10 Mindset Differences Between The Richest 1% And The Other 99%
Becoming rich in order to be able to enjoy life to the full is a goal for many people. I guess you’re probably one of those people. I myself work on a daily basis with the desire to achieve ambitious objectives in order to become rich.
I want to become rich in the broadest sense of the word. I want to be rich in time in particular so that I can lead an exciting life and really enjoy my loved ones and the world around me with more time to devote to it.
If you also have the same objective, you know that this naturally implies having enough money available to manage your time as you wish. By studying precisely the mentality of the people who are among the richest 1% of the planet, I was able to identify a number of mindset differences with those who cannot achieve wealth.
In the following, I share with you the 10 most frequent mindset differences so that you can make a self-diagnosis of your situation. Then, you will be able to know if you are in the right direction with your mindset and most importantly, what adjustments you need to make for reaching success.
1. They Read A Lot
The richest 1% spend time reading every day. They read press articles but also books and sometimes fiction. In any case, they use their valuable time to learn new things through reading.
Warren Buffett recommends reading 500 pages every day.
This recommendation by Warren Buffett is analogous to the compound interest of traditional finance. Indeed, by doing so throughout your life, your knowledge will continue to improve in all areas and this will make a huge difference over 30 years.
In addition to these knowledge-related benefits, reading is also an excellent tool to clear your mind and relax. Leave television and social networks aside in favour of reading.
2. They Are Constantly Seeking To Deepen Their Knowledge
The richest 1% have long understood that the knowledge base you have after graduating from university is only a foundation on which you will have to work throughout your life.
The world is changing so fast that you must always seek to learn new things to stay up to date.
If you are not prepared to constantly challenge yourself by always seeking to deepen your knowledge, you will not be successful in your life. That is a certainty.
In addition, the richest 1% seek to educate themselves with a critical eye. They are not satisfied with what the world want to teach them on the surface, which sometimes looks like indoctrination.
This mindset allows the richest 1% to really understand what money is and how it works for example.
3. They Are Great Strategists
Many people spend a significant amount of time in their lives developing their skills. I must say that this is an excellent thing as long as it does not stop there and turn into a perpetual student who would never put into practice what he learns.
The richest 1% put into practice what they learn and are very great strategists.
Their strategy is to put what they learn into practice very quickly in order to see for themselves if it really works. In addition, they always think one step ahead.
It is no coincidence that the richest people on the planet are almost always great fans of chess.
This game fits perfectly with their fine-tuned strategist mindset, which consists in always anticipating the reactions of their opponents in order to be ready to win regardless of the field in which they are involved.
4. They Take Action Quickly
The richest 1% all have a taste for action. I would even say they love it. Thus, as soon as an opportunity presents itself, they know how to take massive and immediate action to seize it. They never waste time procrastinating.
The richest 1% act quickly and fearlessly because they consider failure necessary to achieve success.
Once you understand that failure is the stepping stone to your future success, you will be less afraid to take action quickly.
Indeed, by allowing yourself the right to make mistakes, you will be able to take the necessary actions as soon as an opportunity arises. You will succeed in some cases. In others, you will fail, but you will learn things that will help you succeed the next time.
5. They Never Give Up
Renunciation does not exist among the richest 1%. When they set a goal, they do everything they can to achieve it. Nevertheless, they know how to be flexible to change objectives along the way if a new, more advantageous opportunity presents itself.
Never giving up does not mean that you must persist in one direction by losing sight of any new opportunities that may appear.
Be resilient but have enough perspective to change your goal and take advantage of any new opportunities that may arise when you try to achieve a goal.
Finally, never forget how the richest 1% managed to achieve their success: they try again and again until they succeed. You must adopt the same mindset with your objectives.
6. They Choose To Be Producers
In his book “The Millionaire Fastlane”, MJ DeMarco distinguishes between two categories of people in life: producers and consumers.
Producers will produce content with the aim of generating money by selling it to consumers. Consumers will simply buy the content from producers.
The richest 1% choose to be producers.
With this producer mindset, they will attract wealth because consumers are always in demand for new content to buy and consume.
If you want to become rich in the course of your life, you will need to have the mindset of a producer.
7. They Invest Their Money
Warren Buffett is one of the largest investors of all time but also one of the world’s largest fortunes with more than $86 billion. When it comes to money, Warren Buffett knows a lot about it, so it seems important to me to recall this quote:
“If you don’t find a way to make money while you sleep, you will work until you die.” — Warren Buffett
The richest 1% earn money by sleeping. The reason they succeed in this feat is that they chose to invest their money very quickly.
Managing your money properly is important, but you need to know how to invest it so that it will pay you back rather than keep it for fear of losing it.
Also keep in mind the following:
Wealthy people play to win while people who will never become rich play to avoid losing.
So you need to adopt the richest 1% mindset by taking risks in your life in order to win big.
8. They Leave By All Means Of The Mass
The people among the richest 1% are not afraid to get out of the crowd. On the contrary, they are always trying to get out of the mass by all means. They pursue their own objectives without complying with the codes of modern society.
This leads them to be misunderstood but it is a necessary evil as Jeff Bezos often says:
“If you cannot afford to be misunderstood, don’t do anything new or innovative.” — Jeff Bezos
Jeff Bezos has always chosen to follow his own path, even if it means being misunderstood and pointed out. During his high school graduation speech, Jeff Bezos spoke publicly about his plan to send men into space to colonize other planets.
All of Jeff Bezos’ classmates at that time must have thought he was a crazy young man.
Nevertheless, Jeff Bezos knew what he wanted and his desire to get out of the mass in order to pursue his own dreams led him to found Amazon before becoming the richest man in the world.
So you should never be afraid to step out of the crowd and express your opinions to succeed in becoming rich.
9. They Create Their Own Business
In life, some people will choose to work for others. Unfortunately, these people will never become extremely rich. There is nothing wrong with choosing this path, but it will prevent you from being among the richest 1%.
The richest 1% create their own business and hire other people to work for them.
This is the best way to achieve wealth. By creating your business and hiring people to work for you, you will maximize your chances of becoming very rich.
Creating your business involves risks, but it is the only way to become very rich.
10. They Invest Their Time
Time is the most precious resource we have on Earth because it is scarce. You must therefore use your time extremely carefully.
The richest 1% invest their time in activities that enrich them even more.
This enrichment can be financial, social or cultural. Nevertheless, they invest this time to lead the life they want. The other people will sell their time for money. This is exactly what you do with your 9–5 job. You sell your time for a guaranteed salary.
By staying in what is commonly called the Rat Race, you can never become rich.
The richest 1% have a very specific mindset that has enabled them to achieve great things and achieve great wealth. They read a lot, constantly seek to improve and above all, they immediately seize the opportunities presented to them through large-scale actions.
From the 10 mindset differences I have detailed in this article, you will be able to see where you stand and how far you still have to go. Becoming rich is clearly not within everyone’s reach, but to maximize your chances of doing so, you will need to get closer to this mindset.