silhouette photo of man on cliff during sunset

“How Rich People Think” by Steve Siebold identifies eight major differences between the mentalities of wealthy and average people.

red sports coupe parked by stone-walled building at daytime

Do you ever wonder what distinguishes the wealthy from the average person? Is it their intelligence, their education, or sheer good fortune? According to “How Rich People Think” author Steve Siebold, it’s all about their mindset. After interviewing more than 1,200 wealthy individuals, Siebold has identified eight distinct mental traits that distinguish the wealthy from the rest.
1. The wealthy see their financial status as a right, while the rest of us see it as a privilege:
Wealthy people think that their success and wealth are a natural result of their hard work, discipline, and smart choices. They often feel like they deserve their wealth because they think they have worked hard for it and deserve it.
The average person, on the other hand, may view wealth as a privilege granted to a select few. They may believe that becoming wealthy requires a stroke of luck or being born into the right family and is not something they can accomplish on their own.
While these perspectives may differ, it is essential to keep in mind that anyone can work towards achieving their goals and improving their financial situation. Making a path to financial success isn’t just for the lucky or deserving. Anyone can do it if they have the right mindset and act in the right way.
2. The typical person sees starting a business as dangerous, but the wealthy see it as the quickest way to generate money.
If the proper strategy is in place, starting a business can be a quick way to make money, but it also comes with risks and obstacles. People who are wealthy and successful in business often say that their success is due to their ability to take calculated risks and keep going even when things don’t go as planned.
Nonetheless, the normal person could see beginning a business as dangerous due to factors including the chance of failure, the need for financial investment, and the unpredictability of the market. A more secure job or career path that guarantees regular pay and advancement can appeal to them more.
Rich people may see entrepreneurship as a good way to make more money, but before starting a business, it’s important to weigh the risks and benefits. With careful planning and a willingness to take calculated risks, anyone can follow their dreams and make a lot of money.

3. Those who are wealthy tend to think that other wealthy individuals are keener than they are.
If Siebold is to be believed, wealthy people understand that financial success requires not only intelligence but also knowledge and skill in areas such as investing, negotiating, and marketing. They recognize that these skills can be acquired and refined over time.
On the other hand, the average person may think that the wealthy are just smarter or luckier than others and may not fully understand the specific skills and knowledge that led to their achievement.
4. The normal person may think of accumulating wealth as a solo activity, but the wealthy see it as a team sport.

To the wealthy, creating money is a group effort, whereas to the typical person, it may seem like something they accomplish on their own.
Siebold says that wealthy people know that no one can be successful on their own and that building wealth often requires working with others. They recognize the significance of networking, relationship building, and leveraging the expertise of others.
On the other hand, the average person might think that making money is something they have to do on their own and be reluctant to ask for help or advice from others. They might think that they have to do everything on their own and be afraid to let others help them reach their financial goals.
In his book “How Rich People Think,” Steve Siebold advanced this additional viewpoint.

5. Those who are already wealthy tend to view the process of becoming wealthy as easy, while the rest of us tend to view it as challenging.

Steve Siebold suggests that wealthy people view making money as a relatively straightforward process, whereas the average person may view it as a difficult task.
Siebold says that rich people think that making money means finding opportunities, acting on them, and keeping at them. They are unafraid to take risks and make mistakes because they view these as learning opportunities.
Nonetheless, the common perception is that becoming financially successful is a challenging endeavor that calls for a high level of expertise, hard work, and good fortune. It’s possible that the prospect of making an investment or starting their own business leaves them feeling uneasy and hesitant to take the plunge.
6. The wealthy feel that money is obtained by intelligence, whereas the typical person believes that money is earned through time and effort:

Wealthy people feel that they acquire money by their ability to think creatively and solve issues, whereas the normal person believes that money is gained through time and effort.
Siebold says that wealthy individuals know that their ability to create value and solve problems is directly linked to how much money they can make. They believe they can earn more money the more they contribute to society with their ideas and innovations.
On the other hand, the average person may view money as a product of hard work and long hours. They might think that their education, skills, and experience limit how much they can earn.
7. The affluent view wealth as liberating, whereas the typical person views it as restricting.

Wealthy people view cash as liberating, whereas the average person views it as stifling. Rich people, according to Siebold, view money as a tool that enables them to achieve their goals and live life on their terms. They have no fear of wealth and are at ease with the power and responsibilities it brings.
The average person, however, may view money as something that controls them. They may feel constrained by their financial circumstances and as though they are constantly striving to make ends meet. They may also fear the responsibilities that come with having a great deal of wealth.
8. The wealthy believe in working for personal fulfillment, while the common person believes in working for financial gain.
When it comes to work and careers, wealthy people have a different mindset than the average person. Siebold says that what drives wealthy people is to pursue their passions and find personal fulfillment, while what drives the average person is to get more money.
Siebold says that rich people see work as a chance to follow their passions and make something important, not just a way to make money. They are willing to take risks and work hard to reach their goals, often giving up short-term comfort in exchange for long-term success.
Siebold, on the other hand, says that the average person cares more about making a living and being financially stable. They often don’t take as many risks and may be happy with a safe but unfulfilling job.
Steve Siebold is an entrepreneur, professional speaker, and author. Thirty years of his life have been devoted to interviewing and learning from the world’s wealthiest individuals. He is best known for his book “How Rich People Think,” which examines the mentality and behaviors of successful, wealthy people. Through his research and interviews, Siebold has gained unique insights into the strategies and thought processes that distinguish the wealthy from the middle class and the poor.

Similar Posts