Quote from Fitzgerald and Hemingway
While going through the Quora thread “Do billionaires know something that normal people don’t? ”, I learned a new word called “billionaire mentality” and realized that Rich people think differently than the average person. Being able to maintain wealth over a long period of time is not something easy if you don’t have the right mentality.
How would you explain that a large number of lottery winners who go broke after a few years?
They don’t have the rich people mentality.
I think following story shows one of the the differences:
Paul has a job but complains he doesn’t have enough money. He is annoyed at all the yards in his neighborhood that aren’t well-kept. James lives in the same neighborhood. He wants to live a financially secure life. He notices the lawns, too.
What will Paul and James do about these yards?
Paul’s friend, Sam, is disabled and tells Paul: “I wish I could mow all these lawns and trim bushes, but I’m physically unable to. Why don’t you do it?” Paul says, “It will cost too much. It will take up my weekend.”
James says: “I think these owners need some help with their yards. I could make another $100 a week mowing these lawns. I will start right now to offer my services.”
After three decades of interviewing self-made rich people, Steve Siebold, author of “How Rich People Think,” has come to the conclusion that well-to-do people have views about money that are “polar opposite” to those that middle-class people hold. His book reveals 100 differences between middle-class people and self-made millionaires.
At the end of the day, getting rich is an inside job. “Let’s set the record straight once and for all: Anyone can become wealthy,” Siebold writes. “It has nothing to do with your education or where you come from. It’s not what you do that guarantees wealth, it’s what you are.”
“Some people say money is evil, but I don’t agree. If I manage it well and make good use of it, it’ll only make my life better.”
Books for further reading:
- How Rich People Think by Steve Siebold
- Rich Habits by Thomas C. Corley
- Rich Dad, Poor Dad by Robert T. Kiyosaki
- The Power of Habit by Charles Duhigg