You are likely reading this article because you are interested in the differences between the way poor vs rich people think and act so you can apply them in your own life. Right?
Well, one thing's for sure - it starts with the right mindset. If you're serious about success, then you need to change how you think.
As you study the lives of rich people, you'll notice one consistent theme: a growth mindset.
One of my favorite quotes of all time is from Dale Carnegie. "Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all."
Having a rich mindset is ultimately about growth and persevering until you reach your desired outcome. The best place to begin? Understanding the poor vs rich.
Ready to learn what sets the two apart?
Let's dive in!
The difference between rich and poor people
For some, the images are real. But for others, behind the scenes is a lot of debt, poor credit, and zero savings.
In the extremely popular and captivating book, The Millionaire Next Door, the author has studied millionaires overall several decades. Do you know what he found?
Most millionaires aren't living out in Hollywood. Most millionaires are right in front of you - living in your neighborhood, driving that second hand Toyota and sporting the iPhone from 5 years ago.
They're business owners who've built their empires from the ground up, women and men who've maintained their old lifestyles while building real assets.
So as you scroll in awe, realize that truly rich people often won't flaunt it. And it's partly why they continue to increase in wealth. They're not buying the latest gadgets, instead, they're building assets. And there's many more of them out there than you can imagine. This is a key differentiator between rich vs poor people.
What is a poor person mentality?
On the other end of the spectrum, you have a significant number of people stuck in a poverty mindset. This generally convinces people that their circumstances are fixed and that living paycheck to paycheck is the best they can do.
Poverty is complex. Our environment, exposure, and life experiences can keep us trapped in its cycle. However, by deciding to adjust your mindset, you can carve your way out.
Someone with a poor person's mindset believes that life has thrown them never been seen before challenges that are impossible to overcome.
What this person fails to realize is that everyone goes through rough patches. Oprah didn't rise to where she was without facing major personal and professional challenges, and neither did the likes of the late and great Kobe Bryant.
Instead, they had a wealth mentality, and below, we'll walk through certain habits that rich people have that sets them apart from the rest.
10 Rich people habits to start emulating now
Now that you know the difference between poor vs rich mindsets, let's get into specific rich mindset habits that you can start working on today.
1. Rich people always have a vision
Before you hit the ground running, ask yourself this: what is your vision?
Jonathan Swift said it right when he said "Vision is the art of seeing what is invisible to others."
Do you have hopes and dreams you're constantly thinking of achieving? Is your vision big beyond what you think you are capable of today? Will what you see for yourself change your life, the life of your family or your community in the future?
If all you see is where you are today, challenge yourself to build a vision. Once you do, realize it's not a one and done affair. Instead, it's an everyday process where your mind dreams further of what's possible.
2. Rich people have productive routines
Netflix, YouTube, and TikTok have been dominating the entertainment scene of late. Millions of hours are viewed each day.
While it's great for them, it does little for you - and rich people know this. Most rich people don't spend their time consuming mindless content for hours every day - not at all!
Instead, rich people are intentional. They have routines. And they understand that you don't just wake up as a diligent individual out of nowhere.
When we talk about routines, we don't just mean waking up at 5 am every day. That's only a tiny part of it. Instead, we're referring to the overall environment rich people put themselves in.
Rich people are intentional about the friends they keep. They pay attention to what they feed their minds. And rich people put themselves in environments where success is most likely.
Routines consist of all these components - time, environment, and habits. For example, when you need to get some work done, do you work from your bed? You probably end up getting much less done. Having a designated workspace will get you much further ahead. When its time for bed, put your phone away.
These habits sound simple, but they're not easy. Rich people know this and are intentional about having a consistent routine.
3. Rich people are results-driven
Wait, didn't we say that rich people are all about routines? Yes, they are - but more important than that, rich people focus on outcomes.
Rich people aren't building routines for bragging rights. No one is waking up at 5am so they can post about it on Instagram.
No. Rich people are focused on the results and will commit to doing what it takes to achieve them.
Routines alone will improve your quality of life. But they won't do anything for your bank account. Routines coupled with focused action will yield results.
So what's the best way to achieve results? Start with the end in mind. When you have a clear idea of what the end goal is, it will be so much easier to work back and figure out what it takes to get there!
4. Rich people admit when they don't know
Have you ever listened to someone who clearly doesn't know what they're talking about but they keep going on and on about it? It's ridiculous.
What's better is to admit that you don't know and to ask meaningful questions.
