I too have gone through stages when I was poor. That’s why I have been able to observe the difference in the ways both the rich and the poor behave. I am no longer in that hopeless financial position because I don’t think in the same way that most poor people think.
There is a vast difference between how successful people think and how unsuccessful people think. To put it bluntly, the mentality of rich people and poor people are on the opposite ends of the spectrum. People often attribute success to what it appears, completely disregarding the hustle and hard work that went on behind the scenes. To be clear, we are not talking about people per se; we are talking about the mindset of people here.
It’s all in the head. How you think is how you act and how you act results in what your life becomes. Here are some ways the rich person’s mentality differs from the poor person’s mentality. If you feel that you are stuck in life or your job, this might be a great first step towards changing your mindset.
The vast difference in thinking mentalities of rich and poor people comes from how they approach things. Rich people think big, they don’t think about spending hours trying to save 10 rupees on a box of biscuits to get the best deal. The poor people mindset, on the other hand takes them in the direction of the best deal they can get to save whatever little amount of money they can.
Once addicted to this behavior the poor will continue to do this for the rest of his life instead of worrying how the hours thus spent in saving Rs 10 could have been used to earn Rs 100,000.
How competition is seen
The rich people mentality makes them acknowledge the presence of competition and sees an opportunity to do better. They look at how different their product or service is from their competitor’s and how to make a place for it in the market. The poor people mentality on the other hand sees competition and gets discouraged, ending an idea even before it has been put into action.
Admiration and resentment
Rich people admire other rich and successful people, seeking to emulate their success by forging a path of their own. Poor people will look at rich people, attribute their growth to luck or wrong means and short cuts, and turn their noses up against them. They thereby develop resentment for rich people. Rich people on the other hand learn how to become rich. This has a lot to do about the mindset of the two types of people. The poor, possessing a broken mindset, always believes that the rich is rich by sheer luck
There is absolutely no shame in making you a brand and promoting it, which is what rich people do and hence they succeed. Poor people look down on selling and marketing and thereby lose out on so many opportunities.
Result v/s Time
So how does the average person get paid? Usually, a salary is determined through an hourly rate. But rich people ask for a price based on the results they can deliver. On the other hand poor people insist that the amount of time they put in, regardless of the result, deserves compensation.
The rich people know that even if they put in 18 hours of work a day for a year or more there is no guarantee that they will be paid a paisa if their product fails in the market. Rich people know they will have to deliver real results and real value.
Money (mis) management
Money in hand does not automatically mean a rise in economic status. What you do with the money is what matters more. Once you have your salary in hand, if you do nothing with it and spend haphazardly, you’re going to be broke in no time and waiting for the next paycheck. Rich people manage their money wisely by keeping a track of expenses and investments. This way rich people make their money work hard and make more money.
The learning process
One of the biggest gaps in the two mindsets comes from how each group of people approaches learning. Rich people never stop learning. They are open to new knowledge and new ideas. Poor people limit themselves by saying that they know everything. There is no scope for growth and hence, they end up being left behind.
The line between the two mindsets is extremely clear. The side that you choose to stand on will define how the rest of your life goes.