The Mindset of a Millionaire

By | December 11, 2011

I found an interesting book called “How Ordinary People Become Millionaires” by Ken Honda. What I found out from this book was interesting and surprising. The author is from Japan and interviewed Japanese millionaires and ordinary citizens. What he found out was that millionaires do indeed think differently than the rest. Here are a few key differences from the millionaire mindset and the ordinary person.

Possibilities:
The Poor Person says, “unless I win the lottery or inherit it from a rich relative, there is no way I can become a millionaire. The millionaire says, “I set goals and work hard to achieve them. Becoming a millionaire is just a matter of time”.

Work:
The Poor Person says, “I chose my job for the pay and working conditions. I work to get paid, what else?” The Millionaire says, “I chose my passion and love what I do. I am doing this because I know I can leverage my experience and abilities to the fullest. I ultimately want to grow as a person and contribute to society.”

Making Money:
The Poor Person says, “what is the fastest way to get rich with the least amount of effort?” The Millionaire says, “money follows when I deliver value.”

Here is an article that I wrote regarding that. Article: Things That Keep You From Being Rich

Spending Money:
The Poor Person thinks that money should be saved and locked away in a savings/retirement account. The Millionaire uses their resources and connections to obtain assets and have their assets cash flow money so that they can buy things. They also use a relatively small amount of their own money as they use leverage and other people’s (investors) money to get these assets.
I wrote an article pertaining to saving for retirement. If you haven’t read it, I think you would find the article quite interesting and relavent to what this key point is about. Article: Why Saving For Retirement is a Waste of Time and Money

View on Money:
The Poor Person clams they are not interested in money. They say, “Money doesn’t buy me happiness.” However, they actually think a million dollars will make them happy, and work hard at their job to buy them things that make them momentarily happy. The Millionaire says, “Money is energy, and so it’s critical to increase my life experience and financial education so that I can manage this money. Money doesn’t manage me.”

Failure:
The Poor Person tries everything they can to avoid failure. They would rather not try something new and risk failing at it. The Millionaire says, “I learn the most by failing and overcoming it. There were a few times that I had actually lost money on an investment/new business but I have learned so much from that failure. My successes come through learning from failures.”

I thought these different mindsets were startling and shows the root of the problem for most poor people. It is this difference that determines a person’s successes in their efforts and whether they have what it takes to obtain wealth and keep it. I hope these key points have motivated you to think a little differently about certain things; especially about money and failure. I have only written a few examples of the millionaire mindset. In the future I plan on writing more about this subject. Keep a look out for it, and have a great day.

The Mindset of a Millionaire Part II
Lessons from Tyler Durden: "Working Jobs We Hate to Buy Shit We Don't Need"

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