9 Ways To Develop a Millionaire Mindset (#7 is Very Important!)

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Do you ever find yourself thinking about rich people and how they got so rich?

I mean, did they win the lottery? Or did they inherit some mass amount from a long lost Aunt? Maybe they worked and worked from a young age and saved every penny they ever earnt!

Funny how you hear stories about people and the curse of the lottery who blew it all and quickly found themselves broke…

Read also: 12 Saving Money Tips To Make You a Millionaire

What’s The Secret To Becoming Rich?

When it comes to “becoming rich” or having a “rich mindset” you may be surprised to find out that it actually has a lot to do with psychology.

Yep!

Steven Siebold, a self-made millionaire, dedicated 26 years to conducting interviews with some of the wealthiest people worldwide. As a result of his extensive research, he wrote an inspiring book that delves into the thought patterns and mindset of the rich.

This book opened my eyes to the fact that mindset actually has EVERYTHING to do with becoming wealthy.

One quote from the book that stopped me in my tracks was:

Thinking big is normal for rich people. The masses think small. The secret is to think big and act on your dreams while everyone else waits for a miracle to happen.”

Talk about MIND. BLOWN.

This quote alone helped me to realize that wasting away in a job I hated was never going to help me fulfil my dreams. And I’m in no means rich today! But I’ve paid off debt, managed to save my first $50k and I’m doing something I love instead of sitting in a dead-end job wishing I was anywhere else!

Another quote that stayed with me from Steve’s book was:

The masses are so afraid of risk, they stay immobilized, creating the scarcity they fear. Rich people are willing to act in spite of fear.”

That reminds me of how I was feeling stuck in my job, scared and afraid to do anything outside my comfort zone or take any risks. Until, I did! Hint: it was this blog 😉

Why is Mindset So Important Anyway?

Mindset is super important when it comes to building wealth because it shapes our beliefs, attitudes and behaviors around money and success.

Mindset plays a huge part in our beliefs about abundance and scarcity. Meaning, if you have a wealth building mindset, you believe there are millions of opportunities for financial success.

The rich and successful see possibilities where others might only see limitations.

By having an abundance mindset, you’re more likely to seek out and recognize opportunities to grow wealth that align with your goals.

Also, mindset helps us to accept when things go wrong, and gives us the ability to overcome hard obstacles. With building wealth, it often involves taking calculated risks and getting through challenges.

A strong mindset empowers you to face uncertainty and adversity with resilience and determination. Then you can step out of your comfort zone, make informed decisions and persevere even when you’re faced with setbacks.

Without a positive mindset, fear and doubt creep in and paralize us with fear and prevent us from seizing opportunities.

So you see, mindset drives our long-term focus, goal setting and financial habits. A wealth building mindset encourages us to set clear financial goals and stay focused on achieving them.

Embracing Delayed Gratification

Steve discusses embracing delayed gratification, saying that the rich focus on financial freedom and long-term goals. Whereas the middle class tend to focus on wants and short-term gratification.

I have to admit that I sometimes catch myself seeking instant gratification. Whether that’s to do with a blog related goal, health and fitness goal, or other personal goal, I sometimes get impatient when I don’t see results straight away. Because hey I’m only human!

But delaying gratification helps us to focus on long-term goals and put our priorities in check. You also build resilience this way and can make better decisions all round.

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Okay. It’s time to delve into the mentality of the rich!

How To Develop a Millionaire Mindset

1. Embracing Abundance Thinking

In the last couple of years, I’ve been focusing on shifting my mindset from “there’s no WAY I can achieve that” to “I can totally do this!”

And it’s been working!

Embracing abundance thinking, as highlighted by Siebold, means adopting a mindset where you see unlimited possibilities and opportunities for success. It’s about believing there’s more than enough money to go around, and that your own success doesn’t come at the expense of others.

There’s a big difference in mindset between people who achieve significant success and the majority who settle for mediocrity.

I’ve never wanted to “settle” for a life where I’m struggling to make ends meet while working my butt off for someone else. It just ain’t for me. So I started looking for ways to make extra money outside my job. I did things like taking surveys, transcription work and weekend jobs.

Once I started shifting my mindset from “this is impossible” to “I will find out how to achieve this and get it done” my life changed. My blog started growing, I got more productive and learnt how to work smarter not harder.

