Financial Expert and Author Steve Siebold says that we can become wealthy by thinking like the wealthy. Find out how in his Today Show interview and excerpt from his new London House Press book “How Rich People Think.” It’s all about how we can break free from the poverty mindset…
Clip from the “Today Show.”
Book Excerpt from “How Rich People Think” by Steve Siebold
Middle class focuses on saving… World class focuses on earning.
Driven by the fear of loss and uncertainty of the future, the masses focus on how to protect and hoard their money. While world class thinkers understand the importance of saving and investing, they direct their mental energy toward accumulating wealth through serving people and solving problems. When an economic correction occurs, the fear-based saver suffers catastrophic losses that may take years to recover. While world-class thinkers suffer similar losses, they quickly turn their attention to financial opportunities that present themselves in a society of suddenly terrified people.
While the masses are selling for short-term survival, the great ones are buying for long-term success. One group is operating from fear, the other, from abundance. The self-made rich aren’t afraid to take calculated risks, because they know if they lose they can make it all back. While the middle class is always looking for the home run investment that will make them wealthy, the world class invests wisely knowing the bulk of their fortune will come from the service they provide.
Most people are more concerned with the modest gains they accumulate from their savings and investments than they are with using their billion dollar minds to create a fortune. The masses are so focused on clipping coupons and living frugally they miss major opportunities.
Even in the midst of a cash flow crisis, the rich reject the nickel and dime thinking of the masses. They are masters at focusing their mental energy where it belongs: on the big money. How about you? Are you more focused on saving pennies or on building an empire? Your current financial status will give you an idea of your past thinking. If you’re rich, keep thinking the way you’re thinking. If not, maybe it’s time for a change.
Middle class worries about running out of money… World class thinks about how to make more money.
Poor people spend more time thinking about money than rich people. The problem is poor people spend this time worrying about what they’ll do if they lose their job, get sick, or exceed their budget through poor planning or bad luck. Most of this worry is a waste of time, not to mention the negative, destructive psychological impact it has on their minds and the physiological havoc it wreaks with their bodies. Living in fear isn’t living; it’s surviving. World-class performers find problems that are profitable to solve, and spend most of their time focused on solving them. They know money will follow the solution, so logic dictates they direct their mental energy towards creative and critical thought, which is rooted in the belief that just because a solution hasn’t been discovered doesn’t mean it doesn’t exist. No fear lives at this level of consciousness.
Creative critical thinking is the highest form of thought, and is single handedly responsible for all progress in the history of civilization. Every product or service that has made our lives better has come from creative thought.
So when I say the world class thinks about how to make more money, what they’re actually thinking about is creative problem solving, not money itself. Wealthy people are often criticized for being obsessed with money, but the truth is, it’s the poor, working, and middle class that spend the most time thinking about it. If the masses would upgrade their limiting beliefs about money and redirect their mental energy to new and exciting ideas, they would experience financial abundance. Money flows to great ideas like water. The secret is learning how to turn on the faucet.
Middle class sees money through the eyes of emotion… World class sees money through the eyes of logic.
Most people never accumulate much money due to a series of self-limiting beliefs around the subject fueled by negative emotion. By the time the average person becomes an adult, they’ve been brainwashed with dozens of middle-class beliefs and philosophies about money which virtually guarantees them a life of financial mediocrity. Children, teenagers, and young adults hear negative money messages over and over until they become beliefs that dictate their behavior. Their well-meaning village of advisors has inadvertently set them up to struggle for the rest of their lives. In short: a middle-class thinker can’t teach you how to become a world-class thinker. S
omeone living a restricted existence can’t tell you how to live an unrestricted existence. And a poor person can’t teach you how to get rich. These statements are obvious to any rational thinking person operating from a logic-based mindset.
Few people are able to think about money without clouding the subject with negative emotion, which is generated from dozens of middle-class beliefs. An ordinarily smart, well-educated and otherwise successful person can be instantly transformed into a fear based, scarcity driven thinker whose greatest financial aspiration is to retire comfortably. The world class sees money for what it is and what it’s not, through the eyes of logic. The great ones know money is a critical tool that presents options and opportunities. They also know if you’re not happy without it you won’t be happy with it. But while money has little to do with happiness, it’s one of the most important tools in the game of life, and without the psychological chains binding them, champions earn all they can. When it comes to thinking about money, put your emotions on the shelf and let reason be your guide.
Middle class has a lottery mentality… World class has an action mentality.
The masses love the lottery because deep down they believe it’s their only chance to get rich. The fact is, they’re probably right. Not because they’re not capable, but because they don’t have faith in their own abilities, and their beliefs about money limit their financial success. The middle class is self-destructive, especially when it comes to money. They will always struggle financially unless they are somehow able to break the mold cast in childhood telling them only crooks and lucky people get rich.
The world class has empowering beliefs about money that leads them to effective, daily action that serves as the foundation of their financial success. The great ones know talk is cheap, and the only way to get wealthy is to take action. On the surface, the distinction between the classes seems simple, but it is actually counter-intuitive. Understanding the cause and effect relationship is what gives it clarity. Many people believe, as I used to, that the masses do not possess the raw desire to get rich and therefore never take the necessary steps.
The truth is, they have all the desire they need, but they lack the beliefs that would wake their latent desire. The cause of their inaction is not lack of desire, but lack of empowering beliefs regarding the acquisition of money. Beliefs dictate behavior, and behavior dictates results.
That’s what the rich understand that the middle class doesn’t. If you want to get rich, dissect your beliefs about money and upgrade them to the world class.
Once you’ve taken care of the cause, the effect will follow and you’ll start moving toward wealth because you will be thinking like a rich person. When the rich need money, they don’t wonder if it’s possible, they simply begin creating new ideas that solve problems. They don’t waste mental energy worrying or wondering about their ability to produce cash, they direct their concentration towards creative thinking. Do you see why this is so effective? Do you understand now why the rich get richer? Do you see how you can do the exact same thing? The rich aren’t any smarter than us. They are just more strategic.
Excerpted from the book HOW RICH PEOPLE THINK by Steve Siebold. Copyright (c) 2012 by Steve Siebold. Reprinted from London House Press.
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