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September 04, 2021

How rich people think differently

Chalk it up to a recession, ballooning executive pay, the Occupy movement or whatever, but perhaps now more than any other modern time there is a gap between the wealthy and otherwise.

Indeed, this disparity between the rich and, lacking a better term, “average” consumer is among the most prominent facets of the modern economy. But what’s behind it?

Certainly, money is the most obvious separation here, though one author suggests the key difference between the wealthy and average lies in a mindset.

How do rich and average consumers think differently? With notes from Steve Siebold, the writer behind How Rich People Think, here are a few ways.

For his book, Siebold spent nearly three decades interviewing millionaires from around the world, and what he found was a resounding difference in the way rich people think.

*Bing: Unbelievable rags to richest stories

For instance, the author writes, average people may think money is the root of all evil, while rich people think poverty carries the same principle.

“The average person has been brainwashed to believe rich people are lucky or dishonest,” Siebold writes. Conversely, “the world class knows that while having money doesn’t guarantee happiness, it does make your life easier and more enjoyable.”

Here are more ways Siebold found, with a nod to Business Insider, that rich people think differently:

1) Average people have a lottery mentality. Rich people have an action mentality.
2) Average people wax nostalgic. Rich people dream of the future.
3) Average people earn a living doing things they don’t love. Rich people follow their passion.
4) Average people set low expectations to avoid disappointment. Rich people go after a challenge.

Anything look familiar? These are broad, sweeping statements, to be sure, but Siebold’s research seems to back up any of the above points you don’t agree with already.

Average people, Siebold writes, see money as “a never-ending necessary evil that must be endured as part of life. The world class sees money as the great liberator, and with enough of it, they are able to purchase financial peace of mind.”

By Jason Buckland, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...