Habits of the poor mindset: vs rich people (differences)

Habits of the poor mindset vs rich people mentality differences. There is a saying that says thinking is very hard that is why most people judge. That doesn’t mean poor people are bad in thinking or good at judging others, no. What I mean here is how the rich and the poor think differ from each other. In change your thinking changes your life. It’s mentioned that our inner world is a complete summary of our outer world. Therefore the position of the rich and the poor in terms of their standard of living is clearly seen in how they think and execute in their outer world.

Imagine you had identified how the rich think differently from the poor. What will you do? You will change your thinking habits and get rid of all the poor mindset you had. Then what will happen?  You will begin a new life not any life but a life worth living. This life will guarantee your success and make all your dreams come true. Who doesn’t want to make his dreams a reality? When your time comes, you may buy yourself fancy cloth, a nice car, a dream house and throw a big party with your friends. What an amazing life of a millionaire. But now, here you are without any of these. But it doesn’t have to be this way. Getting rid of the below habits of the poor mindset will make your dreams a reality.

• Check also Why you shouldn’t be Afraid fear

What is a poor mindset?

So what is a poor mindset? A poor mindset is any bad habit that is formed in the mind of a person. Did you mean bad habits? Yes, any bad habit that people repeatedly do is a character that is formed in their minds. As the saying goes “We are what we repeatedly do.” Our brain is a powerful tool, others use it to their advantage to achieve great things. Others too have it work against them.

Poor mindset meaning isn’t worth knowing, what is important mostly is how such mindset work against people.

 The rich and the poor are said to have a different mindsets base on how they do their things. Rich people are known to have a growth mindset. Poor people have a bad mindset. How did you know? The answer is found below…

What is the difference between rich and poor people? (Rich vs poor habits)

Rich vs Poor mindset, the truth is there are two types of people in the world. Successful ones and those that aren’t. Many factors contribute to the differences of the two classes of people but one that stands out the most is mindset. Ever watched those crazy viral videos of monks defying gravity and raising themselves above ground? They use their minds to do the most unbelievable things that have been deemed impossible. Your mind is a powerful tool, it can build or break you (know the habits of the poor mindset).

• Check also Why You Should Be The Love You Never Received

The differences between the mindsets of a poor person and a rich person. Want to find out where you lie? Read till the end.

1. Rich people make money work for them while poor people work for money

 You might have heard this one before but I will explain it much better. Rich people understand that you can never make good money if you are constrained to hourly pay or a paycheck. We all have the same number of hours in a day so we are all limited to 24 hours of pay daily. No matter how much you maximize working hours within a day you can’t do much. Your pay per hour is also limited to a certain amount. However, rich people invest wisely by earning from other people’s work hours or investing in passive income sources.

Poor people, on the other hand, spend their lives working an hour wage. They spend their time building someone else’s dream and slave out their hours in exchange for limited pay. If a poor mindset person didn’t go to work today they would miss out on their income. The rich realize that you won’t build wealth if you’re constrained to hourly pay. Everyone has the same allotted hours a day, yet the rich maximize those hours. Am not saying being employed is a bad thing, in fact, I advocate for it.

Employment will give you some form of foundation to raise enough capital to invest in assets and businesses as the rich do. So even if you are employed have an exit strategy.

• Check also Why Success Is Not Always What You See In Life

2. Rich people invest their money but the poor stash it away in savings accounts

Rich people invest their money to win. They invest with the mindset of getting rewards from their actions. They are willing to take risks but only the calculated ones when it comes to their money. The rich will take advantage of downturns in the financial markets by buying more stocks while others bail and lose fortunes.

Poor people have the mindset of taking zero risks. They believe in setting their money aside in savings accounts with minimal to no returns. What they don’t know is that most banks have a return rate which is lower than inflation. The average return from a savings account is 2% but the yearly inflation is about 3%.

 Just to understand this better let’s me give you an example…

 If you have saved $100,000 in the bank with an interest rate of 2%, you will earn $2000 a year. If the annual inflation rate is 3%, then the difference will result in a $1000 loosed, yearly.

