The wealthy segment of the population thinks differently, but what is it that sets them apart? Yes; their income does, but how do they create wealth, success, and gain admiration from others? It comes down to their mindset and belief system. Here are five insights into what sets successful people apart from the crowd.
They see problems as opportunities to solve
One of the most apparent differences in the way that successful people think is how they approach challenges. The high achievers and those who win focus on solutions. “How can I get past this? What can I learn in this? Could this benefit me in any way?” Winners ask different questions and subsequently— yield different results.
The scarcity mindset zeros in on what is missing. This traps people in the space of being a victim and giving up. Negative mindsets are self-fulfilling cycles— destructive and dangerous. “What you focus on expands,” as one well-known saying goes. You have a goal to own 1,000 multifamily units by 2019? Then your first task is to believe it, solve the challenges to get there, and continue to work until you achieve your ambitions.
They believe in consistent work before waiting for their “lucky break”
Many unsuccessful people think that only a few individuals can achieve wealth and that there is not enough for everyone. They believe that you are either born rich, lucky, or have the right connections. Did you know that statistics actually show that very few wealthy individuals come from trust funds or handed-down money? Most wealthy people are actually self-made. Successful individuals have the mindset that they are in control of their own destiny. What they have to do is put in the work. Successful people believe in creating their own luck through working consistently.
Abundance is a way of life
Successful people have an attitude of abundance. Those who struggle with success believe that there is not enough money or resources to go around. On the flip-side, wealthy 1 percenters know that there is enough for everyone. Wallowing in poverty blocks one from believing that they deserve and can achieve abundance.
Successful individuals believe in building value and filling in weak points. In real estate, the mindset of abundance can change business completely. If an investor thinks that there are not enough deals to go around or any other deterrent happening in the market, he or she will not put in the time necessary to see a reward. Abundance allows a real estate investor to find deals and build a portfolio.
Know the difference between leveraging smart and carrying bad debt
Successful individuals don’t take on heavy personal debt that will cost them every month and drain their cash flow. Instead, they use leverage, non-recourse loans, and partnership opportunities to do more than they could do alone. They strategize to invest first and let their returns pay for their expenses or lifestyle. The poor mindset supports buying things to massage the ego, chase instant gratification, and engage in expensive personal borrowing. Others refuse to use any type of leverage at all.
Diversification is a way of life
Successful people know that they need to diversify to achieve in life. Those who struggle to get past the rat race hold the belief that they have only one way to get ahead. There success is essentially left to a lottery ticket mentality of chance, hoping that they MIGHT win. The odds don’t look good if that’s what you are going with! If this is a mindset you hold, you are encouraging yourself to stay broke and keep unhealthy habits in your life. Let’s just say you win the lottery with the type of mindset just mentioned. Typically, the money is gone very quickly. Don’t bet your life on one hope. Steady growth and diversifying is the way that wealthy people balance their life and build to success. It’s smart to put money into more investments and take less risk.
We have the power and ability to change our life path. It begins with our mindset! When you apply these principles and practice them, daily, you will begin to see yourself— and your life— transform.