Rich people know this and are on a constant search for knowledge. If you're learning from a mentor, ask smart questions. Learn about the challenges they are facing, understand what they are trying to achieve, how they are planning to achieve their goals, and what they've learned from past experiences.
Listening always pays off and rich people know this. They gather intel on best practices, new opportunities and potential challenges and solutions.
They use this skill when learning, negotiating, exploring, networking - basically every human interaction they have!
5. Rich people don't work for money
You heard that right. Rich people work to learn. Poor people work for their next paycheck.
You see it all around you. Poor people end up working from paycheck to paycheck barely making ends meet. Rich people in the meantime grow their skills and abilities and continually rise up the ranks.
Once you make money the end goal, you'll be stuck working for it, without growing in your talents and abilities to earn more income. If you work to learn, you'll be well on your way to success.
6. Rich people have mentors
Life is all about relationships. You've heard the saying before "your network is your net worth."
It's true. Now that doesn't mean you should go out there and dump your friends. Instead, it means you should broaden your circle.
You see, rich people connect with other people. They identify stars in their field, study them, and through a leap of faith, make that connection.
It all goes back to your vision. Who inspires you? What do you admire about them? What do you hope to learn from them?
It doesn't just stop there.
You have to ask yourself how you'll make a connection with that person. And the best way isn't by sending them a message on LinkedIn asking for a coffee chat. In fact, its the exact opposite.
To connect with anyone you'd like in the world, you have to serve them first. Understand their world and figure out how you can add value to them. They'll be much more receptive to mentoring you once you've built a relationship.
"Can I pick your brain for 15 mins" messages on LinkedIn don't quite cut it - adding value first does.
7. Rich people always look out for opportunities
Shark Tank is a fascinating show. Every week, handfuls of entrepreneurs stand before the sharks and pitch a new idea. Some of them are wild.
Would you ever imagine a sponge in the shape of a smiley face making hundreds of millions of dollars? Or a toilet stool that makes bowel movements easier revamping how people handle their business? Scrub Daddy and Squatty Potty did just that.
Their founders were visionaries who saw opportunities in the mundane day to day activities of life.
If you'd asked the average person on the street how to improve the dishwashing, many would tell you the way we did things was totally fine. But not someone with a rich mindset.
A rich person always seeks to improve upon what's out there - and there's always room for improvement. Both in good economies and bad.
Past recessions birthed companies like Airbnb, Disney, Venmo, Slack, and Uber. Recessions and times of economic uncertainty birth some of the greatest comeback stories you can ever imagine. It's times like these where differences between people with rich vs. poor mindsets stand out.
8. Rich people believe in abundance
There's often one core belief that holds poor people back. It's a belief that resources are limited. It's a belief that if my neighbor Jane succeeds, then there's less room for me to succeed.
It can often lead to resentment and an assumption that rich people only look out for their own interests. To a person with a poor mindset, resources are always scarce.
Rich people, on the other hand, believe in abundance. You've succeeded? Great! Who else can too? Rich people know there's plenty to go around. They do not engage in an "us vs. them" mentality.
They focus on providing as much value as they can to as many people as they can. That's their formula for success.
Zig Ziglar summarized it well when he said, "You can have everything in life you want, if you will just help other people get what they want."
9. Rich people learn how to manage their finances
No one is born knowing how to manage their money. Sure, some people are born into families where financial management is modeled well for them. But for the majority of us, that's not the case.
Rich people know this and are proactive in managing their finances. A rich person has a budget. A wealthy person has learned how to invest in the stock market. A successful person made it a priority to get out of debt.
Beyond that, rich people understand how to use potentially harmful tools to their advantage. Instead of racking up thousands of dollars in consumer debt, rich people will leverage it to start a business if they need to. They use debt to build and they pay it off responsibly.
10. Rich people are not afraid to fail
If there's anything you take away from today, let it be this - rich people are not afraid to fail. They're not afraid of trying something new. They see a problem and they are quick to think of solutions to it.
They are not afraid of failure because as long as there are lessons to learn, they have not failed.
You've certainly achieved wins in the past but before those wins you've probably also had things not go according to plan. Look back at each of them and you'll notice the lessons you learned in order for you to get to the point of success.
Becoming rich is not hard. You just need to start cultivating habits that will get you there.
Like many before you, you too can become a millionaire. It won't happen overnight, but with consistent and diligent effort, you'll be well on your way to achieving wealth.
So I'll leave you with these questions: What is your vision? Where are you going? Who do you want to be?
Today is a great time to start developing your rich mindset and working towards your goals.