• Check also Painful Eulogies For My Father My Hero

Below come the habits of the poor mindset I have been waiting to show you…

3. Rich people continuously learn. Poor people do not

Let’s see an example, Warren Buffet reads five hours daily. How many hours do you learn? Or rather when is the last time you learned something? Many other billionaires and millionaires set aside at least one hour daily to study. Sparing as little as thirty minutes a day for learning can go a long way in increasing your knowledge. I bet you are wondering what reading and learning new things will help you in.

By reading you will be able to understand different aspects of money and also identify opportunities. However, don’t just read anything, choose books that will expand your knowledge. Poor people stop the learning process as soon as they step out of school. About 24.5% of adult Americans haven’t read a book in the past two years and a staggering 55% haven’t read in the past year.

4. Rich people believe that creating wealth isn’t easy

They know the road to success will have several roadblocks and challenges. They don’t let problems take over but instead focus on finding solutions. They don’t waste time complaining but focus their energy in finding a way. The poor man’s mindset is full of excuses and will often give up. Poor people let problems bring them down. They don’t have a way of picking themselves up when faced with challenges and don’t know how to kick start the gear.

 They surround themselves with non-supportive individuals who don’t advise them accordingly and let them grow. This is known as the crab mentality. Crabs in a bucket could work together to escape but instead, they hinder each other, that is a real habits of the poor mindset.

• Check also Why Silence Is The Language Of God?

5. Rich people take time to make decisions. Poor people do not

They will weigh the pros and cons before deciding. Often, they will use references and logic during the whole process. The rich also look at the repercussions of their actions. If I do A, what will be the outcome? This way they are able to take more calculated risks and grow their money more. Poor people are impulsive when it comes to their decision-making process.

They will often make decisions without any forethought. They will invest in a business just because a friend or family member asked them to. You will be poor if you make impulsive financial decisions.

6. Rich people are future-oriented. Poor people live in the past

The rich always think about the next ten years and are not looking for instant success. They understand that it will take time and great effort to build sustainable wealth and stable income streams so they plan ahead of time. You will often find the rich buying stocks when the markets take a downturn or buy property when there is a housing bubble burst. The rich know the power of compounding interest and how to build a proper long-term portfolio.

• Check also How To Get Rich With No Money Or Education

They are much disciplined when it comes to spending their money.

They may not buy lavish assets now but in the next five years they will be wealthy enough to afford them. In short, the rich will make sacrifices today to live a better life tomorrow. Poor people only think of today tomorrow and maybe next week. They want to become instantly rich. They live off paycheck to paycheck because they don’t plan for the future. Most poor people work towards getting the next meal and just that instead of financial freedom.

 If you want to be poor for the rest of your life then this is definitely the way to go. It’s a bad habits of the poor mindset.

7. Rich people have clear goals and targets. Poor people do not set goals

 They are always on the lookout for opportunities and don’t view challenges as roadblocks. This enables them to take calculated risks and make better financial decisions that will grow their money further. They have a step by step guide clearly outlined for them to follow. There is no guessing which way to take as with poor people.

Poor people on the other hand, don’t have life goals. They don’t know what they want from life. They allow problems to always limit them. They have acquired a fear-based mentality which limits them from growth. They don’t have the motivation to follow through with a plan. Therefore, with nothing to look forward to and no action plan they end up in poverty.

• Check also Different Between Living In Poverty And Being Rich

8. Rich people never settle and don’t stay within comfort zones. Poor people stay in their comfort zones

 They are always looking forward to the next step in life. They love to take on challenges and create advancements in life. They will tackle a problem head-on despite being afraid. As for poor people, comfort zones are the best environment. They hate problems and will run away from unfamiliar situations. They have no will to face difficulties in life and achieve better things.

When an opportunity presents itself and it happens to be slightly different from their usual they will not take it on. Most poor people are comfortable in their low-wage jobs and will not start something different to boost their income. That is a bad habits of the poor mindset.

