When we look at the behavior and attitudes of those who are financially successful and those who struggle to create wealth, we see many key differences.
However, there is one interesting psychological trait that is shared between the poor and rich alike. This is something called the self-serving bias.
The self-serving bias is any perceptual distortion which an individual has, so they can continue to see themselves in a favorable light. We see this commonly when we look at entitled people who come from wealth and seem to blindly attribute their success to their talent – some like to call this the silver-spoon effect. For those of us who don’t have such a leg-up in life, it can be incredibly frustrating to see these people fail to show any signs of humility.
This self-serving bias goes both ways. Most people who look at the lives of others underestimate the value of talent, work ethic and mindset in their successes, and overestimate the value of luck. We also tend to judge the failures of others as character flaws as opposed to bad luck.
So what can we learn from this?
Well while luck is a factor, it is entirely out of our control, and therefore the single most important area on which we should focus our attention is our mindset. If we can adopt a millionaire mindset, it can make us far more likely to earn this kind of money.
Wealthy people will often tell you: it’s all about mindset. And the truth is, yes, it’s mostly about mindset.
So here are 10 hidden secrets of a millionaire mindset…
10. Millionaire’s have faith in their unconscious mind
The conscious mind is fickle and unreliable. It constantly changes its stance on things, raising objections and doubts that get in the way of clear and concise decision-making. The millionaire mindset necessitates that we rely on something greater than what we feel in the present moment, something that goes beyond our fears and worries. Some may call this intuition, but others may say that they just have faith in their unconscious mind to lead them in the right direction at the right time.
9. Millionaire’s start from a place of absolute clarity
Knowing what you want is one thing, knowing what you want down to the tiniest detail is another. Millionaires will often have very clear goals and plans that they will follow to a tee until they get to where they want to be. We often see the same mindset in hyper-successful athletes who talk about visualizing their success for years before it manifests. If you want to have a mindset of growth and abundance, you need to define exactly what it is that you want and know the experience intimately before it comes into existence.
8. Millionaire’s know that attention is their greatest asset
The average person spends hours and hours every day wasting time. Social media, T.V., video games on their cell phones, mindless eating, smoking cigarettes, the list goes on and on. The millionaire knows that their attention is valuable and they don’t waste it on activities that don’t offer them anything in return. Everything they do is focused towards their goal.
7. Millionaire’s never lose sight of their goal
To ensure that you don’t waste attention on trivial pursuits it’s important that you keep your goal in front of you at all times. One way to do this is by creating a life where you are surrounded by other people with similar aims. You can also make sure you’re constantly celebrating the small wins so you know exactly what you’re working for.
6. Millionaire’s untangle their relationship with money
This is the most elusive aspect of the millionaire mindset. Most people never even consider that their inability to make money could be tied to their unconscious relationship to it. We’ve been conditioned to believe in a hollywood-esque version of the rich villain, and as a result, we think that gaining wealth means acting in a way that questions our moral integrity. Whether you’re a good person isn’t tied to your bank account, you can make money and still help people. Make sure you don’t have a conflicting relationship with money and that you have no moral questions about becoming wealthy.
5. Millionaire’s decide what has meaning in their life
You need to decide that money is a valuable asset to your life. If you listen to what everyone else tells you to care about, you’ll never have the focus to get up and go chase wealth – there are simply too many opinions. If you decide what has meaning in your life, and don’t follow the herd, your mindset will drive you towards success.
4. Millionaire’s give more than they take
This may be counterintuitive but the millionaire mindset gives more than it takes. To gain wealth you have to be social, and to be successful in your relationships, you have to offer value. Always look to provide something for others, and what you get in return will fall into place.
3. Millionaire’s know their motivations
People can make a lot of money when they are driven by negative emotions; anger, greed, insecurity. But that will never bring you the fulfillment that you’re expecting. When you’re driven by a need to serve others, then money will bring with it a sense of fulfillment. Know that you have the right motivations to become wealthy.
2. Millionaire’s don’t take things so personally
Another aspect of the millionaire mindset is that they don’t take things so personally. When we see our ups and downs as reflections of our self-worth, it’s hard to stay grounded and consistent in our actions. Failure is seen by the wealthy as an opportunity for growth. There are thousands of factors controlling their successes and failures. Simply take everything that comes your way as a lesson, don’t celebrate victories for too long and don’t ruminate on defeats either.
1. Millionaire’s take risks
This is something everyone knows, but how often do we consider it in our own lives? If you want to be successful, you need to take risks. There is no other way around it. You must take chances if you want to be rewarded. Consider also that if we are able to take our failures as opportunities for growth, we won’t be so fearful when it comes to taking risks!
These 10 hidden secrets of the millionaire mindset show you the psychology of people who are able to generate great wealth. Though adopting this framework will not happen overnight, constant reflection leads to changes in beliefs which lead to changes in behavior. Wealth creation is closer than you think, it simply requires knowledge, courage and diligence.