass wealth has more to do with street smarts and savvy than the ability to memorize information and excel on exams. They also believe that building wealth takes a team effort, while the average person sees it as an individual effort. Who you surround yourself with has more of an effect on your net worth than you may think.

The wealthy see making money as simple, but not necessarily easy. Money flows from ideas and problem-solving, which are skills that can be learned and developed. They also believe that creative thinking is the highest-paid skill in the world.

Studies have shown that wealthy people tend to have a different mindset when it comes to investing, with a long-term view and a focus on creating diversified portfolios that generate consistent returns over time.

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https://finance.yahoo.com/news/mindset-millionaires-views-lead-financial-200354874.html