How rich people think differently

bunch a poo. naturally the rich can follow their passion, go after a challenge - there not preoccupied with scratching out the next mortgage payment.
Who ever writes this crap has too much time on their hands.

- The average person has been brainwashed to believe rich people are lucky or dishonest,” Siebold writes.......--
Siebold however fails to comprehend that "average people" are also able to read and understand that the taxes on investment income have collapsed and that the highest incomes have rocketed up in the last 40 years.
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Perhaps we should be comparing rich people from the 1950's/1960's to average people from the same period.
You know, Back when the ruling class was truly terrified that the population might embrace communism and thus were willing to share a bit in order to keep what they had.
- Don't take my word for it though. Look at income & inheritance tax levels in the UK in the 1970's or Tax levels and CEO pay in America in the 1950's & 1960's.
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The Pay levels and tax avoidance at the top has gone mad in the past 20 years and just like in the late 1920's early 1930's a 'correction' is inevitable.
This contempt for the middle and base of the economic pyramid is what commonly precedes the courtiers dangling from streetlamps.
So by all means, continue to fawn at the feet of those who have inherited great wealth and look with derision on those who don't gamble with others futures while concurrently avoiding tax obligations.

Interesting comments. Actually that reasons I am quite wealthy are for the very 4 reasons given. I have not inherited a dime from anyone, nor ever played a lottery. Hard work, extreme passion and love for my work has landed me the wealth most can only dream of. No luck, no dishonesty! If you can't accept that, then go crawl under a rock.

It seems that the comments from people like Paulo and Steve actually prove the author's point. I am "average" but my brother is not. He is moderately wealthy and has a company that he started 15 years ago. He now employs 20 or so people. He is semi-retired. The first few years were tough. He's done better than me financially but I am honestly not jealous, even though I'm pretty sure I am academically smarter than him. He was willing to risk his house, forego vacations and work 80 hour weeks for many years while I took the safe route. His success is not bad--it is good for the country. He provides customers with a service they want. His company allows 20 employees to pay their mortgages and he (and his company) pays 100s of thousands of dollars per year in taxes.

Instead of jealous losers like Paulo and Steve deriding successes like my brother we should be thankful people like him were willing to take risks and work hard. If they weren't this country would be a lot worse off.

And Steve, look at the tax rates and tax tables in Canada. You can look it up in any tax return software. The top 10% of income earners pay about half the income tax in Canada. In fact if you make less than (approx) $70k per year you're (on average) taking more tax dollars out than you are putting in. You might want to believe the rich aren't doing their share (if you can't be financially superior to the rich you can at least try to fool yourself that you are morally superior) but the reality is they pay a helluva lot more tax than you do.

Rich people are no morally better or worse than the rest of us on average. Some of them luck into their money...a few cheat their way into it but the vast majority of wealthy people are smarter or harder working and just plain deserve it more than you or me.

Karl & Tanning. I think you need to get to know some actual wealthy people (not just those who are better off than you and your neighbours).
You will see how those who's money is passed down from generation to generation think completely different and operate in a completely different sphere from the vast bulk of the population.
By your definition of business size and my Uncle and Father are 'Wealthy' but they don't have large homes in Monaco or Yachts more than 100 feet long, so clearly are not in the group that I am referring to.
But, by all means continue to think that the system isn't rigged and that soon you too will join the 60 or so Billionaires that list Canada as home.
Dream of the future, follow your passion, go after a challenge!
Just don't be disappointed when you meet actual wealthy people who understand the math behind your chances with your approach.

Same crap as all other books on the subjects. While it's true for small percentage of the rich, most rich individuals I've met are incredibly boring and narrowminded. I think focus on earning (and nothing else) is what makes them rich.

I just think a lot of those so called wealthy people (whose assets are beyond at least 10 million dollars) are much luckier than average people. For instance, anyone can build a website (with enough programming knowledge and web internet skills) but only those very few meet the right people and by divine coincidence get the right opportunities. Mark Zuckenberg went to Harvard and started a company with just a $1,000 dollars in the account. Obviously with such a rich environment he was already in (Harvard isn't a public college or school where you meet very wealthy people and influential families), it was easy to move into the right circles to get financing. There are other stories. Average or poor people can't even afford to get into those schools like Harvard, Stanford, Yale, Princeton, etc. I have yet to see a rags to riches story that people living in a cardboard box, collecting food stamps suddenly become wealthy in today's world. Back then (20th century), it was still possible because they were stories like Nathan's Famous Hotdogs or the guy who started McDonald's Hamburgers. Being in the right place at the right time (or generation) matters a lot and the circle of friends you have. Whover said anyone can be rich, needs to start at the bottom and try to climb that ladder. Believe me, he will stay at the bottom forever. I agree today's rich do not know what it's like to be from the other side of town. Bill Gates, Mark Zuckenberg, etc etc all come from fairly well off families to begin with already so they already had a hand up to start. It's like starting half way ahead of a race when everyone else is at the back starting at the beginning.

