Everyone has good habits and bad habits. The rich and the poor have many in common. Here are ten bad habits that poor people have and what the rich do differently.
This post is the fourth of our millionaires series (plus the original, How to be Rich). Read the other articles listed below to see if you are living by the same values young millionaires commit to.
- What Your Car Status Says About Your Bankroll
- How to be Rich
- The Truth From A Millionaire Gallery
- The Frugal Faithful
- 10 Bad Habits Of The Poor (current post)
Poor people believe “Life happens to me.”
The rich believe “I create my life.” If you are costing through life right now thinking that life just happens and it’s out of your control then you probably believe whatever happens to your money is out of your control too. Snap out of it and realize that “I create my own life” and that includes financial freedom. Accept the challenge of living your life to the fullest and maximizing your money.
Poor people play the money game to NOT lose.
Rich people play the money game to win. The rich don’t want to have a few extra dollars. The rich want piles of extra money. The poor want to make money to pay their bills on time and see a movie at the theater. The rich want to be rich beyond their wildest dreams and the poor want to make ends meet with a little bonus at the end to distract them from their poor lives. Play the game to win!
Poor people want to be rich.
Rich people are committed to being rich. Poor people moan and groan and dream about the day when they will have money. Rich people are focused and committed to becoming rich. They make goals and continually try to improve as hard workers and future millionaires.
Poor people focus on obstacles.
Rich people focus on opportunities. Everyone has heard that you should keep you eyes on the prize and the rich are very good at this. Once you take your eyes off the prize you begin to see all the obstacles in your way. Poor people focus on the obstacles and what they think they can’t do. Keep you eyes on the prize and look for opportunities.
Poor people associate with negative or unsuccessful people.
Rich people associate with positive, successful people. The rich feed off of one another’s victories. They learn from each other and they are motivated to perform their best. The poor look at the rich in disgust and instead of seeing the rich persons success as a challenge they turn their back and associate with the unsuccessful that they can compete with.
Poor people choose to get paid based on time.
Rich people choose to get paid based on results. If you take a moment to pause you’ll realize that poor people are always trying to get more hours or paid more per hour. The only problem is there are a limited number or hours each day. The rich know that it’s important to get paid based on results, not hours.
Poor people think “either/or.”
Rich people think both. The poor are always trying to compromise to come up with the best solution. The rich say “why not both?” As soon as you start thinking both instead of either/or you’ll see your life in a whole new light. You deserve both, so expect it.
Poor people focus on their working income.
Rich people focus on their net worth. The rich realize that building wealth is more than just a salary or a working income. Being rich is about all of your assets and liabilities. Poor people focus on increasing their working income instead of increasing their net worth. Find out your net worth and how to grow it.
Poor people mismanage their money well.
Rich people manage their money well. The rich know that you have to measure your money to manage it well. They are experts at knowing where every dollar is coming in and going out. Poor people close their eyes and hope to make ends meet on time. Becoming rich isn’t dumb luck. Commit to managing your money well with tools like Mint.
Poor people think they already know.
Rich people are always learning and improving. Poor people think they know all the answers about saving, investing, and all subjects related to money. The rich know there is always something new to learn about money and they absorb new ideas and strategies from other rich people like a sponge. Commit to a lifetime of learning more about money and becoming financially free.
To read more indepth information into the differences between the rich and poor then pick up Secrets of the Millionaire Mind by T. Harv Eker.
Photo from HTTP2007 on Flickr
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