Money on my Mind vs Money is Mindset: poor vs rich people
This question is frequently asked, what would you do if you won a million dollars?
To many people a million dollars is a lot of money, I want to clear the air if you want to be rich a million dollars isn't Jack.
To many people a million dollars is a lot of money, I want to clear the air if you want to be rich a million dollars isn't Jack.
The most popular answers for this question are; for people to go on major shopping sprees and buy a lot of irrelevant things. But what I want you to take away from this example is that the way people approach this common question says a lot about whether or not they have the chops to be successful. How you view money says a lot about your character. Are you a worker or are you a dreamer?
Most unsuccessful people are inclined to Focus on what they can buy, not how great they can be.
When poor people work, start businesses, or focus on making money, they do so because of their desires to buy things rather than their ability to truly be the best at what they do. Too often I hear broke people saying ”Mark my words, I’ll be a millionaire one day” or “I will own a Lambo one day.” These are all traits of idiocy and poverty and indicate that it is highly unlikely they’ll ever reach their goals. Let's be honest we all fall prey to these thoughts.
The reality is that owning a Lambo or being a millionaire isn’t a goal, it’s a fantasy. While focusing on their traits, talents, or skills could lead them to a goal, it is also not as fun and something poor people have to learn to do. Next time you hear someone saying “I’ll be a millionaire,” ask them, “How do you plan to get there?” and in most cases you’ll receive a stupid answer like “Own my own business” or “Build a brand” or something general and stupid.
The right answer, or the one most likely to lead to success, is trying to become the best at what you want to be. Becoming the best car salesman or managing the #1 restaurant in the city are examples of being the best at what you do to possibly become a millionaire, not the other way around. Also as an economist my advice learning to look at the market, how do you supply a product that is either under supplied or provide a product that the market doesn't know that it needed.
You have to take into consideration the probability that almost everyone else wants the same thing that you want and again its comes down to mindset. Am I willing to learn the way to be wealthy? If I cant trust you to spend the the money that you do have how can I be sure that you won't continue to spend beyond your means.
Poor people have budgets for how they spend their money, and one could argue that’s an important way to achieve financial well-being, BUT in most cases poor people spend money they haven’t received yet. I know money people who spend 90% of their paychecks before they've even cashed them. They borrow from friends or buy something completely irrelevant like designer clothes, or look at improving their cars instead of saving money. Wealth is accumulated, not made in one hit, and often poor people work as if they will one day be liberated with some great payment that will wipe their debt.
It just doesn't work that way and it never will, more than 90% of all people who win lotteries become poorer than they originally were shortly after.
Most unsuccessful people are inclined to Focus on what they can buy, not how great they can be.
When poor people work, start businesses, or focus on making money, they do so because of their desires to buy things rather than their ability to truly be the best at what they do. Too often I hear broke people saying ”Mark my words, I’ll be a millionaire one day” or “I will own a Lambo one day.” These are all traits of idiocy and poverty and indicate that it is highly unlikely they’ll ever reach their goals. Let's be honest we all fall prey to these thoughts.
The reality is that owning a Lambo or being a millionaire isn’t a goal, it’s a fantasy. While focusing on their traits, talents, or skills could lead them to a goal, it is also not as fun and something poor people have to learn to do. Next time you hear someone saying “I’ll be a millionaire,” ask them, “How do you plan to get there?” and in most cases you’ll receive a stupid answer like “Own my own business” or “Build a brand” or something general and stupid.
The right answer, or the one most likely to lead to success, is trying to become the best at what you want to be. Becoming the best car salesman or managing the #1 restaurant in the city are examples of being the best at what you do to possibly become a millionaire, not the other way around. Also as an economist my advice learning to look at the market, how do you supply a product that is either under supplied or provide a product that the market doesn't know that it needed.
You have to take into consideration the probability that almost everyone else wants the same thing that you want and again its comes down to mindset. Am I willing to learn the way to be wealthy? If I cant trust you to spend the the money that you do have how can I be sure that you won't continue to spend beyond your means.
Poor people have budgets for how they spend their money, and one could argue that’s an important way to achieve financial well-being, BUT in most cases poor people spend money they haven’t received yet. I know money people who spend 90% of their paychecks before they've even cashed them. They borrow from friends or buy something completely irrelevant like designer clothes, or look at improving their cars instead of saving money. Wealth is accumulated, not made in one hit, and often poor people work as if they will one day be liberated with some great payment that will wipe their debt.
It just doesn't work that way and it never will, more than 90% of all people who win lotteries become poorer than they originally were shortly after.
At the end of the day if you want to be rich, you have to put the work in.
#CollegeEconomist
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