My partner and I also started our own business almost 20 yrs ago after we both lost our jobs through down sizing. We could have wasted time complaining and playing the victim but we are both more solution oriented and very resourceful. To say things were tight for a while with 3 kids to help support would be an understatement but we persevered and had faith ourselves not some new employer to save us. I also only collected one EI cheque, my partner not one. Although its been very tough at times amd tempting to quit we did as the article stayed have our eyes on th future and possibility. Now we are strong and thriving and provide stabl good jobs to others who look for a dynamic environment. When the company has done well we have rewarded our staff and helped out when needed, vice versa when times were tough they stood by us. I do agree with the article (although it doesn't take not account other factors for poverty like long term disabilities, unforeseen health crisis etc). When others say we're 'lucky', we say yes, the HARDER we worked the luckier we got.

Positive people focus on what they want, Negative people focus on what they dont want.

It doesnt take money to seek opportunity. It takes an open mind and not allowing oneself to be trapped by fear. I was 25 years old, lost my job and was living on an air mattress in a one bedroom 500sqf apartment. I knew I wanted to turn my life around and so I scrounged up my confidence and self worth, and promoted myself by sending out resumes to every manager in my field that I knew of. I got a job as a receptionist and worked my way up through hard work. I asked for things to work on. I dont have any formal education to speak of but I kept my eye on the prize. I currently just accepted a position in a department that aligns perfectly with my interests. You know how I got it? I asked for it. I went to the manager and asked how to make myself more qualified as the role I was currently in did not relate to that department. I put the bug in her ear. 2 months later, something opened up and it was offered to me. It takes guts and drive to get what you want. I am also in the throes of starting up a side business using next to money. I have no fear of failure or people saying 'no'. As a result I own a beautiful condo, a nice car and a blissfully happy relationship...a long ways from that air mattress in that crummy basement apartment. Its all about attitude and that is why wealthy people are wealthy. They view life as anything is possible and that is because.....anything IS possible.

Deep down in side, the uber wealthy and the government make me furious. However, i still have to take my hat off to them! Weather they make their money legally, illegally, taxed or by extortion, at the end of the day they are the leaders of the world. In this game of monopoly.......they are winning!

Wealthy people do have a different mindset - Money, Power, Respect - they know the value of what money can obtain - and it isn't fast cars and big houses (these are just perks) it is the power to gain more control over wealth. (i am talking really rich, not a few million)

The man with the most wealth, has the most power....pretty simple incentive.

Also, the rich do one thing the poor or average don't - they avoid all taxes if possible. See, the poor and average are steady investors into our local governments and never see any dividends in return.
The rich on the other hand - pay people to help them avoid being taxed to death to maximize profits.

The one thing i don't like about the new age rich is the amount they pay themselves. The gap is growing each year from top earners to the "average" employee. What makes it worse is.........the dream for most is to become "middle class" one day - nevermind being rich.

My dream isn't to have billions of dollars while others starve and my employees scrape by. You would think that is the dream of the rich - seeing that is what they are doing with there wealth. They have the means to do anything they want - and they choose......to find ways to make more money. That is where the mindset is different from Rich to Poor. At least in my opinion.

You know all here make some valid points but i think Steve makes an important distinction in the differnece from "moderately wealthy" to those of the "super rich sect".
The rules of the game are not the same for the average person, as exemplified by what is commonly referred to as an IPO (Initial Public Offering) for those who might seek to get ahead with what is supposed to be an capitalist investment in real business idea.(Really just gambling foolishly for the average person) Well you try to buy a so called IPO as an average person. A person prepared to take a calculated risk on new or existing business ventures, and be involved in profits realized. I suggest to you this is a game only for those in the "Super Rich Sect" and the average joe "Public" can not even buy into such things, until those that are able have exhausted the main potential.
(I tried a few years back with the opening of "Palm" a now obsolite hand held device-but offered at about $40. went to over $100. same day-then sold off to joe public).
Therefore it is "IPO" (initial private offering). Certainly much is to be said for taking risk, but often those at the Top are taking it on the backs others. The stock market is just one example and you can not tell me this is not wrought with corruption and dishonesty.
Much can be accomplished with hard work, passion and going for the challenge; but we are not all on the same playing field; and that is in my mind a problem that needs attention.
:)

