Simply thinking about becoming wealthy isn’t likely to get you very far, but thinking like the rich is critical if you want to build wealth.
Here I will be highlighting five key ways the wealthy think differently about money and credit.
1. Leverage Creates Wealth
“On one side of the spectrum is labor, and at the other (end) is leverage,” “The rich employ money to make money. Labor doesn’t pay very well but leverage pays extremely well. We’re never taught to use leverage. Who teaches you that?”
The concept of leverage refers to using other people’s money to make money. And while that may sound good in theory, it’s a difficult concept to grasp if you don’t have a lot of money to begin with. So go where the money is, the rich are always looking for alternative investments, they may be more risky but they can afford to take therisk.
All you need is a good idea to start a business; there is so much money out there.” In other words, don’t just look to traditional sources to borrow money, look for private sources as well.
2. Forget the Lottery
Sixty-six percent of people have gambled in the past year in one way or another,. What’s more alarming is that half of those people say they plan to retire someday on their winnings.”
Instead of dreaming about how you’d spend your lottery winnings, dream about a business you can start. “When the rich need money, they don’t wonder if it’s possible, they simply begin creating new ideas to solve problems. In fact the rich are always looking to solve problems in order to make money. “If you solve a bigger problem you make more money. There is an endless amount of problems that can be solved.”
3. Worrying About Money Is a Waste of Time
Most of us have a fear-based mentality of money, that this worry about money is “a waste of time, not to mention the negative, destructive psychological impact it has on their minds and the physiological havoc it wreaks with their bodies.” Again, this is where a different mentality comes into play. Rich people think about problems and the ways they can solve them in order to make more money.
“Every product or service that has made our lives better has come from creative thought. So when I say the ‘world class’ thinks about how to make more money, what they’re actually thinking about is creative problem-solving, not money itself,”
4. Think Investing, Not Spending
While the middle class are often scolded for living beyond their means, “most of them earn so little they have to spend it all in order to live a decent existence,”
Rather than focus on pinching every single penny , focusincreasing income, which will allow you to invest. The more you have to invest, the more your money goes to work for you, even as you sleep.
5. Credit Is a Tool
The wealthy use credit as a tool, not a crutch. That means you don’t want to use your credit card to buy something you don’t need and really can’t afford. If you can use credit as leverage in a business where it makes you more money, then it makes sense. “The wealthy use credit strategically,”
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