9. Rich people are innovators while the poor are consumers

The rich are the creators of the world. They are the pioneers and entrepreneurs who take on risks and create new products, services, and concepts. They spend most of their time learning and innovating. They add value to the world. The poor however are just consumers. They consume the products created by the rich and make them even richer.

 They shy away from inventing anything or challenging themselves. Instead of investing their little money, learning something new or creating something, they spend their time struggling to acquire the latest status symbol. Inevitably 90% of their income goes to buying things and services that will generate wealth for the rich.

• Check also Why Money Is Not Everything In Life

10. The rich build lasting relationships based on respect, trust, and shared values. Poor people build a relationship base on first impression

Rich people help each other grow and reach the next level with zero expectations. They don’t expect any favors in return once they offer help. But, the rich believe that if I scratch your back you will scratch mine. They make unstable relationships with people with no goals or discipline.

 If you happen to be in the latter category start by evaluating the people you spend the most time with. Who are they? Do they have a rich mindset? If they don’t replace them with people who have one. You can attend events or local meetups to make new friends. Make the right connections and you will win.

These habits of the poor mindset need to be changed instantly before they can attract wealth.

• Check also Why Success Is A Journey Not A Destination

11. The rich understand the importance of having a good reputation. Poor people kill their reputation

 The rich know everything takes respect and trust to gain one. They also understand that the same way the reputation was gained can be lost. The poor mindset individual is shady in character. He or she will do anything to make a quick buck even if it will jeopardize their image and reputation. To change from this, one will need to take the high road and consider the repercussions of all actions.

 It is easier to damage one’s reputation than to build one. So with this in mind ensure you always do the right thing!

12.  Rich people understand the value of time. Poor people waste their time

 You will never find the rich lazing around wasting time. They know time lost will never be re-gained and treat it as their most precious asset. As for the poor mindset individual, he or she is always looking for the next vacation center. They will waste hours every other day watching TV shows, consuming alcohol and drugs, or gossiping with their peers. I hope now you understand why the rich keep getting rich and the poor just getting by. Do you have a rich or poor mindset? Let me know what you think in the comment section below.

• Check also “Success Is Never Owned, It’s Rented, and The Rent is Due Every Day.”

How do you escape the poverty mindset?

How do you escape the poverty mindset? It’s a question you need to know the answer to. Forming a new habit is the most difficult thing one can do. That doesn’t mean once a habit is formed you can’t get rid of it, no. Remember “He who conquest his mind is the mightiest.”

 The poor vs rich, you have seen that rich people have a very great mindset that the poor don’t have. Therefore if you want to change your life and be rich, you have to change your mindset first. Because you can’t change your life without first changing your mindset. How can I do it? Well, start slowly and pick any one of the rich people’s habit you want to form and replace it with a bad one. This may be hard in the beginning but you may get used to it as you repeatedly do.

So know the habits of the poor mindset and replace it with a wealth mindset. Remember you can’t completely get rid of a specific mindset from your head, you just have to replace it with a good one. Because being poor is a mentality and the best way to shut down such mentality from working against you is to replace it. So what should I replace it with? The answer is found below…

• Check also High Income Skills to Make 6 Figures Income

What is a wealth mindset?

You have seen how a negative mindset can work against you.  Then what is a wealth mindset? Earlier on I showed you the rich vs poor mindset, the rich vs poor habits, and how the rich think differently from the poor. But I have actually not said anything about wealth mindset right? Wealth mindsets are different types of a good habit the rich repeatedly do which raises their standard of living higher than poor people.

What do I mean? You see, the way the rich has programmed their mind to manage their money, time and business are what really attracts wealth to them. If most poor people do not adopt such a mindset, they can never increase their wealth. Why because they don’t know how to manage and increase their income. They even spend their paycheck before the month is due. Most habits of the poor mindset do need change if one really wants to be rich and successful.

It your turn, if you can be discipline enough to get rid of a bad habit in a week, let me know in the comment box below.

• Check also Why Money Is Not Everything In Life: 6 Lessons (Bill Gate)

Tagged Habits of the poor mindset