I’m sure you’ll admit that money pre-occupies most minds most of the time. Yet research shows that money and finances are one of the toughest things to crack. You need only look at the wealth distribution statistics to see the financial plight that most of society finds themselves in. The results? Well, quite clearly, financially wealthy people are in the minority.
Logically, we can only conclude that they are different from the average Joe Sope. Be it their thoughts, speech or actions – they are different. In this post, I want to highlight 14 unique thoughts about money that makes millionaires different.
1. They know money is abundant
Millionaires live in an abundant frame of mind. To them, nothing is limited or scarce. Whilst most people scramble around – doing things they hate – because they believe money will run out, millionaires know that money will never run out.
2. They know money is the root of all good
Whilst most believe “money is the root of all evil”, millionaires know that money is the root of all good. Money solves problems. Money gives you the power to bless others. Money changes lives. Money brings pleasure. Money liberates. In the right hands, money is the root of all good.
“What material success does is provide you with the ability to concentrate on other things that really matter. And that is being able to make a difference, not only in your own life, but in other people’s lives.” – Oprah Winfrey
3. They know money comes from Value Add
Millionaires know that the number one ingredient that attracts money is problem solving. When you solve problems, you add value to other people’s lives. When you add value, people are willing to pay you bucket loads of cash – happily so.
4. They know earning more outweighs saving
Most financial gurus will tell you to “save as much as you can”. That’s why most of society spends 40 – 45 years of their lives working to save for retirement. Whilst the benefits of saving are undeniable, millionaires know that your ability to earn more money is far more important than your ability to save.
5. They live within their means
In modern day society, we suffer from consumerism. It suffocates us to a point of no return. There’s nothing wrong with spending money. But there’s something crazy about spending money you don’t have. Millionaires budget. Within that budget, they understand the importance of spending less than you earn.
6. They know that time and money have little correlation
Passive income is a millionaire’s secret. By definition, passive income is earning money without you physically being present. Whilst the majority of people hustle and trade their time for money, millionaires trade and leverage their brains and assets for money.
7. They know that calculated risks are not optional
“Playing it safe” with your money is a sad way of living your life. Being stupid with your money is also a pathetic way of living life. But somewhere in the middle, lies a sweet spot. And millionaires know this. They take financial risks, in a measured and calculative way.
“Brave people don’t live forever, but cautious people don’t live at all.” – Richard Branson
8. They choose action not lottery
Whilst hard work and hustling every day is not a priority, waiting for the lottery winnings isn’t going to crack it either. Millionaires act. They believe in action that positions them to make money. The majority of society believe in the lottery, and hinge most of their financial success on luck. We all need some stroke of luck. Millionaires need a stroke of luck, too. But the difference is this: for them luck finds them on the path of action.
9. They value life experience over formal education
Life is a great teacher. It teaches you stuff that formal education will never teach you, especially when it comes to making money. It’s no surprise that most educated people are employed by ‘drop outs’. Millionaires realize that you learn more about money in the real world than you do through formal education.
10. They value education over entertainment
Although millionaires value life experience over formal education, they don’t – for one second – under-estimate the importance of education. They read books. They read current affairs and stay abreast of issues.
Sadly, the majority of society are soaked in entertainment. From television to movies, entertainment occupies a large chunk of their time. Over weekends, it’s parties and clubs – all in the name of entertainment. Millionaires know that money and habitual entertainment are an unhealthy combination.
“Poor people have a big TV. RIch people have a big library.” – Jim Rohn
11. They know you don’t need money to make money
Millionaires use the power of leverage. I’ve already mentioned that millionaires know that there is an abundance of money. Just because you don’t have money, it doesn’t mean that there isn’t money. In addition I highlighted that money is generated when you add value to people’s lives. When you solve problems, people are willing to pay you.
These two factors alone mean that if you have an idea that can solve problems and add value to other people’s lives and there’s someone out there with an abundant supply of funds, you are in a position to make money.
Focus on solving problems and creating ideas. That way, you’ll move from the notion of “you need money to make money” to “You need ideas to make money”. And millionaires know this.
12. They know money is a magnet
With money, you are able to attract things and people – both good and bad. When you value money, you attract good. When you disrespect it, you attract negative aspects. Millionaires know the magnetic power of money and how it can elevate your life to levels you could never reach without it.
13. They know making money is a process
There’s no such thing as “overnight success”. Millionaires will tell you it took years to become an overnight success. Genuine millionaires have invested time and effort to eventually generate the ideas that make them millionaires. They have made sacrifices that most are not willing to make.
Becoming a millionaire is a process. Cheat the process at your own peril.
14. They know that money should never steal your peace
Ultimately, millionaires know that money is a resource that liberates. But, it should never steal you peace. It should never be chased at the expense of your health, relationships and other important areas of your life.
As I conclude, I think of Andrew Mason, founder of Groupon – a coupon and discount site. Groupon generated the largest revenue in a 12 month period for a start-up company. Founded in 2008, it generated approximately $350 million in 2010.
What was Mason’s ingredients? Simplicity and value add.
He harnessed the power of collective buying. He created a win-win solution where customers save a ton of money, businesses gets an influx of customers, and Groupon takes up to 50 percent of the cut.
Where money is concerned, millionaires think differently. Apart from lottery winners and criminals, making millions is no fluke. You have to think, speak and act in a way that reflects that you are not mainstream. Go out there and cash in on your thoughts.
Editor of Run For Wealth, a blog established with the mission of helping people “Run A Fulfilling Life Race”. The blog publishes content that helps you live an abundant and balanced life in all key areas of your life. Peteni has run over 20 Marathons, 10 Ultra-marathons and 4 Comrades Marathons. He is also the Nike Run Club Coach in JHB, South Africa