Monday, October 22, 2018

The Millionaire Mindset Difference

There’s a huge difference between how millionaires think about money, but even
more so in how they think about their time.

The most significant differences are that they take absolute responsibility for themselves
and the results of their life, they create their own luck, and appreciate the payoff
associated with delayed gratification.

In terms of taking absolute responsibility for the results of their life, many people
have sloping shoulders where they prefer to blame external factors from the
government to their childhood - living in a disempowered state of blame, rather
than the more empowered state of responsibility.

Now, the term responsibility can have a negative connotation in that it can feel
burdensome, but if you look at the true meaning of the word it comes down to
the “ability to respond” - see, if you are blaming all the time then you are limiting
your ability to respond to your situation, as it is only when you take full
responsibility for the results you generate that you can change your life.

There’s an idea within psychology that E+R=O, meaning event + response = outcome.  
This is a formula those with the millionaire mindset understand, as we cannot
control the events in our life or other people’s reactions, yet we can control our
response which ultimately determines the outcome.

Many people are hoping for something to happen to them, for instance, they might
go to accident and injury lawyers with a view to getting compensation after
suffering an accident, and whilst it’s worth claiming for the compensation you
deserve - some people project their hopes of financial abundance onto things
such as lottery tickets, lawsuits and prize draws - in the hope they will be lucky
and win a fortune.

Millionaires, on the other hand know that we ultimately create our own luck.  They
live by the mantra of “the more I do the luckier I get” and in this way, they create
their own luck.

Millionaire’s understand the value of delayed gratification.  Most people, today,
operate from a paradigm of consumption and instant reward.  

There’s a saying that successful entrepreneurs are willing to do what others aren’t
willing to do, today, so that they can do what others aren’t able to do tomorrow.  
Meaning, they might work incredibly hard on their business for five years - and
not take a holiday - but, once they have developed this asset they are then in
the position to travel all year around, to some of the most exotic and affluent places
in the world.

study relating to marshmallows; in a nutshell, a child was placed in front of a
table with a marshmallow on a plate.  He was told that if he waited, then he
would get two marshmallows - whereas if he ate it, then he wouldn’t get any

The study followed the children into adulthood and there was a vast difference
between those that did eat the marshmallow (instant gratification) and those that
waited (delayed gratification).

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