Rich people “get” that thinking big is an essential aspect of their mindset. They set BIG goals that probably seem unrealistic to others, but they strongly believe in their ability to achieve them. That’s the difference!

But – thinking big alone isn’t enough.

The rich take action on their dreams and goals. They understand that waiting for external circumstances or miracles to happen won’t lead to success. They get proactive and pursue their aspirations, taking risks and making strategic moves to get what they want.

If you want to tap into your potential and create your own opportunities for wealth and success, you must believe that you can and WILL find a way.

2. Putting Financial Education First

Because they don’t teach you about personal finance in highschool!

Steve says:

The more you learn, the more you earn. Rich people know this and never stop acquiring specialized knowledge related to their fields.”

This couldn’t be more true!

When I was growing up, I was told to save, work hard and get a good job to live comfortably. But I wasn’t taught how to save, budget, invest or do my taxes. I had to learn all of this on my own.

When you know how to manage your finances as well as seek out opportunities, you’ll have a much better chance of holding onto your money.

Steve hones in on the importance of financial education throughout his book. When you take the time to learn everything you can about finances, you gain knowledge of budgeting, investing and managing your money properly.

Staying up to date on financial trends and strategies is crucial for long-term wealth building. When you hold financial education in high regard, you can adapt to the changes in the economy, find emerging opportunities and make good financial choices.

Ultimately, financial education gives you the tools and knowledge necessary to take control of your financial future.

3. Taking Calculated Risks

The key word here is “calculated”.

According to Siebold, the rich aren’t reckless gamblers but strategic risk takers.

They look at potential outcomes, weigh the probability of success and make informed decisions based on their analysis.

Rich people understand that not all risks will pay off. However! They’re willing to accept failures as learning experiences and will adjust their strategies when needed.

By taking calculated risks, rich people find opportunities that others shy away from. They understand that playing it safe and staying within their comfort zones could limit their potential for growth and wealth.

So basically, the rich get comfortable with being uncomfortable!

While the masses enjoy sitting comfortable…

I’m someone who, at times, needs a bit of a push to get outside my comfort zone. This blog was something that was so far outside my comfort zone it was a teeny tiny dot in the distance. I had to get used to being uncomfortable and learning new things and constantly adapting to change.

Thankfully, the more you do something, the more you learn and grow and open the door to more opportunities.

And, if we didn’t fail at least some of the time, how can we ever learn from mistakes and celebrate the wins?

4. Setting Clear Goals

Siebold stresses the importance of setting clear goals as a fundamental part of the rich mindset.

Set goals worth getting out of bed for.

He says that wealthy people have a clear vision of what they want to achieve and set ambitious goals that stretch their capabilities.

Siebold also suggests that rich people set goals that are ten times greater than what they think they can achieve. Which might sound crazy to a lot of people! But they understand that by setting big goals, even if they fall short, they can still achieve incredible results. Rich people aim high and push their limits.

He also says the masses often have vague goals or no goals at all. Whereas the rich and successful have specific, measurable and time bound goals that they constantly strive towards. They write down their goals, review them regularly and make adjustments to stay on track.

Setting clear goals provides rich people with a sense of direction and purpose. It helps them prioritize their efforts and make razor sharp decisions. Their goals act as a roadmap that guides their daily choices and keeps them motivated and disciplined.

What’s also interesting that Siebold highlights is that rich people believe in their ability to achieve their goals. They have unwavering faith in their capabilities and are committed to taking consistent action towards their objectives.

Commit to investing at least one hour per day studying subjects that will help you move closer toward your ultimate vision.” – Steve Siebold

5. Surrounding Yourself With Successful People

Do you have friends, family or work colleagues that you look up to? Someone you admire and aspire to be like?

I remember when I first started reading blogs and gaining more understanding of the online world, I really admired and looked up to various bloggers, sharing their content and inspiring people. It’s not always easy to put yourself out there not knowing what the outcome will be. And I thought these bloggers were so brave and hard working!

Siebold says rich people intentionally surround themselves with likeminded people who are already successful. That way, they can study their experiences and learn from them, gaining valuable insights and adopting the same habits.

Who better to learn from than the very people who have achieved the same success that they want?

When you spend too much time with people who have limited mindsets and negative attitudes towards success, it can put a real dampener on your own goals.

