Everyone desires to be rich in this world, yet we see very few achieve this in a lifetime. Being rich indeed is subjective; a rich person in certain developing parts of the world would be seen as broke in some developed countries. But generally being rich simply means having all your needs and wants met and still having surplus. Getting the things you desire without breaking sweat. I think any person who can do this in his or her sphere of influence can be called rich.
Made with canva
If we are considering the world standard of being rich then we will talk about the world's top 1%. I'm talking about those with their names on the Forbes list and yeah, the secret wealthy people in Saudi Arabia who don't like to be known.
Why are they Rich?
Well, I'm not on that list (not even on the millionaire list) and therefore I can't tell you why based on experience, but I can share my opinions based on listening to most of them, analyzing the similarities in their mentality, and the little results I have seen in my own life while trying to apply them.
Some are born into rich families, in fact their families have been rich centuries ago if you trace back their lineage. But ever wonder why even with them the wealth seems to get bigger over generations?
No idiot has messed up the whole thing.
It's the Mentality
The defining difference between those who desire and those who actually get rich is their mentality. The way a person thinks determines how they act, and how they act ultimately determines the results they get. I believe the ultimate inheritance the wealthy leaves to their children is not the money or assets, but the mindset to keep growing that asset.
What I have learned
I learned over the years that anybody's results can be replicated by me, if only I can buy into their mindset. When I see someone does something amazing, I don't waste my energy getting envious or wishing it was me, rather I spend time studying their mindset, because I know that's what got them the results they have.
What are some wealthy Mindsets?
It's quite a number, but can be summed up in a few.
1. Value seeking
This is the principle that made Warren Buffett the world's richest man once over the course of his life. While many seek for a get rich quick scheme (which of course some get lucky but lose it all over time) the truly rich people who sustain their riches over time look out to build and invest into things that have a long term value.
For example: if in the crypto world, it is advised to invest into tokens that have some kind of useful utility. That utility will be the reason why people will need that token and that is what gives it value. You're safer with such investments.
Take Bitcoin for example. What's its utility?
- It is a store of value
- It helps people to avoid losing their wealth by storing fiat which can be manipulated by a government
- It gives you total control and therefore freedom. I think it represents true financial freedom
The rush for AI investing:
Look at the utility of artificial intelligence. It's the reason why industries and countries are racing to invest into it. Those with rich mentality see a future where this technology will have a huge value and therefore they're investing greatly. That leads me to my second and last point.
2. Long term thinkers
Long term
Most rich people look out for undervalued projects or assets with good utility and invest while it's cheap. They patiently wait for the rest of the world to see the value in it and starts investing. By the time the rest of us see it, they are already heavily invested at the bottom. They can now control the wealth that asset will produce.
Just these two alone I have given has the potential to make anybody rich. That is if you are knowledgeable enough to see value and patient enough to wait for the value to be realized.
There are a couple more mindsets of the truly rich people which I will continue talking more about in my next blog. Hope this helps.