You know all here make some valid points but i think Steve makes an important distinction in the differnece from "moderately wealthy" to those of the "super rich sect".
The rules of the game are not the same for the average person, as exemplified by what is commonly referred to as an IPO (Initial Public Offering) for those who might seek to get ahead with what is supposed to be an capitalist investment in real business idea.(Really just gambling foolishly for the average person) Well you try to buy a so called IPO as an average person. A person prepared to take a calculated risk on new or existing business ventures, and be involved in profits realized. I suggest to you this is a game only for those in the "Super Rich Sect" and the average joe "Public" can not even buy into such things, until those that are able have exhausted the main potential.
(I tried a few years back with the opening of "Palm" a now obsolite hand held device-but offered at about $40. went to over $100. same day-then sold off to joe public).
Therefore it is "IPO" (initial private offering). Certainly much is to be said for taking risk, but often those at the Top are taking it on the backs others. The stock market is just one example and you can not tell me this is not wrought with corruption and dishonesty.
Much can be accomplished with hard work, passion and going for the challenge; but we are not all on the same playing field; and that is in my mind a problem that needs attention.
:)

You know all here make some valid points but i think Steve makes an important distinction in the differnece from "moderately wealthy" to those of the "super rich sect".
The rules of the game are not the same for the average person, as exemplified by what is commonly referred to as an IPO (Initial Public Offering) for those who might seek to get ahead with what is supposed to be an capitalist investment in real business idea.(Really just gambling foolishly for the average person) Well you try to buy a so called IPO as an average person. A person prepared to take a calculated risk on new or existing business ventures, and be involved in profits realized. I suggest to you this is a game only for those in the "Super Rich Sect" and the average joe "Public" can not even buy into such things, until those that are able have exhausted the main potential.
(I tried a few years back with the opening of "Palm" a now obsolite hand held device-but offered at about $40. went to over $100. same day-then sold off to joe public).
Therefore it is "IPO" (initial private offering). Certainly much is to be said for taking risk, but often those at the Top are taking it on the backs others. The stock market is just one example and you can not tell me this is not wrought with corruption and dishonesty.
Much can be accomplished with hard work, passion and going for the challenge; but we are not all on the same playing field; and that is in my mind a problem that needs attention.
:)
I also agree with Mr. Negative-We need also to pay less tax to our thieving govenment.

my appolgy for the posting copying as it did, the code entry section did not seem to be very clear. LOL

So, the rich got so because of their thinking! Is that's all it takes, change the way you think and thigs will get glittery?...

Is it just me or the causality is being reversed intentionally here? What about the thinking of the rags- to- riches? Does it turn as well?
What about the poor intelectuals who think along the same lines? Many poor people are so because they do exactly what they like doing and nothing else.

I bet that the "Author" got rich writing garbagic rubbish for poor readers 'cuz there is nothing else he'd like to do!?

I'm definitely average. It sounds like the rich aren't sentimental and look to the future and aren't afraid of the future, or failing. So, the rich have a great attitude and work hard. There's nothing wrong with any of that. No mistakes= more money. Sounds right.

The rich may not pay as much tax,so be it im sure there`s ways around for anybody to pay less tax if u really wanted ,and for spending on items they pay taxes no matter what on furnishing cars etc so they do pay alot of taxes thats my opinion Alot of people that are poor or lower standard of living spent foolishly ,ive done it myself for years and still do If we all just saved 10 ppercent of are income and cut out stuff like tim hortons coffee burgers eating out everyday etc ,instead bring a lunch a coffee thermos etc we can find ways to save cause ya never no when a rainy day will come,they always do at the worst times dont they ,They have a show called debt do us part where couples ,singles are spending 100`s and 1000`s a moth more then they make on credit cards that charge 19,20 or more percent just think how much we can save if we dumped these cards and used wisely Bottom line think positive cut negetivity and just try to live more happy ,there are people who run into bad times cause of certain reasons im just touching the sevice hear but i hope u get what i mean here thanks

Not much of a study. I wonder how many people Siebold interviewed from the average consumer class. I know way more people making average incomes who would be better described by what Siebold describes as the rich person mentality. I hope the rest of his book has more insight than this rather vague generalization.

to Karen D. - maybe average means something different to you...
to all the 'rich don't pay taxes' sayers: There's no magic ways or smarter accountants/lawyers that'll save you taxes. The way the rich get out of paying taxes is by re-investing their profits in business. That is, they have to buy property, spend on upgrades/renos, pay wages, etc. All those things get written off against income. So if someone sells $1,000,000 worth of goods but spends $900,000 doing so, they only have to pay taxes on $100,000 - same as the oil-field worker that made $100,000. Of course, both of those have the option of buying RRSPs and donating to charity to further reduce their taxable income but to say the rich cheat because they don't pay taxes on the full $1,000,000 is only fooling yourself. When you start looking into it, you'll find that re-investing profits is the only way of avoiding the taxes.
As far as the author's actual points... It sounds like he's repeating the Rich Dad, Poor Dad author.