Don’t let the opinions of the average man sway you. Dream and he thinks you’re crazy. Succeed, and he thinks you’re lucky. Acquire wealth, and he thinks you’re greedy. Pay no attention. He simply doesn’t understand.” — Robert Allen

Siebold says rich people leverage the power of association to expand their networks, open new doors and keep challenging themselves to reach higher levels of achievement.

By surrounding themselves with likeminded people, they create a supportive environment that fuels their motivation and increases their chances of achieving financial success!

6. Focusing on Adding Value

There are two quotes that come to mind here.

One is:

“Do what you love and you’ll never work a day in your life.”

And the second is from Steve:

“Rich people focus on adding value to others’ lives. If you can solve problems for others, you will make a fortune.”

The wealthy understand that creating wealth is directly linked to being able to solve problems and provide value to others.

Moreover, they realize that since there are no limits to ideas, there are no limits to how much money they can make.

I’ve always loved the feeling I get from helping others or adding value to their lives. If I can help someone save a penny or a thousand pennies, then I’m a happy woman! And if I can inspire, enrich and motivate people to step outside their comfort zones to try something new, even better! That’s why I live and breathe this blog.

Steve mentions that the rich recognize that financial success isn’t merely about personal gain, but about making a positive impact on others. And that adding value is an ongoing process. You don’t simply reach a few milestones and stop there. Keep going! Build trust, credibility and long-term relationships with your customers and audience.

When you do this, you will not only make a positive impact in people’s lives but also open doors to financial success as you attract new customers and opportunities.

7. The Rich Take Responsibility For Their Future

Middle class people wait for others to take care of them, while rich people take personal responsibility for their financial success or failure.

When I first read this it really got me thinking! The masses wait for others to show up and rescue them, while the rich are already planning and building for their future.

No knight in shining armor is going to turn up and save you. We are the ones who must take responsibility and accountability for our future.

I think at times we subconsciously feel like someone is going to save us and provide for our future. But in reality, it’s up to us and how we think and take action on our goals that will affect the outcome.


“Middle class dreams of having enough money to retire…World class dreams of having enough money to impact the world.” – Steve Siebold

8. Develop Multiple Streams of Income

The richest people in the world build networks; everyone else is trained to look for work.

This quote from Steve really resonated with me.

For the past couple of years I’ve been focusing all my efforts in learning, growing, finding ways to make extra money at home and mainly, my blog. I don’t have all the answers yet, but I learn something new every day and continue to stay focused on my goals.

Having multiple streams of income has so many benefits and can change your life. Firstly, it provides financial stability. If one stream of income goes south, you’ve got others to fall back on.

Secondly, when you diversify your income sources, you don’t have to rely on your paycheck alone as much.

And lastly, it allows you to leverage your skills and interests in different ways. So you’ll never get bored! It keeps you active, engaged and motivated.

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9. Learn From Your Mistakes and Keep Moving Forward

I think this is super important for anyone looking to grow and better themselves.

Too often, mistakes and setbacks are looked at in a negative way. But this is where true growth and learning happens and in many ways, should be celebrated!

We as humans are complex creatures, always learning, growing and evolving. Mistakes are just a part of the process.


Rich people see failure as a stepping stone to success. They don’t give up; they simply adjust their strategies and keep moving forward.” – Steve Siebold

Summary

And there you go! That’s just a small glimpse into the mindset of the rich.

Here’s a quick summary of the 9 points mentioned in this post:

1. Embracing abundance thinking change your mindset.

2. Putting financial education first – the more you learn, the more you earn.

3. Taking calculated risks – get comfortable with being uncomfortable!

4. Setting clear goals – set goals worth getting out of bed for.

5. Surrounding yourself with successful people – learn from people who are already successful.

6. Focusing on adding value – work out how to solve problems for people.

7. The rich take responsibility for their future – the rich take personal responsibility for their financial success or failure.

8. Develop multiple streams of income – set yourself up for financial stability.

9. Learn from your mistakes and keep moving forward – rich people see failure as a stepping stone to success.

If you want to learn more from the man himself, Steven Siebold, you can purchase his book here. Practice the ways of the rich and tap further into their mentality to see how they think and what sets them apart from the masses!

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Now it’s your turn!

So, what are your thoughts on all of this?

Do you feel like you have a mindset geared towards wealth?

I’m aware that there are areas where I can improve, but I’m fully prepared to better myself and become the best version of who I can be!

Leave me a message in the comments 🙂

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