Welcome to another solo round of The Art of Adventure Podcast! Lots of folks have been asking me to do an episode on millionaires and the rich mindsetÂ for a while, so here you go!
This episode comes after a multi year study of dozens of books about millionaires and the rich. Now that I have the privilege of interacting with millionaires on a daily basis, I have distilled down some of the major commonalities from the top books and my mentors.
Some of these books are a hundred or more years old! Some of them are quite recent. While the shape of wealth and business is constantly shifting, I hope to share some of the lasting truisms of wealth as I understand them.
I’m not a millionaire yet so I can’t back these ideas up with my own proof, they are simply a collection of observations and ideas that I have seen and try to cultivate for myself.
You might recognize this as one of the top themes from the first 50 episodes.Â Get comfortable being uncomfortable so you can make a big ask or go out on a limb when you need to. Â Results come from action, which comes from whether you decide to take action, so before anything can happen you have to think it. The right mindset also means having a purpose – a reason why you are doing something, and a clear image of what it will look like. You would never build a building without a plan, so what is your blueprint for success? Â Also, you have to believe you deserve the wealth you seek.
You have to actually deserve it.
Beyond believing you deserve the good life…from what I have seen, nobody is getting wealthy that didnâ€™t deserve it, i.e. they solved a big problem or helped a lot of people solve theirs. Â If you help make a ton of people rich, you will probably get rich too. If you solve a lotÂ of problems, you will probably get rich.
Creative solutions, lots of ideas
Because rich people have broad and deep knowledge and are not operating from a place of fear, their solutions to problems are creative (remember when you made creative deals in monopoly?) and that is a great way to uncover huge value that is closed to others. Giving good ideas away helps everyone and makes you valuable. When you have plenty of ideas (i.e. practice brainstorming) you come not from a place of fear, but fromÂ a place of abundance. Try thinking “How can I have my cake and eat it to?”
Learn rich social skills
People like people similar toÂ them. Most rich people are ridiculously positive. Â You can be positive too! Learn where rich people hang outÂ so you can meet them there. Learn the things they like to do and think about: travel, charity, playing chess, tennis, cycling, investing, entrepreneurship, etc., so you have something to talk to them about. Â Rich people like to talk about big ideas, not gossip about people or talk material possessions, so practice talking about ideas every day. Maybe try not complaining too.
Setting good habits as a foundation.
If you spend more of your time doing useful, productive, money making activities than not, you can build wealth. This usually means cutting out some nonsense time when you are consuming rather than creating. You need to always have a sharp prepared mind and body, so when you sleep well, eat well, relax and fully rest, it means you can work harder when you need to, duh. For the important relationships in your life – set up a habit and a schedule to think about them and get in touch with them.
Your surroundings are important
Your physical location brings you into contact with different people and ideas. The places you go on the internet bring the same contact. If you need to physically move to a new city or get new friends or stop going to certain sites on the internet, then by all means do it. You should be picky about what you let in to your life, because that is what will fill your mind, remember how thoughts come before actions and results!
Buy assets that pay you
Liabilities make you pay for them, assets pay you. An asset could be anything from investment real estate,Â microlending, dividending stocks, to owning pinball machines. On the flip side if you spend your money on a car, it is a liability: a car doesnâ€™t pay youÂ and you have to keep paying for gas and repairs. Buy things that make you moneyÂ while you sleep. While you are at it, make sure to spend less then you earn (and donâ€™t forget earning more is part of that equation!).
Set short, mid, and long term goals with deadlines
You can always change your goals, but set them. Lots of people do one part of this well: maybe people have good short term goals (save an extra $300 this month) or maybe they set someÂ new years resolutions or they have a purchase they want to save up for. Go a little bit deeper: give yourself a 1,3,5 and 20 year goal planing session. Think about your life’s work and the legacy you want to leave.Â If you donâ€™t know where you are headed, then it doesnâ€™t really matter what you do. Â I have changed my goals a few times, and that is ok.
When you are doing work on yourself you are doing work on the world
Billionaires like Warren Buffet and Bill Gates want their superpower to be able to read faster (so they can learn more and be better versions of themselves).Â Rich folks believe they can and should be constantly improvingÂ their knowledge, relationships with others, valuable skills, and health. The better family member, friend, leader, and employee you can be for everyone else, the more you should be rewarded financially.
A big recurring theme for millionaires is gratitude. Most rich folks did become wealthyÂ on their own and they are thankful for opportunities, fiends, collaborators, good fortune, etc. that allowed them to get to where they are. Because of this gratitude, rich people are some of the most charitable people and love helping others. Gratitude also helps them maintain a good mindset – millionaires know they can earn more when they need to.
KnowÂ your value and how to talk about it
You know how often people ask you what you do at a party? Wealthy people often have something interesting to say that gets others to lean in and say “tell me more!” Â Many millionaires are the boss/employer, but if they ever needÂ a job, they are clear about the reasons why someone would want to hire them. Â Millionaires know their strengths and best roles. Because rich people know just how they can help others, they are not afraid to promote that fact.
BuildÂ the right relationships
Find the right mentors, business partners, friends, loversÂ and cultivate strong relationships. Â Mentors or coaches give you the specific knowledge you need at just the right time, without you having to wade through years worth of research to find out. Â If you want to build a house or start a business or change something in your community, knowing the mayor, an architect, or a lawyer can be essential. Grow your network and community before you ever need it!
Here is the list of Millionaire and Rich related books that I referenced for this episode. Warning! This is a lot of books! Don’t read them all. I have put them in order of how frequently I refer back to them. You will probably have everything you need from these show notes and podcast episode to get you started.
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AOA 033 | Business Secrets From South East Asia
AOA 050 | 50 Shades Of Adventure: The Best Ideas From The First 50 Episodes
Did you enjoy the episode?
It was a lot of fun for me to go back through all these books and interviews and pick out my favorite themes. I had a list of about 50 ideas that I combined and cut down to these 12. Which one do you think is the most important? Are there any that you disagree with? Can you think of anything major I left out?